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Report Date : |
27.06.2013 |
IDENTIFICATION DETAILS
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Name : |
THE KUWAIT INDO TRADING COMPANY WLL (KITCO) |
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Registered Office : |
Sabhan North Industrial Estate, Street No. 13, Block No. 1, Plot No. 144, North Entrance PO Box 2135 Safat 13022 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
23.01.1962 |
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Com. Reg. No.: |
9499, Safat |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Production of snack foods. |
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No. of Employees : |
550 |
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 : |
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
|
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.
Source
: CIA
Company Name : THE KUWAIT INDO TRADING COMPANY WLL (KITCO)
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 23rd January 1962
Commercial Registration Number : 9499, Safat
Trade Licence Number : 737/74
Chamber Membership Number : 1303
Issued Capital : KD 2,500,000
Paid up Capital : KD 2,500,000
Total Workforce : 550
Activities : Production of snack foods.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Fakhruddine Patel, Finance Manager
THE KUWAIT INDO TRADING COMPANY WLL (KITCO)
Location : Sabhan North
Industrial Estate, Street No. 13, Block No. 1, Plot No. 144, North Entrance
PO Box : 2135
Town : Safat 13022
Country : Kuwait
Telephone : (965)
24745400 / 24748861 / 24745455 / 24736644 /
24764886 / 24748863
Facsimile : (965)
24748510 / 24764889
Email : kitco@wazzan.com
/ kitco@mezzan.com
Please note that subject’s previous address was, Sabhan North Industrial
Estate, Street No. 11, Plot No. 53, North Entrance, Safat.
Subject operates from a large suite of offices and a factory that are owned
and located in the Industrial Area of Safat.
Name Nationality Position
· Deeraj Kumar Operi Indian Managing Director
· Hareesh Kumar Operi Indian Director
· Sorendar Kumar Operi Indian Director
· Sudheer Kumar Operi Indian Director
· Kawal Kumar Operi Indian Director
· Jassim Mohamed Al
Wazzan Kuwaiti Director
· Khalid Jassim
Mohamed Al Wazzan Kuwaiti Director
· Abdulrahman Jassim
Mohamed Al Wazzan Kuwaiti Director
· Motasim Jassim
Mohamed Al Wazzan Kuwaiti Director
· Montasir Jassim
Mohamed Al Wazzan Kuwaiti Director
· Mohamed Jassim
Mohamed Al Wazzan Kuwaiti Director
· Nawal Jassim
Mohamed Al Wazzan Kuwaiti Director
· Khalida Jassim
Mohamed Al Wazzan Kuwaiti Director
· Goraf Deeraj Operi - General
Manager
· Fakhruddine Patel - Finance
Manager
· Hamdy Al Laithy - Export
Manager
Date of
Establishment : 23rd
January 1962
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 9499, Safat
Trade Licence No. : 737/74
Chamber Member No. : 1303
Issued Capital : KD 2,500,000
Paid up Capital : KD 2,500,000
· Deeraj Kumar Operi
· Hareesh Kumar Operi
· Sorendar Kumar Operi
· Sudheer Kumar Operi
· Kawal Kumar Operi
· Jassim Mohamed Al
Wazzan
· Khalid Jassim
Mohamed Al Wazzan
· Abdulrahman Jassim
Mohamed Al Wazzan
· Motasim Jassim
Mohamed Al Wazzan
· Montasir Jassim
Mohamed Al Wazzan
· Mohamed Jassim
Mohamed Al Wazzan
· Nawal Jassim
Mohamed Al Wazzan
· Khalida Jassim Mohamed
Al Wazzan
· Jassim Al Wazzan
Sons General Trading Co
· Gulf Pastries
Manufacturing Company WLL
· Kuwait Biscuit
& Food Products Manufacturing Company
· Kuwait Indo Trading
Co LLC
Sharjah
United Arab Emirates
· Conserved
Foodstuff Distributing Company WLL
· National Canned
Food Production & Trading Co
· Al Muntasser
Shampoo Factory
· Plastic Industries
Company
· National Textiles
Company KSC (C)
· Awal Gulf Manufacturing
Company BSC (C)
Manama
Bahrain
· Mezzan Industries
Company WLL
· Jassim Al Wazzan
Sons General Trading Co WLL
· Mezzan Iraq
Trading Company LLC
· Al Mansouria
Consumers Trading Co WLL
· Mezzan Saudi
Trading Co LLC
· Arla Foods Kuwait
WLL
· Al Muntasser
Pharmaceuticals Co WLL
· Al Hoda Kuwaiti Co
WLL
· Sabriya
International General Trading & Contracting Co WLL
· Al Wazzan Trading
& Catering Services Co WLL
· Oriental Catering
Company WLL
· Star Services LLC
· Jassim Al Wazzan
Central Laboratory
· Kuwait Lube Oil
Company KSC (C)
· Mezzan Farming
& Agriculture
Activities: Engaged in the production of snack foods, including potato chips, fried
snacks from pellets extruded/direct expanded 3d-snacks, Mexican tortillas and
corn chips.
Import Countries: Netherlands and the United Kingdom.
Brand Names: KITCO, NICE, and KA-RA-RA
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 31/12/11: Year Ending
31/12/12:
Total Sales KD
21,750,000 KD
22,500,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
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) 22411101 / 22411102
No complaints regarding subject’s payments have been reported.
Credit amount 165,000 35,000
Amount overdue 0 0
Payment terms 90
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Pounds
Sterling Pounds
Sterling
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.59.70 |
|
|
1 |
Rs.92.25 |
|
Euro |
1 |
Rs.78.38 |
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 |
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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.