MIRA INFORM REPORT

 

 

Report Date :

03.09.2013

 

IDENTIFICATION DETAILS

 

Name :

AL HOMAIZI FOODSTUFF CO WLL

 

 

Registered Office :

Yacoub Al Homaizi Building, 3rd Floor, Al Sour Street, 26671 Safat 13127

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

15.02.1983

 

 

Com. Reg. No.:

34512, Safat

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Restaurant operators and food services

 

 

No. of Employees :

2,500

 

 

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 :

Good

Payment Behaviour :

Regular

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 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 HOMAIZI FOODSTUFF CO WLL

Country of Origin                                   : Kuwait

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 15th February 1983

Commercial Registration Number           : 34512, Safat

Trade Licence Number                           : 2926/1983

Chamber Membership Number               : 13184

Issued Capital                                       : KD 500,000

Paid up Capital                                     : KD 500,000

Total Workforce                                     : 2,500

Activities                                               : Restaurant operators and food services

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Abraham Mathew, Finance Manager

 

 

 

COMPANY NAME

 

AL HOMAIZI FOODSTUFF CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Yacoub Al Homaizi Building, 3rd Floor

Street               : Al Sour Street

 

PO Box            : 26671

 

Town                : Safat 13127

Country             : Kuwait

 

Telephone         : (965) 22281430 / 22281431 / 22402220 / 22402221 / 22417124 / 22424566 / 22421186 / 22421187

Facsimile          : (965) 22417128 / 22417125

Email                : hfsagm@kuwait.net / info@alhomaizi.com / info@kfg.com.kw

 

Premises

 

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

 

Branch Office (s)

 

Subject operates 53 fast food restaurants in total, as well as cold storage facilities, including “Burger King” restaurants, “Pizza Hut” restaurants and “Al Pasha” restaurants.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Yacoub Yusuf Al Homaizi                               Kuwaiti                        Managing Director

 

·       Saleh Yacoub Al Homaizi                                Kuwaiti                        Director

 

·       Fadwa Yusuf Al Homaizi                                 Kuwaiti                        Director

 

·       Abdul Mohsen Yacoub Al Homaizi                   Kuwaiti                        Director

 

·       Adel Yacoub Al Homaizi                                 Kuwaiti                        Director

 

·       Angles Arampazis                                                -                            Marketing Manager

 

·       Abraham Mathew                                                 -                            Finance Manager

 

·       Shabir Saif                                                          -                            Purchasing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 15th February 1983

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 34512, Safat

 

Trade Licence No.        : 2926/1983

 

Chamber Member No.  : 13184

 

Issued Capital              : KD 500,000

 

Paid up Capital            : KD 500,000

 

Name of Shareholder (s)                                     Percentage

 

·       Kout Food Group Company (KSCC)                              99%

     Al Sour Street

     PO Box: 26671

     Safat 13127

     Tel: (965) 22464056

     Fax: (965) 22464057

 

·       Meem Foodstuffs Co WLL                                              1%

Safat

 

 

AFFILIATED COMPANIES

 

·       Al Homaizi International Management

Yacoub Al Homaizi Building

Block 13, Building 13

Al Salhiya

PO Box: 20962

Safat 13070

Tel: (965) 22450449

Fax: (965) 22450477

 

·       Meem Foodstuffs Co WLL

PO Box: 26671

       Safat 13127

Tel: (965) 22402221 / 22402220

Fax: (965) 22417128

 

·       Al Mataem Al Mumiyatha Co

PO Box: 26671

Safat 13127

Tel: (965) 22422912 / 22422913

Fax: (965) 22417128

 

·       Yacoub & Jassim Al Homaizi Trading & Contracting Co

PO Box: 42

Safat 13001

Tel: (965) 22421186 / 24810477

Fax: (965) 24843234

 

·       Al Homaizi Food Industries Co WLL

PO Box: 42

Safat 13001

Tel: (965) 22421186 / 22422912

Fax: (965) 22450477

 

 

OPERATIONS

 

Activities: Owners and operators of “Pizza Hut”, “Arbys”, and “Burger King” hamburger franchise restaurants

     throughout Kuwait and in the Middle East.

 

During 1997, subject converted its “Hungry Bunny” restaurants to “Burger King”, the fast food restaurant chain owned by the United Kingdom’s Grand Metropolitan.

 

Subject is also engaged as importers and distributors of meat carcasses and processed meat products, as well as chocolate and sugar confectionery, biscuits, frozen vegetables and a variety of food products.

 

The company also provides prepared meals to schools, the Ministry of Defence and other government institutions.

 

Import Countries: United Kingdom, the United States of America and Australia

 

International Suppliers:

 

·       Wilson and Company                        United Kingdom

·       YYH Holdings Pty Limited                 Australia

 

Operating Trend: Steady

 

Subject has a workforce of approximately 2,500 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/11:               Year Ending 31/12/12:

 

Total Sales                                KD 43,410,000                          KD 47,760,000

 

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

 

The above figures were provided by Mr Abraham Mathew, Finance Manager

 

 

BANKERS

 

·       National Bank of Kuwait

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box: 95

Safat 13001

Tel: (965) 23981188 / 23981189

Fax: (965) 23985643

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                   March 2000                   June 2001                     March 2002

Credit amount                           400,000             75,000                          100,000

Amount overdue                        0                                  0                                  0

Payment terms                          180 days                       30 days                                    60 days

Payment Method                       Letters of Credit                        Letters of Credit                        Letters of Credit

Paying record                           No Complaints              No Complaints              No Complaints

Currency                                   Kuwaiti Dinars               Omani Riyals                 US Dollars

 

 

GENERAL COMMENTS

 

Al Homaizi Foodstuff Co WLL has been in business since 1983 and are owners and operators of “Pizza Hut”, “Arbys”, and “Burger King” hamburger franchise restaurants throughout Kuwait and in the Middle East.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.86

UK Pound

1

Rs.102.50

Euro

1

Rs.87.05

 

 

INFORMATION DETAILS

 

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%)

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.