MIRA INFORM REPORT

 

 

Report Date :

12.02.2013

 

IDENTIFICATION DETAILS

 

Name :

KUWAIT BISCUIT AND FOOD PRODUCTS MANUFACTURING CO KSC

 

 

Registered Office :

Plot No. 1, Block No. 53 Street No. 11 Sabhan Industrial Area North PO Box 2135 Safat 13022

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

11.04.1968

 

 

Com. Reg. No.:

30520, Safat

 

 

Legal Form :

Kuwaiti Shareholding Company - KSC

 

 

Line of Business :

Manufacturers of biscuits and confectionery products.

 

 

No. of Employees :

190

 

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

 

SUMMARY

 

Company Name                                     : KUWAIT BISCUIT AND FOOD PRODUCTS MANUFACTURING CO KSC

Country of Origin                                                : Kuwait

Legal Form                                            : Kuwaiti Shareholding Company - KSC

Registration Date                                   : 11th April 1968

Commercial Registration Number                        : 30520, Safat

Trade Licence Number                            : 10326

Chamber Membership Number                : 2239

Issued Capital                                        : KD 1,000,000

Paid up Capital                                      : KD 1,000,000

Total Workforce                                     : 190

Activities                                               : Manufacturers of biscuits and confectionery products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Fakher Eddine Patel, Finance Manager

 

 

 

COMPANY NAME

 

KUWAIT BISCUIT AND FOOD PRODUCTS MANUFACTURING CO KSC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Plot No. 1, Block No. 53

Street               : Street No. 11

Area                 : Sabhan Industrial Area North

 

PO Box             : 2135

 

Town                 : Safat 13022

Country             : Kuwait

 

Telephone         : (965) 24745500 / 24745455 / 24745400 / 24764886

Facsimile          : (965) 24748510 / 24764889

Email                : kbc@wazzan.com

 

Premises

 

Subject operates large suite of offices and a factory that are rented and located in the Industrial Area of Safat.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Sudhair Kumar Oberoi                                                                       Managing Director

 

·       Diraj Kumar Oberoi                                                                            Director

 

·       Kwal Kumar Oberoi                                                                           Director

 

·       Khalid Jassim Al Wazzan                                                                  Director

 

·       Arjan Basant                                                                                     Factory Manager

 

·       Fakher Eddine Patel                                                                          Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 11th April 1968

 

Legal Form                  : Kuwaiti Shareholding Company - KSC

 

Commercial Reg. No.  : 30520, Safat

 

Trade Licence No.       : 10326

 

Chamber Member No. : 2239

 

Issued Capital              : KD 1,000,000

 

Paid up Capital            : KD 1,000,000

 

Name of Shareholder (s)

 

·       Sudhair Kumar Oberoi

 

·       Diraj Kumar Oberoi

 

·       Kwal Kumar Oberoi

 

·       Khalid Jassim Al Wazzan

 

 

AFFILIATED COMPANIES

 

·       Jassim Al Wazzan Sons General Trading Co WLL

     Al Garabally Street

     Al Mubarakia

     PO Box: 124

     Safat 13002

     Tel: (965) 4338538 / 4846433 / 4815316 / 4843479 / 4848345

     Fax: (965) 4310839 / 4840067 / 4836162 / 4839184

     Email: jassim@wazzan.com

 

·       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

 

·       Meezan Al Qabida Company

PO Box: 124

Safat 13002

Tel: (965) 4846433

Fax: (965) 4836162

 

·       Wadyan Real Estate Co

PO Box: 124

Safat 13002

Tel: (965) 24846433

Tel: (965) 24836162

 

·       National Canned Food Production & Trading Co WLL

     Subhan 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

 

·       Kuwait Indo Trading  Co WLL (KITCO)

Safat

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of biscuits and confectionery products.

 

Import Countries: Turkey, Belgium, and the United Kingdom.

 

Brand Names: KBC

 

Operating Trend: Steady

 

Subject has a workforce of approximately 190 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/11:                Year Ending 31/12/12:

 

Total                                         KD 3,260,000                            KD 3,500,000

 

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

 

The above financial figures were confirmed by Fakher Eddine Patel, Finance Manager.

 

 

BANKERS

 

·       Commercial Bank of Kuwait

PO Box: 2861

Hawalli

Tel: (965) 22645964

Fax (965) 22616451

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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 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.53.68

UK Pound

1

Rs.84.84

Euro

1

Rs.71.87

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.