MIRA INFORM REPORT

 

 

Report Date :

30.10.2013

 

IDENTIFICATION DETAILS

 

Name :

REFRESHMENT TRADING COMPANY WLL

 

 

Registered Office :

Sabhan North Industrial Area, Plot No. 11, PO Box: 1044, Safat 13011

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

28.02.1960

 

 

Com. Reg. No.:

4087

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Manufacture and bottling of carbonated soft drinks and mineral water.

 

 

No. of Employees :

650

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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)

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 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

 

SUMMARY

 

Company Name                                     : REFRESHMENT TRADING COMPANY WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 28th February 1960

Commercial Registration Number            : 4087

Trade Licence Number                            : 10740

Chamber Membership Number                : 915

Issued Capital                                        : KD 3,300,000

Paid up Capital                                      : KD 3,300,000

Total Workforce                                     : 650

Activities                                               : Manufacture and bottling of carbonated soft drinks and mineral water.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Ahmed Abdulaziz Al Ashire, Finance Manager

 

 

 

COMPANY NAME

 

REFRESHMENT TRADING COMPANY WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Sabhan North Industrial Area, Plot No. 11

PO Box             : 1044

Town                 : Safat 13011

Country             : Kuwait

 

Telephone         : (965) 24746888

Facsimile          : (965) 24741688

Email                : rtccoke@kems.net / info@rtckwt.com / sunkist@kems.net

 

Premises

 

Subject operates from a large suite of offices, a factory and warehousing that are owned and located in the Industrial Area of Safat.

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Mohamed Abdulrahman Al Bahar                                                Managing Director

 

Hamoud Yousef Al Nisif                                                              Director

 

Hamd Mohamed Abdulrahman Al Bahar                                       Director

 

Marzouq Nasser Mohamed Abdul Mohsin Al Kharafi                     Director

 

Bader Nasser Mohamed Al Bahar                                                Director

 

Ahmed Abdullah Al Najdi                                                            General Manager

 

Ahmed Abdulaziz Al Ashire                                                        Finance Manager

 

Nasser Salman                                                                          Commercial Manager

 

Sayed Mohamed Mahdi                                                              Production Manager

 

 

AFFILIATED COMPANIES

 

Al Khair Company

Safat

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 28th February 1960

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 4087

 

Trade Licence No.       : 10740

 

Chamber Member No. : 915

 

Issued Capital              : KD 3,300,000

 

Paid up Capital            : KD 3,300,000

 

Name of Shareholder (s)                                                     Percentage

 

Mohamed Abdulrahman Al Bahar                                                40%

 

Mohamed Abdul Mohsin Al Kharafi & Sons Co                             30%

 

Al Nisif Company WLL                                                               30%

 

 

OPERATIONS

 

Activities:                     Engaged in the manufacture and bottling of carbonated soft drinks and mineral water.

 

Import Countries:         United States of America and Europe

 

Brand Names:              COCA COLA, SUNKIST, FANTA, SPRITE and SCHWEPPES

 

Operating Trend:         Steady

 

Subject has a workforce of approximately 650 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 Sales                                KD 11,000,000                           KD 12,200,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

National Bank of Kuwait

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box: 95

Safat 13001

Tel: (965) 23981188 / 23981189

Fax: (965) 23985643

 

Commercial Bank of Kuwait

Mubarak Al Kabir Street

PO Box: 2861

Safat 13029

Tel: (965) 22411001

Fax: (965) 22450150

 

Bank of Kuwait & the Middle East KSC

Abdullah Al Salem Street

Darwaza Abdul Razzak

PO Box: 71

Safat 13001

Tel: (965) 22459771

Fax: (965) 22461430

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                 March 2006                               November 2007

Credit amount                                        17,000                                      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                                               Pounds Sterling                         US Dollars

 

 

 

 

GENERAL COMMENTS

 

During the course of this investigation nothing detrimental was uncovered regarding the manner in which payment obligations are fulfilled. The operating history is clear and the financial situation is satisfactory. As such we are of the opinion that the subject is a fair trade risk and the above credit figure is within subject’s financial means.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.46

UK Pound

1

Rs.98.99

Euro

1

Rs.84.72

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.