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Report Date : |
18.01.2013 |
IDENTIFICATION DETAILS
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Name : |
KUWAIT UNITED POULTRY COMPANY KSC (KUPCO) |
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Registered Office : |
Building No. 36, Office No. 11 Jamal Abdulnaser Street, Jahara Street
Shuwaikh Industrial Area PO Box 1236 Safat 13013 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
30.11.1974 |
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Legal Form : |
Kuwaiti Shareholding Company - KSC |
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Line of Business : |
Production of poultry and table eggs as well as operating a chain of restaurants. |
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No. of Employees : |
700 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 (31.03.2011) |
Current Rating (30.06.2012) |
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Kuwait |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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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 UNITED POULTRY COMPANY KSC (KUPCO)
Country of Origin : Kuwait
Legal Form : Kuwaiti Shareholding Company - KSC
Registration Date : 30th November 1974
Chamber Membership Number : 4480
Issued Capital : KD 11,540,000
Paid up Capital : KD 11,540,000
Total Workforce : 700
Activities : Production of poultry and table eggs as well as operating a chain of
restaurants.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
KUWAIT UNITED POULTRY COMPANY KSC (KUPCO)
Area : Shuwaikh
Industrial Area
PO Box : 1236
Town : Safat 13013
Country : Kuwait
Telephone : (965) 24818860 /
24818861 / 24818862 / 24818863 / 24810033 / 24818890
Facsimile : (965) 24818864
/ 24849012
Email : kupco@qualitynet.net
/ info@kupco.net
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Safat.
Branch Office (s)
Subject operates 2 farms located in the Al Shagaya
District, near the border between Kuwait and Saudi Arabia.
Name Position
· Khaled Sulaiman
Ali Al Ali Chairman
· Mohamed Jamal
Monther Al Neema Vice
Chairman
· Nasser Ahmed Fahad
Al Ameer Director
· Azara Faleh Al
Hussein Director
· Mazen Saad Ali Al
Naheth Director
· Ahmad Ibraheem Ahmad Al
Asfour Director
· Talal Abdullah Ahmad Al
Omaim Director
· Mohamed Abdulreda Abdullah Khorshid Director
· Hamed Taleb Al
Nakeeb Director
· Rifaat Farraj Finance
& Administration Manager
· Tariq Mahmoud
Abdul Salam Production
Manager
· Duaijel Ali Al
Hussein Marketing
Manager
Date of
Establishment : 30th
November 1974
Legal Form : Kuwaiti
Shareholding Company - KSC
Chamber Member No. : 4480
Issued Capital : KD 11,540,000
Paid up Capital : KD 11,540,000
· Kuwait Investment
Authority 44.68%
· Kuwait Supplies Co 7.77%
· The Financial
Securities Co 5.27%
· Al Sharq Holding
Co 5.27%
· Members of the
general public and private investors 37.01%
· Aloon
International Trading Est
PO Box: 1236
Safat 13013
Tel: (965)
24818891
Fax: (965)
24818864
· Mascan Company for
Breeding Fisheries WLL
Safat
· The National
Kuwait Company for Poultry and Eggs WLL
Safat
Activities: Engaged in the
production of poultry and table eggs with an annual production of 115 million
table eggs and 12,000 tons of broiler meat.
Subject is authorized agents for Columbus eggs.
The
company has a contract worth KD 470,000 with Ministry of Defence for supply of
frozen chicken and
fresh eggs for 1 year. It also has other prestigious clients such as the National Guard, Public Authority for
Applied Education & Training, Kuwait
Aviation Co., Al Wazzan Co, Hilton Al Mangaf, Palms Beach Hotel,
Kuwait Food Co and Lali Al Kuwait Catering
Co.
The Company also operates a chain of
restaurants under the name "Fresh 'N' Tasty".
Import Countries : The United States
of America, Italy and the United Kingdom.
Brand Names : KUPCO, FRESH N TASTY
and AL GHADEER
Subject has a workforce of approximately 700
employees.
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinars (KD 000’s)
Balance Sheet 31/12/10 31/12/11
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Income Statement
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Operating Revenues |
13.385 |
16.038 |
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GROSS PROFIT |
2.450 |
3.862 |
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INCOME FROM INVESTMENTS |
0 |
0 |
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UNREALIZED GAIN (LOSS) ON INVESTMENTS |
0 |
0 |
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OTHER INCOME |
90 |
139 |
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TOTAL INCOME |
13.475 |
16.177 |
|
NET PROFIT (LOSS) |
1.144 |
2.609 |
Local sources consider subject’s financial condition to be Fair.
·
National Bank of Kuwait
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
·
Al Ahli Bank of Kuwait KSC
Mubarak Al Kabir Street
PO Box: 1387
Safat 13033
Tel: (965) 2411101 / 2411102
·
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.
Credit amount 26,000 150,000
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No Complaints No Complaints
Currency US
dollars US
dollars
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.54.64 |
|
|
1 |
Rs.87.45 |
|
Euro |
1 |
Rs.72.65 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.