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Report Date : |
12.11.2013 |
IDENTIFICATION DETAILS
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Name : |
THE |
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Registered Office : |
Sabhan North Industrial
Estate, Street No. 13, Block No. 1, Plot No. 144, North Entrance, |
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Country : |
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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, including Potato Chips, Fried Snacks from Pellets
Extruded/Direct Expanded 3d-Snacks, Mexican Tortillas and Corn Chips. |
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No. of Employees : |
550 |
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 |
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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) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
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
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.63.30 |
|
|
1 |
Rs.101.36 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
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 |
|
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 |
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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 |
|
<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.