MIRA INFORM REPORT

 

 

Report Date :

28.05.2014              

 

IDENTIFICATION DETAILS

 

Name :

AL HOMAIZI FOOD INDUSTRIES CO WLL

 

 

Registered Office :

Industrial Area No. 2, Block No. 2, Area No. 84, Ardiya, P O Box 20962 and 3698 and 42, Safat 13070

 

 

Country :

Kuwait

 

 

Date of Incorporation :

22.06.1996

 

 

Com. Reg. No.:

65862

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Subject is engaged in the operation of fast food outlets.

 

 

No. of Employees :

4,000

 

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Kuwait

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

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. 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                                     : AL HOMAIZI FOOD INDUSTRIES CO WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 22nd June 1996

Commercial Registration Number            : 65862

Chamber Membership Number                : 49990

Issued Capital                                        : KD 50,000

Paid up Capital                                      : KD 50,000

Total Workforce                                     : 4,000

Activities                                               : Operators of fast food outlets.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                 : Abi Lash Mathew, Assistant Financial Controller

 

COMPANY NAME

 

AL HOMAIZI FOOD INDUSTRIES CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Industrial Area No. 2, Block No. 2, Area No. 84

Area                 : Ardiya

 

PO Box             : 20962 & 3698 & 42

 

Town                 : Safat 13070

Country             : Kuwait

 

Telephone         : (965) 22422913 / 22421186 / 1830308

Facsimile          : (965) 22450477 / 24799652 / 22417128

Mobile               : (965) 55079255 / 97258420

Email                : aimkwt@hotmail.com / vijaym@lshholding.com / celine@lshholding.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Abdul Mohsen Yacoub Yousef Al Homaizi                                           Managing Director

 

·       Saleh Yacoub Al Homaizi                                                                  Director

 

·       Anton Wasif Al Heshmawi                                                                  Director

 

·       Mohamed Moosa Refai                                                                      Director

 

·       Ahmed Al Homaizi                                                                            Chief Executive Officer

 

·       Vijay Mittal                                                                                       Chief Financial Officer

 

·       Faiz Faizee                                                                                      Business Development Manager

 

·       Abdullah Al Abdullah Fouad                                                               Auditor

 

·       Abi Lash Mathew                                                                              Assistant Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 22nd June 1996

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 65862

 

Chamber Member No. : 49990

 

Issued Capital              : KD 50,000

 

Paid up Capital            : KD 50,000

 

Name of Shareholder (s)

 

·       Abdul Mohsen Yacoub Yousef Al Homaizi

 

·       Saleh Yacoub Al Homaizi

 

·       Anton Wasif Al Heshmawi

 

·       Mohamed Moosa Refai

 

 

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 Foodstuff Co WLL

PO Box: 26671

Safat 13127

Tel: (965) 22402220

Fax: (965) 22417128

 

 

OPERATIONS

 

Activities: Engaged in the operation of fast food outlets. Subject operates Burger King, Pizza Hut, Yam Yam Rice and Noodle, Scope A Cone and Al Rifai Roaster.

 

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

 

Subject has a workforce of approximately 4,000 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

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.

 

 

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.59.06

UK Pound

1

Rs.99.61

Euro

1

Rs.80.60

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NIT

 

               

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.