|
Report Date : |
24.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
JASSIM AL WAZZAN SONS GENERAL TRADING CO WLL |
|
|
|
|
Formerly Known As : |
Jassim Al Wazzan Est |
|
|
|
|
Registered Office : |
Al Wazzan
Building, Block No. 2, Wholesale Street No. 167, Shuwaikh Industrial Area, P O
Box 124, Safat 13002, 26226, Safat 13123, Safat Town |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year of Establishment : |
1946 |
|
|
|
|
Com. Reg. No.: |
16615, Safat |
|
|
|
|
Legal Form : |
With Limited Liability |
|
|
|
|
Line of Business : |
Subject operates through following divisions :- l Retail, Wholesale & Distribution Division l Farming & Agriculture Division |
|
|
|
|
No. of Employees : |
550 employees |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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 : JASSIM AL WAZZAN SONS GENERAL TRADING CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Start Date : 1946
Registration Date : 19th January 1960
Commercial Registration Number : 16615, Safat
Trade Licence Number : 739/83
Chamber Membership Number : 257
Issued Capital : KD 2,000,000
Paid up Capital : KD 2,000,000
Total Workforce : 550
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Isaac Abraham, Finance Manager
JASSIM AL WAZZAN
SONS GENERAL TRADING CO WLL
Registered &
Physical Address
Building : Al Wazzan Building, Block No. 2
Street : Wholesale Street No. 167
Area : Shuwaikh Industrial Area
PO Box : 124, Safat 13002
26226, Safat 13123
Town : Safat
Country : Kuwait
Telephone : (965) 24338538 / 24846433 / 24815316
/ 24843479
/ 24848345
Facsimile : (965) 24835362 / 24310839 / 24840067
/ 24836162 / 24841575
Email : jassim@wazzan.com / cbo.jassim@wazzan.com / mktg.jassim@wazzan.com
Please note that
subject’s previous address was, Al Garabally Street, Al Mubarakia Area,
Shuwaikh, Safat.
Premises
Subject operates
from a large suite of offices, a warehouse and a showroom that are owned and
located in the Industrial Area of Safat.
Name Position
·
Khalid
Jassim Al Wazzan Managing
Director
·
Abdul
Rahman Jassim Al Wazzan Director
·
Mohamed
Jassim Al Wazzan Director
·
Jassim
Jassim Al Wazzan Director
·
Moatamed
Jassim Al Wazzan Director
·
Montasser
Jassim Al Wazzan Director
·
Gary
Walsh Chief
Executive Officer
·
Monaf
Yousef Chief
Financial Officer
·
Tariq Al Ashi General
Manager
·
Khalil Al Attar Commercial
Manager
·
Isaac Abraham Finance
Manager
·
Faisal
Al Wazzan Administration
Manager
Date of Establishment : Subject’s
operations date back to 1946, however it was registered on 19th
January 1960
History : Subject was originally established in 1946 as
a Sole Proprietorship of Mr Jassim Al Wazzan under the name of “Jassim Al
Wazzan Est”.
Following the demise of Mr
Jassim Al Wazzan, the business was passed on to his legal
heirs, namely Khalid, Abdul
Rahman, Mohamed, Jassim, Moatamed and Montasser. On the 18th December
1989 subject was subsequently re-organised and re-registered as a With Limited
Liability Company – WLL under the new name of “Jassim Al Wazzan Sons General
Trading Co WLL”.
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 16615, Safat
Trade Licence No. : 739/83
Chamber Member No. : 257
Issued Capital : KD 2,000,000
Paid up Capital : KD 2,000,000
Name of Shareholder
(s) Percentage
·
Al Wazzan Holding 98%
Safat
Tel: (965) 24818120
Fax: (965)
24841575
·
Widian Real Estate Co 2%
Safat
·
Conserved
Foodstuffs Distributing Co WLL
PO Box: 26226
Safat 13123
Tel: (965) 24812901
Fax: (965) 24722142
·
Al
Monsouriya Consumable Goods Co
PO Box: 124
Safat 13002
Tel: (965) 24846433
Fax: (965) 24841575
·
Fruits
Island Center
PO Box: 124
Safat 13002
Tel: (965) 24846433
Fax: (965) 24836162
·
Al
Montasser Shampoo Factory
PO Box: 124
Safat 13002
Tel: (965) 24846433
Fax: (965) 24730808
·
Khazan
Meat Factory
PO Box: 124
Safat 13002
Tel: (965) 24846433
Fax: (965) 24836162
·
Kuwait
Mepha Pharmaceutical Co
PO Box: 124
Safat 13002
Tel: (965) 24846433
Fax: (965) 24836162
·
Al
Najat Al Oula General Trading Est
PO Box: 124
Safat 13002
Tel: (965) 24839184
Fax: (965) 24836162
·
Mezzan Al
Qabida Company
PO Box: 124
Safat 13002
Tel: (965) 24846433
Fax: (965) 24836162
·
Wadyan
Real Estate Co
PO Box: 124
Safat 13002
Tel: (965) 24846433
Fax: (965) 24836162
·
National
Canned Food Production & Trading Co WLL
Sabhan Industrial Area, Area
No 10, Plot 144
PO Box: 25452
Safat 13115
Tel: (965) 24748484 / 24761295
/ 24737754 / 24748866
Fax: (965) 24766540
Email: national@wazzan.com
Activities: Subject’s operations are performed through the
following divisions:
This division is engaged in the retail,
wholesale and distribution of a wide range of consumer products, including many
internationally renowned brands. The product range includes foodstuff, office machinery,
telecommunications equipment, computers and computer software, pharmaceuticals,
perfumes, cosmetics, baby requisites, toiletries as well as a wide range of
luxury consumer products.
Under this division, subject operates a total
of 6 farms specialising in dairy herds, together with feed stock &
vegetable production.
Import
Countries: United Kingdom
and the United States of America
Agencies Held:
·
A. H. Robins
·
Bairds Vinegar
·
British Cod Liver Oil
·
Capilano Honey
·
Coroli Oil
·
Crystal Hot Sauce
·
Dr. G. Mann
·
Dr. Maudus
·
Happycow Cheese
·
Intercare Products Ltd
·
Johnson & Johnson
·
Kimball Ketchup
·
Kimberley Clark
·
Knoll
·
Lurpak Butter
·
Mepha
·
Milo Sardines
·
Mundi Pharma
·
Pillsbury Cakemix
·
Plumrose Sausages
·
Reckitt & Colman
·
Sara Lee Cakes
·
Sunwhite Rice
·
Volvic Water
Operating Trend: Steady
Subject has a
workforce of approximately 550 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 17,000,000 KD 22,190,931
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Isaac Abraham, Finance Manager
·
Kuwait Finance
House (KFH)
Safat Square
Abdullah Al Mubarak Street
PO Box: 24989
Safat 13110
Tel: (965) 22445050
Fax: (965) 22455135
·
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
·
Commercial
Bank of Kuwait SAK
Mubarak Al Kabir Street
PO Box: 2861
Safat 13029
Tel: (965) 22411001
Fax: (965) 22450150
No complaints
regarding subject’s payments have been reported.
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record Prompt Prompt
Currency Pounds
Sterling US
Dollars
Originally
established in 1946, subject is owned and managed by the heirs of Mr Jassim Al
Wazzan who was a very well respected businessman in the Middle East.
Subject’s operations
are performed through its various divisions and it holds a number of agencies
for reputable international companies.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.34 |
|
UK Pound |
1 |
Rs.88.30 |
|
Euro |
1 |
Rs.71.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.