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Report Date : |
22.11.2012 |
IDENTIFICATION DETAILS
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Name : |
KUWAIT
AGRICULTURE CO WLL (KACO) |
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Registered Office : |
Block 2, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
29.09.1968 |
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Com. Reg. No.: |
14862, Safat |
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Legal Form : |
With Limited
Liability - WLL |
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Line of Business : |
Import and distribution of general foodstuff, as well as the operation
of a poultry farm and 3 restaurants |
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No. of Employees : |
520 |
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 |
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Restricted |
C2 |
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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 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
KUWAIT AGRICULTURE
CO WLL (KACO)
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
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
Subject has fully equipped warehousing facilities with over 15,000 cubic
metres for frozen products in five locations.
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
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
·
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
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. Subject
supplies 360 hypermarkets, 2,000 groceries and 280 restaurants.
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
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 45,135,000 KD 46,220,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Mohamed
Yousef, Human Resources Manager
·
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
No complaints
regarding subject’s payments have been reported.
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.55.20 |
|
|
1 |
Rs.87.79 |
|
Euro |
1 |
Rs.70.42 |
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.