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Report Date : |
04.07.2013 |
IDENTIFICATION DETAILS
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Name : |
KUWAIT DANISH DAIRY COMPANY KSCC (KDD) |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
16.12.1962 |
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Com. Reg. No.: |
9377, Safat |
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Legal Form : |
Kuwaiti Shareholding Company Closed |
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Line of Business : |
Production, processing, distribution and export of dairy
products. |
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No. of Employees : |
1,800 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 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.
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Source : CIA |
Company Name : KUWAIT DANISH DAIRY COMPANY KSCC (KDD)
Country of Origin : Kuwait
Legal Form : Kuwaiti Shareholding Company Closed - KSCC
Registration Date : 16th December 1962
Commercial Registration Number : 9377, Safat
Trade Licence Number : 699/2001
Chamber Membership Number : 1502
Issued Capital : KD 13,000,000
Paid up Capital : KD 13,000,000
Total Workforce : 1,800
Activities : Production, processing, distribution and export of dairy products.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
KUWAIT DANISH DAIRY COMPANY KSCC (KDD)
Registered &
Physical Address
Building : KDD Building
Street : Street No.
104
Area : Sabhan
Industrial Area, Plot No. 143
PO Box : 835
Town : Safat 13009
Country : Kuwait
Telephone : (965) 24735423
/ 24767301 / 24832001 / 24717911 / 1888100
Facsimile : (965) 24747029
/ 24833270
Email : sales@kddc.net / support@kddc.net / kdaher@kddc.com / info@kddc.com /
Premises
Subject operates from a large suite of offices, a factory and storage facilities
covering an area of 34,000 square metres that are owned and located in the
Industrial Area of Safat.
Name Position
· Mohamed Izzat
Jaffer Managing
Director
· Bahiya Izzat
Jaffer Director
· Ahmed Yousef
Behbehani Director
· Abdullah Abdul
Latif Al Thuwainy Director
· Abdul Wahab
Suliaman Al Fawzan Director
· Musaed Saleh Al
Abdali Director
· Wael Aboud Commercial
Manager
· Ghalib Al Kadi Finance
Manager
· Khalid Daher Administration
Manager
· Sobra Manian Marketing
Manager
· Emad Chadid Financial
Controller
· Iman Yousef IT
Manager
· Beaty Chadid Purchasing
Manager
· Najaw Al Nimer Export
Manager
· Merry Attala Executive
Secretary
Date of Establishment : 16th December 1962
History : Subject was
originally incorporated in 1962 as a With Limited Liability Company – WLL
under the name of
“Kuwait Danish Dairy Company WLL (KDD)”.
However,
in September 2001 subject’s legal status was converted into a Kuwaiti
Shareholding Company Closed – KSCC and it was registered under the
current style of
“Kuwait Danish Dairy Company KSCC (KDD)”.
Legal Form : Kuwaiti
Shareholding Company Closed - KSCC
Commercial Reg.
No. : 9377, Safat
Trade Licence No. : 699/2001
Chamber Member No. : 1502
Issued Capital : KD 13,000,000
Paid up Capital : KD 13,000,000
Name of
Shareholder (s)
· Mohamed Izzat
Jaffer
· Bahiya Izzat
Jaffer
· Abdullah Abdul Latif
Al Thuwainy
· Abdul Wahab
Suliaman Al Fawzan
· Musaed Saleh Al
Abdali
Activities: Engaged in the production, processing, distribution and export of dairy
products including, fresh and long life
milk, yoghurts, ice creams, fruit juices, fruit drinks and tomato pastes.
The
company operates two well-equipped processing plants and has a dedicated fleet
of refrigerated vehicles to distribute its products throughout the country.
KDD is the market leader in Kuwait, producing and distributing 24 different types of dairy products, 75 different varieties of ice cream, 27 types of natural fruit juices and fruit drinks, as well as tomato paste and Kuwaiti Dakkus.
Import Countries: The United Kingdom and Denmark
Brand Names: KDD, GUAVA, DAKKUS and COCKTAIL
Operating Trend: Steady
Subject has a workforce of approximately 1,800 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
40,000,000 KD
41,650,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
Al Ahli Bank of Kuwait KSC
Mubarak Al Kabir Street
PO Box: 1387
Safat 13033
Tel: (965) 22411101 / 22411102
·
National Bank of Kuwait
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
Acc No. 000 517933 0101
Subject’s payment record is reported to be met in a generally prompt
manner.
Amount overdue 0 0 0
Payment terms 90
days 90 days 90 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record Prompt Prompt Prompt
Currency US
Dollars Euros Pounds Sterling
Subject is the largest producer and supplier of dairy products and fruit
juices in Kuwait, dominating the market, and is one of the leading dairy
processing companies in the Middle East.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.10 |
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UK Pound |
1 |
Rs.91.07 |
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Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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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 |
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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.