|
Report No. : |
337415 |
|
Report Date : |
26.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
KUWAIT DANISH DAIRY COMPANY KSCC (KDD) |
|
|
|
|
Registered Office : |
KDD Building, Street No. 104, Sabhan Industrial Area, Plot No. 143, PO
Box 835, Safat 13009 |
|
|
|
|
Country : |
Kuwait |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
16.12.1962 |
|
|
|
|
Com. Reg. No.: |
9377 |
|
|
|
|
Legal Form : |
Kuwaiti Shareholding Company Closed – KSCC |
|
|
|
|
Line of Business : |
Engaged in the production, processing, distribution and export of dairy
products including, fresh and long life milk, yoghurts, ice creams, fruit
juices, fruit drinks and tomato pastes. |
|
|
|
|
No. of Employees : |
1,800 |
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 |
|
Status : |
Satisfactory |
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Kuwait |
A1 |
A1 |
|
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. Kuwaiti officials plan to increase oil production to 4
million barrels per day by 2020. Petroleum accounts for over half of GDP, 94%
of export revenues, and 89% of government income. For the last decade, high oil
prices have generated budget surpluses despite increasing budget expenditures,
particularly on wage hikes for public sector employees. Despite Kuwait’s
dependence on oil, the government has cushioned itself against the impact of
lower oil prices by continuous saving of at least 10% of government revenue in
the Fund for Future Generations. Kuwait has done little to diversify its
economy, in part, due to a poor business climate and an acrimonious
relationship between the National Assembly and the executive branch that has
stymied most economic reforms. In 2010, Kuwait passed its first long-term
economic development plan in almost twenty-five years. While the government
planned to spend up $104 billion over four years to diversify the economy away
from oil, attract more investment, and boost private sector participation in
the economy, many of the projects did not materialize because of the uncertain
political situation.
|
Source
: CIA |
Company Name :
KUWAIT DANISH DAIRY COMPANY KSCC (KDD)
Country of Origin :
Kuwait
Legal Form :
Kuwaiti Shareholding Company Closed - KSCC
Registration Date :
16th December 1962
Commercial Registration Number :
9377, Safat
Trade Licence Number :
699/2001
Chamber Membership Number :
1502
Issued Capital :
KD 13,000,000
Paid up Capital :
KD 13,000,000
Total Workforce :
1,800
Activities :
Production, processing, distribution and export of dairy products.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
KUWAIT DANISH DAIRY COMPANY KSCC (KDD)
Registered &
Physical Address
Building : KDD Building
Street : Street No.
104
Area : Sabhan
Industrial Area, Plot No. 143
PO Box : 835
Town : Safat 13009
Country : Kuwait
Telephone : (965) 24735423
/ 24767301 / 24832001 / 24717911 / 1888100 / 1802277
Facsimile : (965) 24747029
/ 24833270
Email : sales@kddc.net
/ support@kddc.net
/ kdaher@kddc.com / info@kddc.com
/
Premises
Subject operates from a large suite of offices, a factory and storage
facilities covering an area of 34,000 square metres that are owned and located
in the Industrial Area of Safat.
Name Position
Mohamed Izzat Jaffer Managing
Director
Bahiya Izzat Jaffer Director
Ahmed Yousef Behbehani Director
Abdullah Abdul Latif Al Thuwainy Director
Abdul Wahab Suliaman Al Fawzan Director
Musaed Saleh Al Abdali Director
Khalid Daher General
Manager
Wael Aboud Commercial
Manager
Ghalib Al Kadi Finance
Manager
Sobra Manian Marketing
Manager
Emad Chadid Financial
Controller
Iman Yousef IT
Manager
Beaty Chadid Purchasing
Manager
Najaw Al Nimer Export
Manager
Merry Attala Executive
Secretary
Date of Establishment : 16th
December 1962
History : Subject was originally
incorporated in 1962 as a With Limited Liability Company – WLL under the name
of “Kuwait Danish Dairy Company WLL (KDD)”.
However, in September 2001
subject’s legal status was converted into a Kuwaiti
Shareholding Company Closed –
KSCC and it was registered under the current style of
“Kuwait Danish Dairy Company
KSCC (KDD)”.
Legal Form : Kuwaiti
Shareholding Company Closed - KSCC
Commercial Reg. No. : 9377, Safat
Trade Licence No. : 699/2001
Chamber Member No. : 1502
Issued Capital : KD 13,000,000
Paid up Capital : KD 13,000,000
Name of
Shareholder (s)
Mohamed Izzat Jaffer
Bahiya Izzat Jaffer
Abdullah Abdul Latif Al Thuwainy
Abdul Wahab Suliaman Al Fawzan
Musaed Saleh Al Abdali
Activities: Engaged in the production, processing, distribution and export of dairy
products including, fresh and long life milk, yoghurts, ice creams, fruit
juices, fruit drinks and tomato pastes.
The company operates two well-equipped processing plants
and has a dedicated fleet of refrigerated vehicles to distribute its products
throughout the country.
KDD is the market leader in Kuwait, producing and distributing 24
different types of dairy products, 75 different varieties of ice cream, 27
types of natural fruit juices and fruit drinks, as well as tomato paste and
Kuwaiti Dakkus.
Import Countries: The United Kingdom and Denmark
Brand Names: KDD, GUAVA, DAKKUS and COCKTAIL
Operating Trend: Steady
Subject has a workforce of approximately 1,800 employees.
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinars (KD)
Year Ending 31/12/13: Year Ending 31/12/14:
Total Sales KD
42,380,000 KD
43,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
Al Ahli Bank of Kuwait KSC
Mubarak Al Kabir Street
PO Box: 1387
Safat 13033
Tel: (965) 22411101 / 22411102
National Bank of Kuwait
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
Acc No. 000 517933 0101
Subject’s payment record is reported to be met in a generally prompt manner.
Subject is the largest producer and supplier of dairy products and fruit
juices in Kuwait, dominating the market, and is one of the leading dairy processing
companies in the Middle East.
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.66.71 |
|
|
1 |
Rs.105.10 |
|
Euro |
1 |
Rs.77.11 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.