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Report Date : |
18.12.2012 |
IDENTIFICATION DETAILS
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Name : |
KUWAIT PROTEINS COMPANY WLL |
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|
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Registered Office : |
Ardiyah Industrial Sector, Area 1, Block 1, Building No. 245, PO Box
26332, Safat 13124 |
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|
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Country : |
Kuwai |
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|
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
16.01.1982 |
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Com. Reg. No.: |
855/2010, Safat |
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Legal Form : |
With Limited Liability |
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Line of Business : |
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. |
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|
|
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No. of Employees : |
260 |
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$ 1,800,000 |
|
Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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 30th,
2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Kuwait |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Kuwait - ECONOMIC OVERVIEW
Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 104 billion barrels - about 7% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. The rise in global oil prices throughout 2011 is reviving government consumption and economic growth. Kuwait has experienced a 20% increase in government budget revenue, which has led to higher budget expenditures, particularly wage hikes for many public sector employees. Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms. In 2010, Kuwait passed an economic development plan that pledges to spend up to $130 billion over five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy.
|
Source : CIA |
Company Name :
KUWAIT PROTEINS COMPANY WLL
Country of Origin :
Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date :
16th January 1982
Commercial Registration Number :
855/2010, Safat
Chamber Membership Number :
12682
Issued Capital :
KD 2,525,000
Paid up Capital :
KD 2,525,000
Total Workforce :
260
Activities :
Wholesalers and retailers of foodstuffs.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit :
US$ 1,800,000
KUWAIT PROTEINS COMPANY WLL
Location : Ardiyah
Industrial Sector, Area 1, Block 1, Building No. 245
PO Box : 26332
Town : Safat 13124
Country : Kuwait
Telephone : (965) 65575480
/ 65578581
Facsimile : (965) 65575490
/ 65578582
Email : info@kuwaitproteins.com / proteins@kuwait.net
Subject operates from a large suite of offices and a warehouse that are
owned and located in the Industrial Area of Safat.
Name Position
· Fouzan Saud
Al Fouzan Managing
Director
· Zaher Fouad Al
Khatib Director
· Fadi Jobran General
Manager
· Mohamed Omais Finance
Manager
Date of
Establishment : 16th
January 1982
History : Subject started in
1982 as a Closed Kuwaiti Joint Stock Company. However in 2011 it
changed legal form to become a With Limited
Liability company.
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 855/2010, Safat
Chamber Member No. : 12682
Issued Capital : KD 2,525,000
Paid up Capital : KD 2,525,000
· Fouzan Saud
Al Fouzan
· Zaher Fouad Al
Khatib
· Jana International
Trading Co WLL
PO Box: 26332
Safat 13124
· Emirax
· Real Estate
General Trading and Contracting Co WLL
PO Box: 26332
Safat 13124
· Al Sultan
Foodstuff Company Sarl
PO Box 114870
Beirut
Lebanon
Tel: (961-1)
823344
Fax: (961-1)
851148
· Pharma Land Co
PO Box: 26332
Safat 13124
Activities: 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: United States of America, Australia, Netherlands
and Denmark.
International Suppliers:
· Metro Meat Limited Australia
· Texas Rice
Corporation United
States of America
· American Poultry
International United States of
America
· Vonk Dairy
Products Netherlands
· Imeko Holland BV Netherlands
· Keizer BV Netherlands
· Danland Foods
Limited Denmark
Operating Trend: Steady
Subject has a workforce of approximately 260 employees.
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinars (KD)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales KD
12,125,000 KD
12,450,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Bank of Kuwait & the Middle East KSC
Abdullah Al Salem Street
Darwaza Abdul Razzak
PO Box: 71
Safat 13001
Tel: (965) 22459771
Fax: (965) 22461430
·
Commercial Bank of Kuwait
Mubarak
Al Kabir Street
PO Box:
2861
Safat
13029
Tel:
(965) 22411001
Fax:
(965) 22450150
·
The Gulf Bank KSC
Mubarak Al Kabir Street
PO Box: 3200
Safat 13033
Tel: (965) 22449501
Fax: (965) 22445212
·
National Bank of Kuwait
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965)
23985643
No complaints regarding subject’s payments have been reported.
Recommended credit limit: US$
1,800,000
Opinion on the credit figure of US$ 110,000:
According to local sources, subject’s financial condition is satisfactory
whilst payments are made in a timely manner. The company’s operating history is
reportedly clear and the above credit figure is considered to be within
subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.62 |
|
UK Pound |
1 |
Rs.88.40 |
|
Euro |
1 |
Rs.71.85 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
|
-- |
NB |
New
Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.