|
Report Date : |
17.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
AL SEEDAWI SWEETS FACTORIES KSCC |
|
|
Registered Office : |
|
|
|
|
|
|
|
Country : |
|
|
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
|
|
Date of Incorporation : |
10.01.1965 |
|
|
|
|
|
|
Com. Reg. No.: |
13018, Safat |
|
|
|
|
|
|
Legal Form : |
Kuwaiti Shareholding Company Closed - KSCC |
|
|
|
|
|
|
Line of Business : |
Manufacture of confectionery items. |
|
|
|
|
|
|
No. of Employees : |
350 |
|
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 |
|
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 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
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 : AL SEEDAWI SWEETS FACTORIES KSCC
Country of Origin : Kuwait
Legal Form : Kuwaiti Shareholding Company Closed - KSCC
Registration Date : 10th January 1965
Commercial Registration Number : 13018, Safat
Trade Licence Number : 10324
Chamber Membership Number : 2237
Issued Capital : KD 2,000,000
Paid up Capital : KD 2,000,000
Total Workforce : 350
Activities : Manufacture of confectionery items.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Tariq Al Yafi, Export Manager
AL SEEDAWI SWEETS FACTORIES KSCC
Building : Al Seedawi
Building
Street : Canada Dry
Street, Ghazali Bridge
Area : Shuwaikh
Industrial Area
PO Box : 569
Town : Safat 13006
Country : Kuwait
Telephone : (965) 24813404
/ 24815547 / 24813994 / 24813404 / 24847488 / 24841551 / 24919111
Facsimile : (965) 24847488
/ 24817564 / 24817604 / 2961111
Email : alseedawi@qualitynet.net
/ info@alseedawisweets.com
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Safat.
Name Position
· Abdullah Mohamed
Saud Al Buaijan Managing
Director
· Emad Mohamed Saud
Al Buaijan Director
· Abdulaziz
Abdulrazzak Mohamed Abdul Karim Director
· Ahmed Al Dabbas Commercial
Manager
· Ghulam Haider Purchasing
Manager
· M. Macrio Production
Manager
·
Tariq Al Yafi
Export
Manager
·
Alaa Duwaider Finance
Manager
Date of
Establishment : 10th
January 1965
Legal Form : Kuwaiti
Shareholding Company Closed - KSCC
Commercial Reg.
No. : 13018, Safat
Trade Licence No. : 10324
Chamber Member No. : 2237
Issued Capital : KD 2,000,000
Paid up Capital : KD 2,000,000
· Abdullah Mohamed
Saud Al Buaijan
· Emad Mohamed Saud
Al Buaijan
· Abdulaziz Abdulrazzak
Mohamed Abdul Karim
· Al Dhahiah
Printing Press Co
PO Box: 569
Safat 13006
Tel: (965)
24813994
Fax: (965)
24847488
· Abdullah Al
Buaijan General Trading & Contracting Est
PO Box: 569
Safat 13006
Tel: (965)
22420540
· Magic Space Est
PO Box: 569
Safat 13006
Tel: (965)
24813994
Fax: (965) 24847488
· Al Shuwaikh Steel
Kitchen Factory
PO Box: 569
Safat 13006
Tel: (965)
24818551
· Al Dahiyat
Carpentry & Building Est
PO Box: 569
Safat 13006
Tel: (965)
24813994
· Al Dahiya Metal Plating
Est
PO Box: 569
Safat 13006
Tel: (965)
24813994
· Al Seedawi Ice
Factory
PO Box: 569
Safat 13006
Tel: (965)
24841551
Fax: (965)
24847488
· Sweet City Co for
Foodstuffs WLL
PO Box: 569
Safat 13006
Tel: (965)
24841551
Fax: (965)
24847488
· Al Hdaibia Trading
& Contracting Co WLL
PO Box: 569
Safat 13006
Tel: (965)
99629696
Fax: (965)
24813930
Activities: Engaged in the manufacture of confectionery items, including chocolate,
candy bars, cakes, biscuits, corn snacks and Turkish Delight sweets, known
locally as “Halwat Al Halkoom”.
Production
Capacity: 120 tonnes per day
Import Countries: France, Switzerland and Germany
Brand Names: AL SEEDAWI
Operating Trend: Steady
Subject has a workforce of approximately 350 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
5,000,000 KD
5,350,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
National Bank of Kuwait
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
·
Kuwait Finance House (KFH)
Safat Square
Abdullah Al Mubarak Street
PO Box: 24989
Safat 13110
Tel: (965) 22445050
Fax: (965) 22455135
No complaints regarding subject’s payments have been reported.
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.54.99 |
|
|
1 |
Rs.87.21 |
|
Euro |
1 |
Rs.70.22 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.