MIRA
INFORM REPORT
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Report Date : |
10.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
NATIONAL CANNED FOOD PRODUCTION & TRADING CO WLL |
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Registered Office : |
Subhan Industrial
Area, Area No 10, Street No. 3, Plot 144, PO Box 25452, Safat 13115 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
03.04.1984 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Canning of Foodstuff Products |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 600,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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
Chamber Membership Number : 15370
Issued Capital : KD 728,607
Paid up Capital : KD 728,607
Total Workforce : 120
Activities : Canning of foodstuff products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 600,000
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 sized suite of offices, a warehouse and a factory that are owned
and located in the Industrial Area of Safat.
KEY PRINCIPALS
Name Position
·
Mohamed Jassim
Al Wazzan Managing
Director
·
Mansoor Ahmed
Abdullah Director
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Muntazer
Jassim Al Wazzan Director
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Abdul Mutaleb
Jassim Al Wazzan Director
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Khaled Jassim
Al Wazzan Director
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Muatamed
Jassim Al Wazzan Director
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Muatasem
Jassim Al Wazzan Director
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Abdul Rahman
Jassim Al Wazzan Director
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Bruce B. Jones Production
Manager
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Ahmed
Hamdy Sales
Manager
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Sajat
Mohamed Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 3rd
April 1984
Legal Form :
With Limited Liability -
WLL
Chamber Member No. : 15370
Issued Capital : KD 728,607
Paid up Capital : KD 728,607
Name of Shareholder (s)
·
Mohamed Jassim
Al Wazzan
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Mansoor Ahmed
Abdullah
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Muntazer
Jassim Al Wazzan
·
Abdul Mutaleb
Jassim Al Wazzan
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Khaled Jassim
Al Wazzan
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Muatamed
Jassim Al Wazzan
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Muatasem
Jassim Al Wazzan
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Abdul Rahman
Jassim Al Wazzan
AFFILIATED COMPANIES
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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
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Conserved
Foodstuffs Distributing Co WLL
PO Box : 26226
Safat 13123
Tel : (965) 4812901
Fax : (965) 4722142
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Al Monsouriya
Consumable Goods Co
PO Box : 124
Safat 13002
Tel : (965) 4846433
Fax : (965) 4841575
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Fruits Island
Center
PO Box : 124
Safat 13002
Tel : (965) 4846433
Fax : (965) 4836162
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Al Montasser
Shampoo Factory
PO Box : 124
Safat 13002
Tel : (965) 4846433
Fax : (965) 4730808
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Khazan Meat
Factory
PO Box : 124
Safat 13002
Tel : (965) 4846433
Fax : (965) 4836162
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Kuwait Mepha
Pharmaceutical Co
PO Box : 124
Safat 13002
Tel : (965) 4846433
Fax : (965) 4836162
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Al Najat Al Oula
General Trading Est
PO Box : 124
Safat 13002
Tel : (965) 4839184
Fax : (965) 4836162
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Meezan Al
Qabida Company
PO Box : 124
Safat 13002
Tel : (965) 4846433
Fax : (965) 4836162
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Wadyan Real
Estate Co
PO Box : 124
Safat 13002
Tel : (965) 4846433
Tel : (965) 4836162
OPERATIONS
Activities: 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: United Kingdom
and Germany
Brand Names: DANIAH
Operating Trend: Steady
Subject has a
workforce of approximately 120 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinars (KD)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales KD 4,250,000 KD 5,125,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Burgan Bank
PO Box : 5389
Shuwaikh
Tel : (965) 4830433
Fax : (965) 4830690
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Commercial
Bank of Kuwait SAK
PO Box 2861
Safat 13029
Tel: (965) 4814643
Fax: (965) 4837952
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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 2003 February 2007 March 2008
Credit amount 31,440 140,952 172,652
Amount overdue 0 0 0
Payment terms 60
days 60 days 60 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency Canadian
Dollars Canadian Dollars 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 company is deemed a fair trade risk.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.72 |
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UK Pound |
1 |
Rs.82.17 |
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Euro |
1 |
Rs.65.90 |
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%)