MIRA INFORM REPORT

 

 

Report Date :

30.04.2007

 

IDENTIFICATION DETAILS

 

Name :

NATIONAL CANNED FOOD PRODUCTION & TRADING CO WLL

 

 

Registered Office :

Subhan Industrial Area, Area No 10, Street No. 3, Plot 144, P O Box 25452, Safat 13115

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

3rd April 1984

 

 

Legal Form :

With Limited Liability – WLL

 

 

Line of Business :

Engaged in the canning of foodstuff products

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 600,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear 

 

 

SUMMARY

 

Company Name                         : NATIONAL CANNED FOOD PRODUCTION & TRADING CO WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 3rd April 1984

Membership Number                              : 15370

Issued Capital                                        : KD 728,607

Paid up Capital                                      : KD 728,607

Total Workforce                                     : 100

Line of Business                                    : Canners of food products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

NATIONAL CANNED FOOD PRODUCTION & TRADING CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Subhan Industrial Area, Area No 10, Street No. 3, Plot 144

PO Box             : 25452

Town                 : Safat 13115

Country             : Kuwait

Telephone         : (965) 4748484 / 4761295 / 4737754 / 4748866 / 4840047

Facsimile          : (965) 4766540 / 4812901

Email                : national@wazzan.com

 

 

Premises

 

Subject operates from a medium size suite of offices, a warehouse and a factory that are owned and located in the Industrial Area of Safat.

 

 

KEY PRINCIPALS

 

·       Mohamed Jassim Al Wazzan                                                             Managing Director

 

·       Mansoor Ahmed Abdullah                                                                  Director

 

·       Muntazer Jassim Al Wazzan                                                              Director

 

·       Abdul Mutaleb Jassim Al Wazzan                                                      Director

 

·       Khaled Jassim Al Wazzan                                                                 Director

 

·       Muatamed Jassim Al Wazzan                                                            Director

 

·       Muatasem Jassim Al Wazzan                                                            Director

 

·       Abdul Rahman Jassim Al Wazzan                                                      Director

 

·       Bruce B. Jones                                                                                 Production Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 3rd April 1984

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)

 

Membership No.          : 15370

 

Issued Capital              : KD 728,607

 

Paid up Capital            : KD 728,607

 

 

Name of Shareholder (s)

 

·       Mohamed Jassim Al Wazzan

 

·       Mansoor Ahmed Abdullah

 

·       Muntazer Jassim Al Wazzan

 

·       Abdul Mutaleb Jassim Al Wazzan

 

·       Khaled Jassim Al Wazzan

 

·       Muatamed Jassim Al Wazzan

 

·       Muatasem Jassim Al Wazzan

 

·       Abdul Rahman Jassim Al Wazzan

 

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.

 

 

AFFILIATED COMPANIES

 

·       Jassim Al Wazzan Sons General Trading Co WLL

     Al Garabally Street

     Al Mubarakia

     PO Box : 124

     Safat 13002

     Tel : (965) 4846433 / 4815316 / 4843479 / 4848345

     Fax : (965) 4840067 / 4836162 / 4839184

     Email : jassim@wazzan.com

 

·       Conserved Foodstuffs Distributing Co WLL

PO Box : 26226

Safat 13123

Tel : (965) 4812901

Fax : (965) 4722142

 

·       Al Monsouriya Consumable Goods Co

PO Box : 124

Safat 13002

Tel : (965) 4846433

Fax : (965) 4841575

 

·       Fruits Island Center

PO Box : 124

Safat 13002

Tel : (965) 4846433

Fax : (965) 4836162

 

·       Al Montasser Shampoo Factory

PO Box : 124

Safat 13002

Tel : (965) 4846433

Fax : (965) 4730808

 

·       Khazan Meat Factory

PO Box : 124

Safat 13002

Tel : (965) 4846433

Fax : (965) 4836162

 

·       Kuwait Mepha Pharmaceutical Co

PO Box : 124

Safat 13002

Tel : (965) 4846433

Fax : (965) 4836162

 

·       Al Najat Al Oula General Trading Est

PO Box : 124

Safat 13002

Tel : (965) 4839184

Fax : (965) 4836162

 

·       Meezan Al Qabida Company

PO Box : 124

Safat 13002

Tel : (965) 4846433

Fax : (965) 4836162

 

·       Wadyan Real Estate Co

PO Box : 124

Safat 13002

Tel : (965) 4846433

Tel : (965) 4836162

 

 

LINE OF BUSINESS

 

Operations : Engaged in the canning of foodstuff products, including chick peas, fava beans, broad beans, green peas, blackeye beans, red kidney beans, baked beans, homus tahineh, lima beans, red kidney / chilli, homus tahineh / garlic, whole mushrooms, frankfurter sausages, cocktail sausages, beef sausages, peas & carrots, mixed vegetable, cut green beans, foul medames lebanese recipe, foul medames saudi recipe, foul medames egyptian recipe, pieces and stems mushrooms, green olives, black olives, sweet corn, peeled foul and chilli.

 

Import Countries : The United Kingdom and Germany.

 

Brand Names : DANIAH

 

Operating Trend : Steady

 

Subject has a workforce of 100 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/05:                            Year Ending 31/12/06:

 

Total Revenue                            KD 4,050,000                                        KD 4,250,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

·       Burgan Bank

     PO Box : 5389

     Shuwaikh

     Tel : (965) 4830433

     Fax : (965) 4830690

 

·       Commercial Bank of Kuwait SAK

Main Branch

     Shuwaikh

     Tel : (965) 4814643

     Fax : (965) 4837952

 

·       National Bank of Kuwait

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box : 95

Safat 13001

Tel : (965) 3981188 / 3981189

Fax : (965) 3985643

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction         April 2000                      June 2001                     April 2003

Credit amount                200,000             35,000                          31,440

Amount overdue 0                                  0                                  0

Payment terms              60 days                         30 days                         60 days

Payment Method           Letters of Credit             Letters of Credit             Letters of Credit

Paying record                No Complaints               No Complaints               No Complaints

Currency                       US Dollars                     Omani Riyals                 Canadian Dollars

 

 

GENERAL COMMENTS

 

National Canned Food Production & Trading Co WLL was established in 1984 and has made good progress in the local market. It is engaged in the processing and canning of a wide range of general foodstuff products under the brand name of “Daniah”.

 

The company is owned by members of the Al Wazzan family who are well known businessmen in Kuwait with interests in a number of ventures throughout the country.

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the business is deemed a fair trade risk.

 

Maximum suggested credit figure: US$ 600,000

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions