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Report Date : |
23.05.2014 |
IDENTIFICATION DETAILS
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Name : |
NEW TECHNOLOGY
BOTTLING COMPANY KSCC (ABRAAJ WATER) |
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|
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Registered Office : |
Building No. 12,
Kuwait Free Trade Zone, 64992, Shuwaikh 70460,
26972, Safat 13130, Safat |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
05.09.2006 |
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Com. Reg. No.: |
89715 |
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Legal Form : |
Kuwaiti
Shareholding Closed Company - KSCC |
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Line of Business : |
Engaged in the manufacture
and bottling of mineral water. |
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No. of Employees |
300 |
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 : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Kuwait |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
KUWAIT - ECONOMIC OVERVIEW
Kuwait has a geographically
small, but wealthy, relatively open economy with crude oil reserves of about
102 billion barrels - more than 6% 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. Budget surpluses have stayed around 30% of GDP, which
has led to higher budget expenditures, particularly wage hikes for many public sector
employees, as well as increased allotments to Kuwait’s Future Generations Fund.
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, though much
of these funds have yet to be allocated
|
Source
: CIA |
Company Name : NEW TECHNOLOGY BOTTLING COMPANY KSCC (ABRAAJ WATER)
Country of Origin : Kuwait
Legal Form :
Kuwaiti Shareholding Closed Company - KSCC
Registration Date : 5th
September 2006
Commercial
Registration Number : 89715
Trade Licence Number :
742/2002
Chamber Membership
Number : 500042
Issued Capital : KD
3,000,000
Paid up Capital : KD
3,000,000
Total Workforce : 300
Activities :
Manufacturers and bottlers of mineral water.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sree Kumar, Finance Manager
NEW TECHNOLOGY
BOTTLING COMPANY KSCC (ABRAAJ WATER)
Building : Building No. 12
Area : Kuwait Free Trade Zone
PO Box : 64992, Shuwaikh
70460
26972, Safat 13130
Town : Safat
Country : Kuwait
Telephone : (965) 22275066 / 22275050 / 24610272
/ 24610274 / 24610273
Facsimile : (965) 22275054 / 24610275
Email : info@abraajwater.com
Subject operates from
a large suite of offices and a factory that are rented and located in the
Kuwait Free Trade Zone.
Name Position
·
Mutaz Mostafa Jaaffar Chairman
·
Abdulrahman Abdullah Yousef Buadai Vice
Chairman
·
Ahmed Yousef Al Ghanam Chief
Executive Officer
·
Ali Nasser Hussain Al Najdi Human
Resources Manager
·
Adel Abdullah Darwish Al Zaabi Assistant
Human Resources Manager
·
Faisal Abdulwahab Hamed Buadai Marketing
Manager
·
Sree Kumar Finance
Manager
Date of Establishment : 5th
September 2006
Legal Form :
Kuwaiti Shareholding Closed
Company - KSCC
Commercial Reg. No. : 89715
Trade Licence No. : 742/2002
Chamber Member No. : 500042
Issued Capital : KD 3,000,000
Paid up Capital : KD 3,000,000
·
The Kuwait Financial House Co KSCC (Securities House) 100%
Safat
Activities: Engaged in the manufacture and bottling of
mineral water.
Abraaj is a major supplier to the US army, British army and to neighbouring GCC countries with major
distribution centres in Bahrain, UAE, Iraq and Saudi Arabia.
Import
Countries: Europe and GCC
countries.
Brand Names: ABRAJ
Operating Trend: Steady
Subject has a
workforce of approximately 300 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 Revenue KD 5,670,000 KD 5,925,000
Local sources
consider subject’s financial condition to be Fair.
·
Commercial
Bank of Kuwait SAK
Shuwaikh
Tel: (965) 24814643
Fax: (965) 24837952
No complaints
regarding subject’s payments have been reported.
Credit amount 700,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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.58.57 |
|
|
1 |
Rs.98.87 |
|
Euro |
1 |
Rs.80.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
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 |
|
|
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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
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.