MIRA INFORM REPORT

 

 

 

Report Date :

04.09.2008

 

IDENTIFICATION DETAILS

 

Name :

KUWAIT AGRICULTURE CO WLL (KACO)

 

 

Registered Office :

Mohamed Bin Qassim Street, Ardiya Industrial Area, PO Box  20468, Safat 13065, Kuwait

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

29.09.1968

 

 

Com. Reg. No.:

14862, Safat

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Import and Distribution of General Foodstuff, as well as the Operation of a Poultry Farm and 3 Restaurants

 

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$ 1,000,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

SUMMARY

 

Company Name                                     : KUWAIT AGRICULTURE CO WLL (KACO)

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 29th September 1968

Commercial Registration Number            : 14862, Safat

Chamber Membership Number                : 3116

Issued Capital                                        : KD 5,000,000

Paid up Capital                                      : KD 5,000,000

Total Workforce                         : 520

Activities                                               : Import and distribution of general foodstuff, as well as the operation of a

                                                              poultry farm and 3 restaurants

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 1,000,000

 

 

 

 

 

COMPANY NAME

 

KUWAIT AGRICULTURE CO WLL (KACO)

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Mohamed Bin Qassim Street

Area                 : Ardiya Industrial Area

PO Box             : 20468

Town                 : Safat 13065

Country : Kuwait

Telephone         : (965) 4346180 / 4314532 / 4312870 / 4312598 / 4312694

Facsimile          : (965) 4312512 / 4312419 / 4341820 / 4335814

Mobile               : (965) 825258

Email                : comm.@ktagr.com

 

Premises

 

Subject operates from a large suite of offices, a showroom and storage facilities that are owned and located in the Industrial Area of Safat.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Aiman Hisham Al Hejawi                                                                    Managing Director

 

·       Fahd J. Al Arbesh                                                                             Director

 

·       Mohamed Naser Al Arbesh                                                                Director

 

·       Naser J. Al Arbesh                                                                            Director

 

·       Jawad Nasser Al Arbesh                                                                    Director

 

·       Mohamed Nasouh Al Kilani                                                                Director

 

·       N. K. Anand                                                                                      Commercial Manager

 

·       Tariq Mohamed Mahmoud                                                                  Finance Manager

 

·       Mohamed Kamal Ismail                                                                     Sales Manager

 

·       Reda Adwi                                                                                        Marketing Manager

 

·       Ahmed Sulaiman                                                                               Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 29th September 1968

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 14862, Safat

 

Chamber Member No. : 3116

 

Issued Capital              : KD 5,000,000

 

Paid up Capital            : KD 5,000,000

 

Name of Shareholder (s)

 

·       Aiman Hisham Al Hejawi

 

·       Fahd J. Al Arbesh

 

·       Mohamed Naser Al Arbesh

 

·       Naser J. Al Arbesh

 

·       Jawad Nasser Al Arbesh

 

·       Mohamed Nasouh Al Kilani

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of a wide range of foodstuff products, including cheeses, dairy

products, poultry, eggs and quail eggs, processed meat products, canned fruit and vegetables, olives, vegetable oils and ghee, and cakes.

 

Subject also operates a poultry farm on the outskirts of Safat and 3 restaurants within the city and operates a fleet of 31 delivery trucks.

 

Import Countries: Lebanon, New Zealand, Egypt, India, Argentina, Australia, Cyprus and Denmark

 

International Suppliers:

 

·       S.P.C Ltd                             Australia

·       Pittas Dairy Industries           Cyprus

·       Gimo Cheese                        Denmark

 

Brand Names: SOHAT, PUCK, PITTAS, DANPO, DOUX, & NORBEST

 

Operating Trend: Steady

 

Subject has a workforce of approximately 520 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

                                                            Year Ending 31/12/07:

 

Total Sales                                            KD 36,000,000

           

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

 

The above financial figures were confirmed by Tariq Mohamed Mahmoud, Finance Manager

 

 

BANKERS

 

·       National Bank of Kuwait

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box : 95

Safat 13001

Tel : (965) 3981188 / 3981189

Fax : (965) 3985643

 

·       Commercial Bank of Kuwait

     Mubarak Al Kabir Street

     PO Box : 2861

     Safat 13029

     Tel : (965) 2411001

     Fax : (965) 2450150

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction      April 1999                     November 2002            May 2006

Credit amount                123,267             71,000                          38,000

Amount overdue 0                                  0                                  0

Payment terms              30 days                         30 days                         30 days

Payment Method           Letters of Credit             Letters of Credit             Letters of Credit

Paying record                No Complaints               No Complaints               No Complaints

Currency                       Pounds Sterling             Euros                            Pounds Sterling

 

 

GENERAL COMMENTS

 

Kuwait Agriculture Co WLL (KACO) is well established in the local foodstuff market with operations dating back to 1968. It’s activities cover the import and distribution of general foodstuff, as well as the operation of a poultry farm and 3 restaurants.

 

The company is run in a professional manner and deals with a number of well known international organisations.

 

During the course of this investigation nothing detrimental was uncovered regarding the manner in which payment obligations are met and the operating history is clear. Local sources express the opinion that the company is a sound trade risk.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.37

UK Pound

1

Rs.78.09

Euro

1

Rs.63.41

 

 

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