MIRA
INFORM REPORT
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Report Date : |
27.09.2007 |
IDENTIFICATION DETAILS
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Name : |
KUWAIT PROTEINS
COMPANY SAK |
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Registered Office : |
Ardiyah
Industrial Sector, Area 1, Block 1, Bldg 245, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
16th January 1982 |
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Com. Reg. No.: |
34097, Safat |
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Legal Form : |
Kuwaiti Joint Stock Company |
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Line of Business : |
Engaged in the wholesale
and retail of foodstuffs. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 1,800,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : KUWAIT PROTEINS COMPANY SAK
Country of Origin :
Legal Form : Kuwaiti Joint Stock Company
Registration Date : 16th January 1982
Commercial Registration Number : 34097, Safat
Membership Number : 12682
Issued Capital : KD 1,085,000
Paid up Capital : KD 1,085,000
Total Workforce : 220
Line of Business : Wholesale and retail of foodstuffs
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
KUWAIT PROTEINS
COMPANY SAK
ADDRESS
Registered & Physical Address
Location : Ardiyah Industrial Sector, Area 1,
Block 1, Bldg 245
PO Box : 26332
Town : Safat 13124
Country :
Telephone : (965) 4331464 / 4311030
Facsimile : (965) 4336246 / 4311033
Email : proteins@kuwait.net
Premises
Subject operates
from a large suite of offices and warehousing (including frozen and chilled
facilities) that are owned and located in the Industrial Area of Safat.
KEY PRINCIPALS
·
Fouzan Saud Al Fouzan Managing
Director
·
Zaher F. Al Khatib Director
LEGAL FORM &
OWNERS
Date of Establishment : 16th
January 1982
Legal Form :
Societe Anonyme Kuwaiti (Kuwaiti Joint Stock Company)
Commercial Reg. No. : 34097, Safat
Membership No. : 12682
Issued Capital : KD 1,085,000
Paid up Capital : KD 1,085,000
Name of Shareholder
(s)
·
Fouzan Saud Al Fouzan
·
Zaher F. Al Khatib
AFFILIATED
COMPANIES
·
Al
Sultan Foodstuff Company Sarl
Tel: (961-1) 823344
Fax: (961-1) 851148
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Emirax
LINE OF BUSINESS
Operations : Engaged in the wholesale and retail of
foodstuffs, such as fresh and frozen meat, vegetables and dairy produce, as
well as beverages, bakery products, ice cream and toys.
Subject operates a fleet of 40 chilled, frozen and dry trucks. Its clients include catering companies, hotels, restaurants and the Kuwaiti armed forces.
Import Countries
:
International
Suppliers :
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Metro
Meat Limited
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Texas
Rice Corporation
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American
Poultry International
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Vonk
Dairy Products
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Danland
Foods Limited
Operating Trend
: Steady
Subject has a
workforce of approximately 220 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 10,500,000 KD 11,800,000
Local sources
consider subject’s financial condition to be Good.
BANKERS
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Bank of
Darwaza Abdul Razzak
PO Box : 71
Safat 13001
Tel : (965) 2459771
Fax : (965) 2461430
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Commercial
Bank of
PO Box : 2861
Safat 13029
Tel : (965) 2411001
Fax : (965) 2450150
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The
Gulf Bank KSC
PO Box : 3200
Safat 13033
Tel : (965) 2449501
Fax : (965) 2445212
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National
Bank of
PO Box : 95
Safat 13001
Tel : (965) 3981188 / 3981189
Fax : (965) 3985643
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
Kuwait Proteins
Company SAK is a leading wholesaler and distributor of foodstuffs in
The company enjoys
an excellent reputation for the quality of its products and deals with many
well known international suppliers.
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 deemed admissible.
Maximum suggested
credit figure: US$ 1,800,000
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. |
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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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%)