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MIRA INFORM REPORT
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Report No. : |
503947 |
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Report Date : |
19.04.2018 |
IDENTIFICATION DETAILS
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Name : |
AL SEEDAWI SWEETS FACTORIES COMPANY KSCC |
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Registered Office : |
Al Seedawi Building, Canada Dry Street, Ghazali Bridge, Shuwaikh
Industrial Area, PO Box 569, Safat 13006 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
10.01.1965 |
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Com. Reg. No.: |
13108, Safat |
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Legal Form : |
Kuwaiti Shareholding Company Closed – KSCC |
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Line of Business : |
Subject is engaged in the manufacture of confectionery items, including
chocolate, candy bars, cakes, biscuits, corn snacks and Turkish Delight
sweets, known locally as “Halwat Al Halkoom”. |
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No. of Employees : |
350 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Kuwait |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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.
Kuwaiti officials plan to increase production to 4 million barrels of oil
equivalent per day by 2020. Petroleum accounts for over half of GDP, 92% of
export revenues, and 90% of government income.
In 2015, Kuwait, for the first time in 15 years, realized a budget
deficit after decades of high oil prices; in 2016, the deficit grew to 16.5% of
GDP. Kuwaiti authorities announced cuts to fuel subsidies in August 2016,
provoking outrage among the public and National Assembly, and the Amir
dissolved the government for the seventh time in ten years. In 2017 the deficit
was reduced to 7.2% of GDP, and the government raised $8 billion by issuing
international bonds. Despite Kuwait’s dependence on oil, the government has
cushioned itself against the impact of lower oil prices, by saving annually at
least 10% of government revenue in the Fund for Future Generations.
Kuwait has failed to diversify its economy or bolster the private
sector, because of a poor business climate, a large public sector that employs
about 74% of citizens, and an acrimonious relationship between the National
Assembly and the executive branch that has stymied most economic reforms. The
Kuwaiti Government has made little progress on its long-term economic
development plan first passed in 2010. While the government planned to spend up
to $104 billion over four years to diversify the economy, attract more
investment, and boost private sector participation in the economy, many of the
projects did not materialize because of an uncertain political situation or
delays in awarding contracts. To increase non-oil revenues, the Kuwaiti
Government in August 2017 approved draft bills supporting a Gulf Cooperation
Council-wide value added tax scheduled to take effect in 2018.
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Source
: CIA |
SUMMARY
Company Name : AL SEEDAWI SWEETS FACTORIES
COMPANY KSCC
Country of Origin :
Kuwait
Legal Form :
Kuwaiti Shareholding Company Closed - KSCC
Registration Date :
10th January 1965
Commercial Registration Number : 13108, Safat
Trade Licence Number :
10324
Chamber Membership Number :
130630
Issued Capital :
KD 3,189,224
Paid up Capital :
KD 3,189,224
Total Workforce :
350
Activities :
Manufacturers of confectionery items
Financial Condition :
Good
Payments :
Regular
Operating Trend : Steady
COMPANY
NAME
AL SEEDAWI SWEETS FACTORIES COMPANY KSCC
ADDRESS
Registered &
Physical Address
Building :
Al Seedawi Building
Street : Canada Dry
Street, Ghazali Bridge
Area : Shuwaikh
Industrial Area
PO Box : 569
Town : Safat 13006
Country : Kuwait
Telephone : (965) 24813404
/ 24815547 / 24813994 / 24813404 / 24847488 / 24841551 / 24919111
Facsimile : (965) 24847488
/ 24817564 / 24817604 / 2961111
Email : alseedawi@qualitynet.net
/ info@alseedawisweets.com
/ accounts@alseedawisweets.com
Premises
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Safat.
KEY
PRINCIPALS
Name Position
Abdullah Mohamed Saud Al Buaijan Managing
Director
Emad Mohamed Saud Al Buaijan Director
Salah Mohamed Saud Al Buaijan Director
Fouad Mohamed Saud Al Buaijan Director
Abdulaziz Abdulrazzak Mohamed Abdul Karim Director
Ahmed Al Dabbas Commercial
Manager
Mohamed Kashif Purchasing
Manager
M Macrio Production
Manager
Tariq Al Yafi Export Manager
Amir Malik Assistant
Export Manager
Mohamed Duwaider Finance
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 10th
January 1965
Legal Form : Kuwaiti
Shareholding Company Closed - KSCC
Commercial Reg. No. : 13108, Safat
Trade Licence No. : 10324
Chamber Member No. : 130630
Issued Capital : KD 3,189,224
Paid up Capital : KD 3,189,224
Name of
Shareholder (s) Percentage
Abdulaziz Abdulrazzak Mohamed Abdul Karim 29%
Abdullah Mohamed Saud Al Buaijan ]
]
Emad Mohamed Saud Al Buaijan ]
]
Salah Mohamed Saud Al Buaijan ] 71%
]
Fouad Mohamed Saud Al Buaijan ]
]
Abdulaziz Abdulrazzak Mohamed Abdul Karim ]
AFFILIATED
COMPANIES
Al Dhahiah Printing Press Co
PO Box: 569
Safat 13006
Tel: (965) 24813994
Fax: (965) 24847488
Abdullah Al Buaijan General Trading & Contracting Est
PO Box: 569
Safat 13006
Tel: (965) 22420540
Magic Space Est
PO Box: 569
Safat 13006
Tel: (965) 24813994
Fax: (965) 24847488
Al Shuwaikh Steel Kitchen Factory
PO Box: 569
Safat 13006
Tel: (965) 24818551
Al Dahiyat Carpentry & Building Est
PO Box: 569
Safat 13006
Tel: (965) 24813994
Al Dahiya Metal Plating Est
PO Box: 569
Safat 13006
Tel: (965) 24813994
Al Seedawi Ice Factory
PO Box: 569
Safat 13006
Tel: (965) 24841551
Fax: (965) 24847488
Sweet City Co for Foodstuffs WLL
PO Box: 569
Safat 13006
Tel: (965) 24841551
Fax: (965) 24847488
Al Hdaibia Trading & Contracting Co WLL
PO Box: 569
Safat 13006
Tel: (965) 99629696
Fax: (965) 24813930
OPERATIONS
Activities: Engaged in the manufacture of confectionery items, including chocolate,
candy bars, cakes, biscuits, corn snacks and Turkish Delight sweets, known
locally as “Halwat Al Halkoom”.
Production
Capacity: 120 tonnes per day
Import Countries: France, Switzerland and Germany
Brand Names: AL SEEDAWI
Operating Trend: Steady
Subject has a workforce of approximately 350 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinars (KD)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales KD
19,430,000 KD
20,000,000
Local sources consider subject’s financial condition to be Good.
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
Kuwait Finance House (KFH)
Safat Square
Abdullah Al Mubarak Street
PO Box: 24989
Safat 13110
Tel: (965) 22445050
Fax: (965) 22455135
PAYMENT
HISTORY
Regular
GENERAL
COMMENTS
Please note that the correct name of the subject is “Al Seedawi Sweets
Factories Company KSCC” and not “Al Seeda Wi Factories Co”.
The subject and its shareholders/owners have been searched in the
following databases; Office of Foreign Assets Control (OFAC), United Nations
Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.68 |
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1 |
INR 93.98 |
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Euro |
1 |
INR 81.30 |
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KWD |
1 |
INR 219.43 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.