|
Report Date : |
07.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
KUWAIT FLOUR MILLS BAKERIES CO SAK |
|
|
|
|
Registered Office : |
Plot No. 128/129 Jamal Abdulnasser Street Shuwaikh PO Box 681 Safat
13007 |
|
|
|
|
Country : |
Kuwait |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
08.05.1962 |
|
|
|
|
Com. Reg. No.: |
9399 |
|
|
|
|
Legal Form : |
Kuwaiti Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture of flour, biscuits, bread, pasta, and edible oils. |
|
|
|
|
No. of Employees : |
3,500 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
Company Name : KUWAIT FLOUR MILLS BAKERIES CO SAK
Country of Origin : Kuwait
Legal Form : Kuwaiti Joint Stock Company
Registration Date : 9th May 1962
Commercial Registration Number : 9399
Chamber Membership Number : 656
Issued Capital : KD 30,000,000
Paid up Capital : KD 30,000,000
Total Workforce : 3,500
Activities : Manufacturers of flour, biscuits, bread, pasta, and edible oils.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Nabeel Abdul Fattah, Financial Controller
KUWAIT FLOUR MILLS BAKERIES CO SAK
Location : Plot No.
128/129
Street : Jamal
Abdulnasser Street
Area : Shuwaikh
PO Box : 681
Town : Safat 13007
Country : Kuwait
Telephone : (965) 24841866
/ 24830094
Facsimile : (965) 24841590
/ 24845464
Email : cmd@flour-mills.com.kw
/ ceo@kfmb.com.kw
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of Safat.
Branch Offices
Subject has bakeries located in Al Jahra, Hawalli and Keifan.
Name Position
· Salah Mohamed Mashari Al Kulaib Chairman
· Mutlaq Yosuef Al Zayed Managing
Director
· Adel Nahaba Hamada Director
· Abdullah Al Wahibi Factory
Manager
· Fahad Al Sawalih Finance
Manager
· Nabeel Abdul Fattah Financial
Controller
· Sahera Al Homaidi Export
Manager
· Ahmed Al Ghaith Commercial
Manager
· Abdulaziz Mashan
Al Khaldi Production
Manager
Date of
Establishment : 9th
May 1962
Legal Form : Kuwaiti Joint
Stock Company
Commercial Reg.
No. : 9399
Chamber Member No. : 656
Issued Capital : KD 30,000,000
Paid up Capital : KD 30,000,000
· Kuwait General Investment Authority 100%
Activities: Engaged in the manufacture of flour, biscuits, bread, pasta, and edible
oils.
Production Capacity: 1,280 tons per day
Import Countries: Europe and GCC countries
Brand Names: DALAL and KFM
Operating Trend: Steady
Subject has a workforce of approximately 3,500 employees.
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinars (KD)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Sales KD
305,000,000 KD 330,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Nabeel Abdul
Fattah, Financial Controller
·
Commercial Bank of Kuwait SAK
Mubarak
Al Kabir Street
PO Box:
2861
Safat
13029
Tel:
(965) 22411001
Fax:
(965) 22450150
·
Gulf Bank KSC
Mubarak Al Kabir Street
PO Box: 3200
Safat 13033
Tel: (965) 22449501
Fax: (965) 22445212
No complaints regarding subject’s payments have been reported.
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.62.33 |
|
|
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.84.62 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.