MIRA INFORM REPORT

 

 

Report Date :

02.12.2013

 

IDENTIFICATION DETAILS

 

Name :

AL YASRA FOODSTUFF COMPANY WLL

 

 

Registered Office :

Sabhan Industrial Area, Plot No. 11, Block No. 8 PO Box  3228 Safat 13033

 

 

Country :

Kuwait

 

 

Year of Establishments:

1988

 

 

Com. Reg. No.:

44931

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

importer and distributor of general foodstuff items including poultry, meat, fish, fruits, potatoes, rice, edible oils, dairy products, olives, pickles and sauces, mineral water, tea, coffee, sugar, pulses and nuts.

 

 

No. of Employees :

1,250

 

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 – September 30th, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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 - about 7% 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. The rise in global oil prices throughout 2011 and 2012 is reviving government consumption and economic growth. Kuwait has experienced a 20% increase in government budget revenue, which has led to higher budget expenditures, particularly wage hikes for many public sector employees. 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

 

Source : CIA

SUMMARY

 

Company Name                                     : AL YASRA FOODSTUFF COMPANY WLL

Also Known As                                      : AL YASRA FOOD CO

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Start Date                                             : 1988

Registration Date                                   : 9th January 1992

Commercial Registration Number            : 44931

Trade Licence Number                            : 169/91

Chamber Membership Number                : 26832

Issued Capital                                        : KD 1,100,000

Paid up Capital                                      : KD 1,100,000

Total Workforce                                     : 1,250

Activities                                               : Import and distribution of general foodstuff items.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                 : Yaser Dafallah, Head Procurement Manager

 

 

 

COMPANY NAME

 

AL YASRA FOODSTUFF COMPANY WLL

 

 

ALSO KNOWN AS

 

AL YASRA FOOD CO

 

 

ADDRESS

 

Registered & Physical Address

Location            : Sabhan Industrial Area, Plot No. 11, Block No. 8

PO Box             : 3228

Town                 : Safat 13033

Country             : Kuwait

 

Telephone         : (965) 22249100 / 22249219 / 22249221 / 22249224 / 22249201 / 22249210

Facsimile          : (965) 22249101 / 22249218 / 22249204

Email                : yasrafood@yasra.com / tariq_touny@yasra.com / suresh@yasra.com / purchase@yasra.com

 

Premises

 

Subject operates from a large suite of offices and storage facilities that are owned and located in the Suburban Business Area of Safat.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Shuwaikh Industrial Area No. 3                                                           Office & warehouse premises

Tel: (965) 24835149 / 24835146 / 24835147

Fax: (965) 24835140

 

·       Jahra                                                                                                Showroom premises

Tel: (965) 24575463

 

·       Al Yasra Mills                                                                                   Showroom premises

Tel: (965) 22249525

 

·       Al Hoor                                                                                             Showroom premises

Tel: (965) 22249253

 

·       Al Rai                                                                                               Office & warehouse premises

Tel: (965) 22249511

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Yousef Al Saqer                                                                                Managing Director

 

·       Mohamed Yousef Al Saqer                                                                 Director

 

·       Ahmad Yousef Al Saqer                                                                     Director

 

·       Tariq Al Touny                                                                                   Operations Manager

 

·       Hassan Abdul Salam                                                                         General Manager

 

·       Amro Hosny                                                                                     Head Finance Manager

 

·       Yaser Dafallah                                                                                  Head Procurement Manager

      

·       Bashir Baqir                                                                                      Purchase Supervisor (Poultry Products)

 

·       John D’Costa                                                                                    Purchase Supervisor (Vegetable Products)

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject began trading in 1988 but was officially registered on 9th January 1992

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 44931

 

Trade Licence No.       : 169/91

 

Chamber Member No. : 26832

 

Issued Capital              : KD 1,100,000

 

Paid up Capital            : KD 1,100,000

 

Name of Shareholder (s)

 

·       Yousef Al Saqer

 

·       Mohamed Yousef Al Saqer

 

·       Ahmad Yousef Al Saqer

 

 

AFFILIATED COMPANIES

 

·       Gulf Al Sawani General Trading & Contracting Co WLL

Salhiya Real Estate Building, Office No. 91

Salhiya

PO Box: 3228

Safat 13033

Tel: (965) 22411131

Fax: (965) 22429482

 

·       Yasra Fashion General Trading WLL

Safat

Tel: (965) 22411132

Fax: (965) 22433270

 

·       Yasra General Trading & Contracting

Safat

 

·       Roma International General Trading & Contracting

Safat

Tel: (965) 24836073

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuff items, including poultry, meat, fish, fruits,

potatoes, rice, edible oils, dairy products, olives, pickles and sauces, mineral water, tea, coffee, sugar, pulses and nuts.

 

Import Countries: Europe and GCC countries.

 

Brand Names: SADIA, LAMBWESTON, JUMAN, PRIDE, ALLANA, RIO, GULFA, HANA, HAYAT, PALLAS and

MESTAS.

 

Subject has a workforce of approximately 1,250 employees.

 

 

FINANCIAL DATA

 

Companies registered in Kuwait are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       National Bank of Kuwait

Shuwaikh

Tel: (965) 24813266 / 24818350

Fax: (965) 24844126

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              August 2007

Amount overdue                                     0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

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.62.39

UK Pound

1

Rs.102.06

Euro

1

Rs.84.98

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.