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MIRA
INFORM REPORT
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Report Date : |
2nd
November 2006 |
IDENTIFICATION
DETAILS
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Name : |
THE KUWAIT INDO TRADING COMPANY WLL
(KITCO) |
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Registered Office : |
Sabhan North Industrial Estate, Street No. 13, Block No. 1, Plot No. 144 2135, Safat 13022, Kuwait |
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Country : |
Kuwait |
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Financials (as on) : |
31/12/2005 |
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Date of Incorporation : |
23rd January 1962 |
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Com. Reg. No.: |
9499, Safat |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Engaged in production
of snack foods |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
US$ 400,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
THE KUWAIT INDO TRADING COMPANY WLL (KITCO) |
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Country of Origin |
Kuwait |
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Legal Form |
With Limited Liability - WLL |
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Registration Date |
23rd January 1962 |
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Commercial Registration Number |
9499, Safat |
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Membership Number |
1303 |
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Issued Capital |
KD 1,750,000 |
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Paid up Capital |
KD 1,750,000 |
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Total Workforce |
150 |
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Line of Business |
Production of snack foods |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
THE
KUWAIT INDO TRADING COMPANY WLL (KITCO)
ADDRESS
Registered & Physical Address
Location : Sabhan North Industrial Estate, Street No. 13, Block No. 1, Plot No. 144
PO Box : 2135
Town : Safat 13022
Country : Kuwait
Telephone : (965) 4748861 / 4712952 / 4736644 / 4745400 / 4748863
Facsimile : (965) 4764889 / 4762337 / 4748510
Email : kitco@wazzan.com
Premises
Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Safat.
KEY PRINCIPALS
Deeraj K. Operi Managing Director
Hareesh K. Operi Director
Sorendar K. Operi Director
Sudheer K. Operi Director
LEGAL FORM & OWNERS
Date of Establishment : 23rd January 1962
Legal Form : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 9499, Safat
Membership No. : 1303
Issued Capital : KD 1,750,000
Paid up Capital : KD 1,750,000
Name of Shareholder (s)
Deeraj K. Operi
Hareesh K. Operi
Sorendar K. Operi
Sudheer K. Operi
Jassim Al Wazzan Sons General Trading Co
PO Box 124
Safat 13002
Tel: (965) 4846433
Fax: (965) 4839184
Notes to the legal Form
Limited Liability Companies, which are known in Kuwait as WLLs (“With Limited Liability”), are the most commonly used corporate entities in Kuwait. They are the equivalent of French SARLs, German GmbHs or private companies in the United Kingdom.
Under the Kuwaiti Commercial Companies Law a WLL may be formed by a minimum of 2 and a maximum of 30 natural or legal persons, whose liability is limited to their shares in the company’s capital. At least 51 percent of the capital must be owned by Kuwaitis. The minimum amount of capital required is KD 7,500. Contributions to capital may be made in cash of kind. Capital may not be increased by public subscription. The full amount of the share value must be paid in on subscription. Shares may not be assigned to a non-member, unless the other existing members are granted a pre-emptive right to purchase the shares. WLLs may not engage in banking, insurance or investment activities on behalf of others.
LINE OF BUSINESS
Operations :
Engaged in the production of snack foods, including
potato chips, fried snacks from pellets
extruded/direct expanded 3d-snacks, Mexican tortillas and corn chips.
Import Countries : Netherlands and the United Kingdom.
Brand Names : KITCO and NICE
Operating Trend : Steady
Subject has a workforce of approximately 150 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : Kuwaiti Dinars (KD)
Year Ending 31/12/04: Year Ending 31/12/05:
Total Revenue KD 3,120,000 KD 3,380,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
National Bank of Kuwait
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box : 95
Safat 13001
Tel : (965) 3981188 / 3981189
Fax : (965) 3985643
Al Ahli Bank of Kuwait KSC
Mubarak Al Kabir Street
PO Box : 1387
Safat 13033
Tel : (965) 2411101 / 2411102
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction July 2002 April 2006
Credit amount 165,000 35,000
Amount overdue 0 0
Payment terms 90
days 60
days
Payment Method Letters of Credit Letters of Credit
Paying record No Complaints No Complaints
Currency Pounds
Sterling Pounds
Sterling
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000
The Kuwait Indo Trading Company WLL (Kitco) is a market leader in the Kuwaiti snack foods market with its widely recognised brand name – Kitco.
During the course of this investigation nothing detrimental was uncovered regarding the manner in which payment obligations are fulfilled. The operating history is clear and the financial situation is satisfactory. As such we are of the opinion that the subject is a fair trade risk and the above credit figure is within subject’s financial means.
Maximum suggested credit figure: US$ 400,000
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
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56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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