MIRA INFORM REPORT

 

 

Report Date :           

30.05.2012

 

IDENTIFICATION DETAILS

 

Name :

KUWAIT AGRICULTURE CO WLL (KACO)

 

 

Registered Office :

Block 2, Mohamed Bin Qassim Street, Ardiya Industrial Area, P O Box 20468, Safat 13065

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

29.09.1968

 

 

Com. Reg. No.:

14862, Safat

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Import and distribution of general foodstuff, as well as the operation of a poultry farm and 3 restaurants

 

 

No. of Employees :

520

 

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

 

Status :

Good

Payment Behaviour :

Usually Correct

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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 AGRICULTURE CO WLL (KACO)

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 29th September 1968

Commercial Registration Number            : 14862, Safat

Trade Licence Number                            : 404/73

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

Person Interviewed                                 : Mohamed Yousef, Human Resources Manager

 

 

 

COMPANY NAME

 

KUWAIT AGRICULTURE CO WLL (KACO)

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Block 2

Street               : Mohamed Bin Qassim Street

Area                 : Ardiya Industrial Area

PO Box             : 20468

Town                 : Safat 13065

Country             : Kuwait

Telephone         : (965) 24346180 / 24314532 / 24312870 / 24312598 / 24312694 / 24335814 / 1825258

Facsimile          : (965) 24312512 / 24312419 / 24341820 / 24335814 / 24315419

Mobile               : (965) 99608877 / 99825258

Email                : comm.@ktagr.com / ktagri@ncc.moc.kw

 

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.

 

Branch Offices

 

     Location                                                                                          Description

 

·       Shuwaikh Industrial Area                                                                    Warehouse premises

Tel: (965) 24822293 / 24844544

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Mohamed Nasouh Mamdouh Ali Al Kailani                                          Managing Director

 

·       Jawad Nasser Hussain Al Arbash                                                       Director

 

·       Ayman Hesham Adeeb Al Hejawi                                                       Director

 

·       Jaafar Hesham Adeeb Al Hejawi                                                         Director

 

·       Mohamed Kamal Ismail                                                                     General Manager

 

·       Anand Kumar                                                                                    Commercial Manager

 

·       Tariq Mohamed Mahmoud                                                                  Finance Manager

 

·       Hazgail Ady Ibrahim                                                                          Sales Manager

 

·       Reda Al Adawi                                                                                  Marketing Manager

 

·       Mohamed Yousef                                                                              Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 29th September 1968

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 14862, Safat

 

Trade Licence No.       : 404/73

 

Chamber Member No. : 3116

 

Issued Capital              : KD 5,000,000

 

Paid up Capital            : KD 5,000,000

 

Name of Shareholder (s)

 

·       Ayman Hesham Adeeb Al Hejawi

 

·       Jaafar Hesham Adeeb Al Hejawi

 

·       Jawad Nasser Hussain Al Arbash

 

·       Mohamed Nasouh Mamdouh Ali Al Kailani

 

·       Heirs of the late Mohamed Nasser Hussain Al Arbash

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution 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, Denmark and the United

                 States of America

 

International Suppliers:

 

·       S.P.C Ltd                             Australia

·       Pittas Dairy Industries           Cyprus

·       Gimo Cheese                        Denmark

·       Crown Products Inc               United States of America

 

Brand Names: SOHAT, PUCK, PITTAS, DANPO, DOUX and 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 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                KD 42,850,000                           KD 45,135,000

 

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

 

The above figures were provided by Mr Mohamed Yousef, Human Resources Manager

 

 

BANKERS

 

·       National Bank of Kuwait

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box: 95

Safat 13001

Tel: (965) 23981188 / 23981189

Fax: (965) 23985643

 

·       Commercial Bank of Kuwait

     Mubarak Al Kabir Street

     PO Box: 2861

     Safat 13029

     Tel: (965) 22411001

     Fax: (965) 22450150

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

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 subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.58

UK Pound

1

Rs.87.14

Euro

1

Rs.69.73

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

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%)

 

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.