MIRA INFORM REPORT

 

 

Report Date :

21.01.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

KUWAIT DANISH DAIRY COMPANY KSCC (KDD)

 

 

Registered Office :

KDD Building, Street No. 104, Sabhan Industrial Area, Plot No. 143, P O Box 835, Safat 13009

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

16.12.1962

 

 

Com. Reg. No.:

9377, Safat

 

 

Legal Form :

Kuwaiti Shareholding Company Closed

 

 

Line of Business :

Production, processing, distribution and export of dairy products

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

US$ 1,500,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Kuwait

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : KUWAIT DANISH DAIRY COMPANY KSCC (KDD)

Country of Origin                                    : Kuwait

Legal Form                                            : Kuwaiti Shareholding Company Closed - KSCC

Registration Date                                   : 16th December 1962

Commercial Registration Number            : 9377, Safat

Trade Licence Number                            : 699/2001

Chamber Membership Number                : 1502

Issued Capital                                        : KD 10,000,000

Paid up Capital                                      : KD 10,000,000

Total Workforce                                     : 1,200

Activities                                               : Production, processing, distribution and export of dairy products.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 1,500,000

 

COMPANY NAME

 

KUWAIT DANISH DAIRY COMPANY KSCC (KDD)

 

 

company ADDRESS

 

Registered & Physical Address

Building             : KDD Building

Street               : Street No. 104

Area                 : Sabhan Industrial Area, Plot No. 143

PO Box             : 835

Town                 : Safat 13009

Country             : Kuwait

Telephone         : (965) 24735423 / 24767301 / 24832001 / 24717911 / 1888100

Facsimile          : (965) 24747029 / 24833270

Email                : sales@kddc.net / support@kddc.net / kdaher@kddc.com

 

Premises

Subject operates from a large suite of offices, a factory and storage facilities covering an area of 34,000 square metres that are owned and located in the Industrial Area of Safat.

 

 

KEY PRINCIPALS

 

     Name                                                                                  Position

 

·       Mohamed Izzat Jaffer                                                 Managing Director

 

·       Sheikh Kabbar Al Jabbaa                                                       Director

 

·       Bahita Izzat Jaffer                                                                  Director

 

·       Ahmed Yousef Behbehani                                                      Director

 

·       Murad Yousef Behbehani                                                       Director

 

·       Abdullah Abdul Latif Al Thuwainy                                            Director

 

·       Abdul Wahab Suliaman Al Fawzan                                         Director

 

·       Musaed Saleh Al Abdali                                                         Director

 

·       Wael Aboud                                                                          Commercial Manager

 

·       K. Veno Gohpal                                                                    Purchasing Manager

 

·       Ghalib Al Kadi                                                                       Finance Manager

 

·       Khalid Daher                                                             Administration Manager

 

·       Sobra Manian                                                                       Marketing Manager

 

·       Wael Aboud                                                                          Export Manager

 

·       Emad Chadid                                                                        Financial Controller

 

·       Ms Iman Yousef                                                                    IT Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 16th December 1962

 

History                         : Subject was originally incorporated in 1962 as a With Limited Liability Company – WLL under the name of “Kuwait Danish Dairy Company WLL (KDD)”.

 

  However, in September 2001 subject’s legal status was converted into a Kuwaiti Shareholding Company Closed – KSCC and it was registered under the current style of “Kuwait Danish Dairy Company KSCC (KDD)”.

 

Legal Form                  : Kuwaiti Shareholding Company Closed - KSCC

 

Commercial Reg. No.  : 9377, Safat

 

Trade Licence No.       : 699/2001

 

Chamber Member No. : 1502

 

Issued Capital              : KD 10,000,000

 

Paid up Capital            : KD 10,000,000

 

Name of Shareholder (s)

 

·       United Industries Group SAK

PO Box: 3377

Safat 13034

     Kuwait

     Tel: (965) 24814875

 

·       Danish Turnkey Dairies Ltd

Europaplads 2

8000 Arhus

Denmark

 

·       Mohamed Izzat Jaffer

 

·       Sheikh Kabbar Al Jabbaa

 

·       Bahita Izzat Jaffer

 

·       Ahmed Yousef Behbehani

 

·       Murad Yousef Behbehani

 

·       Abdullah Abdul Latif Al Thuwainy

 

·       Abdul Wahab Suliaman Al Fawzan

 

·       Musaed Saleh Al Abdali

 

 

OPERATIONS

 

Activities: Engaged in the production, processing, distribution and export of dairy products including, fresh and long life milk, yoghurts, ice creams, fruit juices, fruit drinks and tomato pastes.

 

The company operates two well-equipped processing plants and has a dedicated fleet of refrigerated vehicles to distribute its products throughout the country.

 

KDD is the market leader in Kuwait, producing and distributing 24 different types of dairy products, 75 different varieties of ice cream, 27 types of natural fruit juices and fruit drinks, as well as tomato paste and Kuwaiti Dakkus.

 

Import Countries: The United Kingdom and Denmark

 

Brand Names: KDD, GUAVA, DAKKUS and COCKTAIL

 

Operating Trend: Steady

 

Subject has a workforce of approximately 1,200 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/08:                Year Ending 31/12/09:

 

Total Sales                                KD 36,880,000                           KD 37,000,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Al Ahli Bank of Kuwait KSC

Mubarak Al Kabir Street

PO Box: 1387

Safat 13033

Tel: (965) 22411101 / 22411102

 

·       National Bank of Kuwait

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box: 95

Safat 13001

Tel: (965) 23981188 / 23981189

Fax: (965) 23985643

Acc No. 000 517933 0101

 

 

PAYMENT HISTORY

 

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

 

Date of transaction                  March 2000                  January 2002               June 2006

Credit amount                            250,000             114,000             17,000

Amount overdue                         0                                  0                                  0

Payment terms                          90 days                         90 days                         90 days

Payment Method                       Letters of Credit             Letters of Credit             Letters of Credit

Paying record                            Prompt                          Prompt                          Prompt

Currency                                   US Dollars                     Euros                            Pounds Sterling

 

 

GENERAL COMMENTS

 

Subject is the largest producer and supplier of dairy products and fruit juices in Kuwait, dominating the market, and is one of the leading dairy processing companies in the Middle East.

 

The company is run in a professional manner and enjoys an excellent reputation for the quality of its products. The operating history is clear and the financial situation is healthy and profitable. As such the subject is deemed trustworthy for respecting its financial trade commitments and the above credit figure is deemed to be with subject’s financial means.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.58

UK Pound

1

Rs.72.73

Euro

1

Rs.61.45

 

 

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

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

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.