MIRA INFORM REPORT

 

 

Report Date :

27.02.2008

 

IDENTIFICATION DETAILS

 

Name :

JASSIM AL WAZZAN SONS GENERAL TRADING CO WLL

 

 

Registered Office :

Al Garabally Street Al Mubarakia, Shuwaikh 124, Safat 1300226226, Safat 13123 Safat

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

1946

 

 

Com. Reg. No.:

16615, Safat

 

 

Legal Form :

With Limited Liability – WLL

 

 

Line of Business :

Subject’s activities are performed through the following divisions:

Retail, Wholesale & Distribution Division, Food Processing Division, Manufacturing Division, Supplies & Services

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 1,750,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

SUMMARY

 

Company Name                         : JASSIM AL WAZZAN SONS GENERAL TRADING CO WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability – WLL

Registration Date                                   : 1946

Commercial Registration Number            : 16615, Safat

Membership Number                              : 257

Issued Capital                                        : KD 5,120,000

Paid up Capital                                      : KD 5,120,000

Total Workforce                                     : 500

Line of Business                                    : Subject operates several divisions (see below for

                                                              details).

Financial Condition                                 : Good

Payments                                             : Prompt

Operating Trend                         : Steady

 

 

 

 

 

COMPANY NAME

 

ASSIM AL WAZZAN SONS GENERAL TRADING CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Al Garabally Street

Area                 : Al Mubarakia, Shuwaikh

PO Box             : 124, Safat 13002

  26226, Safat 13123

Town                 : Safat

Country             : Kuwait

Telephone         : (965) 4338538 / 4846433 / 4815316 / 4843479 / 4848345

Facsimile          : (965) 4310839 / 4840067 / 4836162 / 4839184

Email                : jassim@wazzan.com

 

 

Premises

 

Subject operates from a medium sized suite of offices, a warehouse and a showroom that are rented and located in the Central Business Area of Safat.

 

 

KEY PRINCIPALS

 

·       Khalid Jassim Al Wazzan                                                      Managing Director

 

·       Abdul Rahman Jassim Al Wazzan                                          Director

 

·       Mohamed Jassim Al Wazzan                                                 Director

 

·       Jassim Jassim Al Wazzan                                                     Director

 

·       Moatamed Jassim Al Wazzan                                                Director

 

·       Montasser Jassim Al Wazzan                                                Director

 

·       Ashraf Ali                                                                             General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1946

 

History                         : Subject was originally established in 1946 as a Sole Proprietorship

  of Mr Jassim Al Wazzan under the name of “Jassim Al Wazzan

  Est”.

 

  Following the demise of Mr Jassim Al Wazzan, the business was

  passed on to his legal heirs, namely Khalid, Abdul Rahman,

  Mohamed, Jassim, Moatamed and Montasser. On the 18th

   December 1989 subject was subsequently re-organised and re-

  registered as a With Limited Liability Company – WLL under the

  new name of “Jassim Al Wazzan Sons General Trading Co WLL”.

 

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

 

Commercial Reg. No.  : 16615, Safat

 

Membership No.          : 257

 

Issued Capital              : KD 5,120,000

 

Paid up Capital            : KD 5,120,000

 

 

Name of Shareholders

 

·       Khalid Jassim Al Wazzan

 

·       Abdul Rahman Jassim Al Wazzan

 

·       Mohamed Jassim Al Wazzan

 

·       Jassim Jassim Al Wazzan

 

·       Moatamed Jassim Al Wazzan

 

·       Montasser 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

 

·       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

 

·       National Canned Food Production & Trading Co WLL

     Subhan Industrial Area, Area No 10, Plot 144

     PO Box : 25452

     Safat 13115

     Tel : (965) 4748484 / 4761295 / 4737754 / 4748866

     Fax : (965) 4766540

     Email : national@wazzan.com

 

 

LINE OF BUSINESS

 

Operations : Subject’s activities are performed through the following divisions:

 

 

This division is engaged in the retail, wholesale and distribution of a wide range of consumer products, including many internationally renowned brands. The product range includes foodstuff, office machinery, telecommunications equipment, computers and computer software, pharmaceuticals, perfumes, cosmetics, baby requisites, toiletries as well as a wide range of luxury consumer products.

 

 

This division is engaged in the processing of cooked meat products and snacks as well as canned vegetables, sponge cakes and biscuits.

 

 

Engaged in the manufacture of plastic mouldings, packaging materials, as well as cosmetic products such as shampoo & conditioners.

 

 

Under this division, subject is engaged in the provision of hotel management and catering services and has over the last few years expanded into electrical / mechanical services, oil field services, medical equipment services and industrial cleaning services.

 

 

Under this division, subject operates a total of 6 farms specialising in dairy herds, together with feed stock & vegetable production.

 

Import Countries : The United Kingdom and the United States of America.

 

Agencies Held :

 

·       A. H. Robins

·       Bairds Vinegar

·       British Cod Liver Oil

·       Capilano Honey

·       Coroli Oil

·       Crystal Hot Sauce

·       Dr. G. Mann

·       Dr. Maudus

·       Happycow Cheese

·       Intercare Products Ltd

·       Johnson & Johnson

·       Kimball Ketchup

·       Kimberley Clark

·       Knoll

·       Lurpak Butter

·       Mepha

·       Milo Sardines

·       Mundi Pharma

·       Pillsbury Cakemix

·       Plumrose Sausages

·       Reckitt & Colman

·       Sara Lee Cakes

·       Sunwhite Rice

·       Volvic Water

 

Operating Trend : Steady

 

Subject has a workforce of approximately 500 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : Kuwaiti Dinar (KD)

 

                                                Year Ending 31/12/06:                Year Ending 31/12/07:

 

Total Revenue                           KD 14,380,000                           KD 16,105,000

 

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

 

 

BANKERS

 

·       Kuwait Finance House (KFH)

Safat Square

Abdullah Al Mubarak Street

PO Box : 24989

Safat 13110

Tel : (965) 2445050

Fax : (965) 2455135

 

·       The Gulf Bank KSC

Mubarak Al Kabir Street

PO Box : 3200

Safat 13033

Tel : (965) 2449501

Fax : (965) 2445212

 

·       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

 

 

Subject’s payment record is reported to be met in a generally prompt manner.

 

Date of transaction                     May 1999                                  June 2001

Credit amount                            150,000                         78,000

Amount overdue             0                                              0

Payment terms                          60 days                                     60 days

Payment Method                       Letters of Credit                         Letters of Credit

Paying record                            Prompt                                      Prompt

Currency                                   Pounds Sterling                         US Dollars

 

 

GENERAL COMMENTS

 

 

Originally established in 1946, subject is owned and managed by the heirs of Mr Jassim Al Wazzan who was a very well respected businessman in the Middle East.

 

Subject’s operations are performed through its various divisions and it holds a number of agencies for reputable international companies.

 

According to local sources subject’s financial position is healthy and profitable with payments generally met in a prompt and timely manner. As such the business is considered to be trustworthy for respecting its financial trade commitments.

 

Maximum suggested credit figure: US$ 1,750,000

 

 

 

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.

 

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