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Report Date : |
14.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
KUWAIT PROTEINS
COMPANY WLL |
|
|
|
|
Registered Office : |
Ardiyah
Industrial Sector, Area 1, Block 1, Building No. 156 & 245, 26332 Safat
13124 |
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|
|
|
Country : |
Kuwait |
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|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
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Date of Incorporation : |
16.01.1982 |
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|
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Com. Reg. No.: |
34097, Safat |
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|
|
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Legal Form : |
With Limited
Liability - WLL |
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|
|
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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. |
|
|
|
|
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 |
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 102 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 and 2012 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 historically 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 :
34097, Safat
Trade Licence
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
Person Interviewed : Mohamed
Omais, Finance Manager
KUWAIT PROTEINS
COMPANY WLL
Location : Ardiyah Industrial Sector, Area 1,
Block 1, Building No. 156 & 245
PO Box : 26332
Town : Safat 13124
Country : Kuwait
Telephone : (965) 24311119 / 24331464
/ 24311030 / 22212023
Facsimile : (965) 24311034 / 24311033
/ 24336246
Mobile : (965) 99042582 / 9965895 / 60028449 / 65575480 / 65578581
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 Nationality Position
·
Fouzan Saud Al Fouzan Kuwaiti Managing Director
·
Zaher Fouad Al Khatib Lebanese Director
·
Fadi
Jobran - General
Manager
·
Mohamed
Omais - Finance
Manager
·
Hussam
Taher - Sales
Manager
·
Khalil
Naji - Sales
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. : 34097, Safat
Trade Licence 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 31/12/11: Year
Ending 31/12/12:
Total sales KD 14,850,000 KD 17,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Mohamed Omais, Finance Manager
·
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.
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.62.12 |
|
|
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
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.