MIRA INFORM REPORT

 

 

Report Date :

22.10.2014

 

IDENTIFICATION DETAILS

 

Name :

KUWAIT PROTEIN AND FAT PRODUCTION CO KSCC

 

 

Registered Office :

Al Sulaibaih Industrial Area, Plot No. 1, 5th Ring Road, 22967 & 25062, Safat 13093

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

09.05.1984

 

 

Com. Reg. No.:

36631, Safat

 

 

Legal Form :

Kuwaiti Shareholding Company - KSCC

 

 

Line of Business :

Engaged in the manufacture of proteins and fats for animal fodder and edible tallow

 

 

No. of Employees :

30

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

No complaints

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 - 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

SUMMARY

 

Company Name                                    : KUWAIT PROTEIN AND FAT PRODUCTION CO KSCC

Country of Origin                                   : Kuwait

Legal Form                                           : Kuwaiti Shareholding Company - KSCC

Registration Date                                  : 9th May 1984

Commercial Registration Number           : 36631, Safat

Trade Licence Number                           : 10349

Chamber Membership Number               : 15669

Issued Capital                                       : KD 500,000

Paid up Capital                                     : KD 500,000

Total Workforce                                    : 30

Activities                                               : Manufacturers of proteins and fats for animal fodder and edible tallow.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : George Salamah, Financial Manager

 

 

 

COMPANY NAME

 

KUWAIT PROTEIN AND FAT PRODUCTION CO KSCC

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Al Sulaibaih Industrial Area, Plot No. 1

Street               : 5th Ring Road

 

PO Box            : 22967 & 25062

 

Town                : Safat 13093

Country : Kuwait

 

Telephone         : (965) 24672712 / 22408923 / 24678024 / 22409811

Facsimile          : (965) 24678054

Mobile              : (965) 60944555

Email                : kfpfpco@yahoo.com

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Industrial Area of Safat.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mubarak Hamd Mubarak Al Jimaz                                                      Chairman

 

·       Talal Mussad Al Saleh                                                                       Managing Director

 

·       Faisal Awad Habash                                                                         Director

 

·       Mazen Habash                                                                                  Director

 

·       George Salamah                                                                               Financial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 9th May 1984

 

Legal Form                  : Kuwaiti Shareholding Company - KSCC

 

Commercial Reg. No.   : 36631, Safat

 

Trade Licence No.        : 10349

 

Chamber Member No.  : 15669

 

Issued Capital              : KD 500,000

 

Paid up Capital            : KD 500,000

 

Name of Shareholder (s)                                 Percentage

 

·       Mussad Al Saleh & Sons Holding Co                         100%

Safat

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of proteins and fats for animal fodder and edible tallow.

 

Import Countries: Europe and the Far East.

 

Clients:

 

·         Abdul Wahid Abdul Majid Pvt Co Ltd                       Pakistan

·         Atlantic Greases & Lubricants                      United Arab Emirates

 

Operating Trend: Steady

 

Subject has a workforce of 30 employees.

 

 

FINANCIAL DATA

 

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 107,000                               KD 118,000

 

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

 

The above figures were provided by George Salamah, Financial Manager

 

 

BANKERS

 

·       Commercial Bank of Kuwait SAK

     Mubarak Al Kabir Street

     PO Box: 2861

     Safat 13029

     Tel: (965) 22411001

     Fax: (965) 22450150

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.61.30

UK Pound

1

Rs.99.16

Euro

1

Rs.78.59

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

PDT

 

               

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%)

 

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