%2006-Sep-2007_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
06.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
FOOD INDUSTRIES
CO KSC (FICO) |
|
|
|
|
Registered Office : |
Sabhan Industrial
Area No. 7, Block 1, Street 1, Building No. 2 & 4, P O Box 26221, Safat 13123 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
29th April 1980 |
|
|
|
|
Legal Form : |
Kuwaiti Shareholding Company – KSC |
|
|
|
|
Line of Business : |
Engaged in the production
of snack foods, potato chips, corn chips and popcorn. |
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 |
|
Maximum Credit Limit : |
US$ 600,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : FOOD INDUSTRIES CO KSC (FICO)
Country of Origin :
Legal Form : Kuwaiti Shareholding Company - KSC
Registration Date : 29th April 1980
Membership Number : 9379
Issued Capital : KD 400,000
Paid up Capital : KD 400,000
Total Workforce : 200
Line of Business : Production of snack foods
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
FOOD INDUSTRIES CO KSC
(FICO)
ADDRESS
Registered & Physical Address
Location : Sabhan Industrial Area No. 7,
Block 1, Street 1, Building No. 2 & 4
PO Box : 26221
Town : Safat 13123
Country :
Telephone : (965) 4742242 / 4715434 / 803344
Facsimile : (965) 4730141 / 4715334
Email : fico@ficofood.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are owned and located
in the Industrial Area of Safat.
KEY PRINCIPALS
·
Abdullah K. Al Mutawa Managing
Director
·
Ahmed A. Al Mutawa Director
LEGAL FORM &
OWNERS
Date of Establishment : 29th
April 1980 (Production began in 1982)
Legal Form :
Sharikat Al Mouasahama
Al Kuwaitia (Kuwaiti
Shareholding Company - KSC)
Membership No. : 9373
Issued Capital : KD 400,000
Paid up Capital : KD 400,000
Name of Shareholder
(s)
·
Abdullah K. Al Mutawa
·
Ahmed A. Al Mutawa
Note to the Legal Form
Under the Commercial Companies Law a Kuwaiti Shareholding Company is required to have a minimum of 51 percent of its shares owned by Kuwaiti Nationals. Non-Kuwaiti ownership is allowed up to a maximum of 49 percent of the capital.
A KSC must have a minimum of 5 shareholders each responsible only
for the liabilities of the company to the extent of their share participation
in the capital of the company. Shares of KSC’s are freely transferable, subject
to the requirement of
The Commercial Companies Law provides that the capital of a Kuwaiti Shareholding Company should not be less than KD 7,500.
LINE OF BUSINESS
Operations : Engaged in the production of snack foods,
potato chips, corn chips and popcorn.
Subject was ISO 9002 certified in 1997.
Import Countries
:
Brand Names : MUNCHOS and FICO
Operating Trend
: Steady
Subject has a
workforce of approximately 200 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Kuwaiti
Dinars (KD)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue KD 3,050,000 KD 3,280,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
National
Bank of
PO Box : 95
Safat 13001
Tel : (965) 3981188 / 3981189
Fax : (965) 3985643
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction April 2006
Credit amount 35,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
Food Industries Co
KSC (FICO) is a leading producer of snack foods in
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 and the above credit figure is
within subject’s financial means.
Maximum suggested
credit figure: US$ 600,000
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)