Report Date :

11.08.2014

 

IDENTIFICATION DETAILS

 

Name :

PETRA FOOD MANUFACTURING CO WLL

 

 

Registered Office :

Building No. 24, Block No. 7, Street No. 103, Sabhan Industrial Area, P O Box 3331, Safat 13034

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

23.06.1994

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Subject is engaged in the manufacture of general foodstuffs, including fruit juice, dairy products and cakes.

 

 

No. of Employees :

450

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 - more than 6% 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. Budget surpluses have stayed around 30% of GDP, which has led to higher budget expenditures, particularly wage hikes for many public sector employees, as well as increased allotments to Kuwait’s Future Generations Fund. 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, though much of these funds have yet to be allocated.

 

Source : CIA

SUMMARY

 

Company Name                                     : PETRA FOOD MANUFACTURING CO WLL

Also Known As                                      : PETRA FOOD INDUSTRIES CO

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 23rd June 1994

Commercial Registration Number            : 116044

Trade Licence Number                            : 10319

Chamber Membership Number                : 1829

Issued Capital                                        : KD 2,500,000

Paid up Capital                                      : KD 2,500,000

Total Workforce                                     : 450

Activities                                               : Manufacturers of general foodstuffs.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Amin Al Hilmi, Finance Manager

 

 

 

COMPANY NAME

 

PETRA FOOD MANUFACTURING CO WLL

 

ALSO KNOWN AS: PETRA FOOD INDUSTRIES CO

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Building No. 24, Block No. 7

Street               : Street No. 103

Area                 : Sabhan Industrial Area

PO Box             : 3331

Town                 : Safat 13034

Country             : Kuwait

 

Telephone         : (965) 24712818 / 24712817 / 24733362 / 1802280 / 24711408

Facsimile          : (965) 24745978 / 24815588

Email                : siddique@petrafood.com / petra@qualitynet.net

 

Premises

 

Subject operates from a large suite of offices and a factory that are rented and located in the Industrial Area of Safat.

 

Branch Office (s)

 

Location                                                                                              Description

 

Building No. 101, Block A                                                                       Showroom premises

Shuwaikh Industrial Area

Safat

Tel: (965) 24815540 / 24815541

Fax: (965) 24815588

 

Building No. 26, Block D                                                                         Warehouse premises

Shuwaikh

            Tel: (965) 24921589

            Fax: (965) 24814528

 

 

KEY PRINCIPALS

 

 

Name                                                                                       Position

 

Zahem Abdulaziz Al Zahem                                                        Managing Director

 

Osman Zahem Abdulaziz Al Zahem                                             Director

 

Magidah Zahem Abdulaziz Al Zahem                                           Director

 

Mona Zahem Abdulaziz Al Zahem                                               Director

 

Amin Al Hilmi                                                                            Finance Manager

 

Hesham Abdullah                                                                       Sales Manager

 

Arvin Salagar                                                                             Human Resources Manager       

 

Mohamed Abubacker                                                                 Commercial Manager

 

Mohamed Samoud                                                                     Accountant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  :           23rd June 1994

 

Legal Form      :                       With Limited Liability - WLL

 

Commercial Reg. No.  :           116044

 

Trade Licence No.       :           10319

 

Chamber Member No. :           1829

 

Issued Capital              :           KD 2,500,000

 

Paid up Capital            :           KD 2,500,000

 

 

Name of Shareholder (s)

 

Zahem Abdulaziz Al Zahem

 

Osman Zahem Abdulaziz Al Zahem

 

Magidah Zahem Abdulaziz Al Zahem

 

Mona Zahem Abdulaziz Al Zahem

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of general foodstuffs, including fruit juice, dairy products and cakes.

 

Import Countries: Spain, Saudi Arabia and the United Arab Emirates.

 

International Suppliers:

 

AMF                             Spain

FAFA Adhesives            Saudi Arabia

National Food    Saudi Arabia

SIG Combi Block           United Arab Emirates

 

Brand Names: PETRA and ALWAFRA

 

Operating Trend: Steady

 

Subject has a workforce of approximately 450 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/12:              Year Ending 31/12/13:

 

Total Sales                                KD 2,400,000                            KD 2,700,000

 

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

 

The above figures were provided by Mr Amin Al Hilmi, Finance Manager

 

 

BANKERS

 

Kuwait Finance House (KFH)

Safat Square

Abdullah Al Mubarak Street

PO Box: 24989

Safat 13110

Tel: (965) 22445050

Fax: (965) 22455135

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                 June 2013

Credit amount                                        109,000

Amount overdue                                     0

Payment terms                                      90 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Euros

 

 

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.61.55

UK Pound

1

Rs.103.50

Euro

1

Rs.82.41

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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%)

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.