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Report Date : |
20.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
AL EID FOOD CO KSC (AFCO) |
|
|
|
|
Registered Office : |
Mubarak Al Saleem Street, Block 2, Building No. 100, Al Ardiya
Industrial Area, 41081, Jalib Shyoukh 85851, Safat |
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|
|
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Country : |
Kuwait |
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|
|
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Financials (as on) : |
31.03.2014 |
|
|
|
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Date of Incorporation : |
07.04.1994 |
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|
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Com. Reg. No.: |
55561 |
|
|
|
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Legal Form : |
Kuwaiti
Shareholding Company – KSC |
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|
|
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Line of Business : |
Engaged in the import and distribution of dry and frozen foodstuffs,
tea, textiles and fabrics. |
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|
|
|
No of Employees : |
16 |
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 |
Company Name : AL EID
FOOD CO KSC (AFCO)
Country of Origin : Kuwait
Legal Form :
Kuwaiti Shareholding Company – KSC
Registration Date : 7th
April 1994
Commercial
Registration Number : 55561
Chamber Membership
Number : 41259
Issued Capital : KD
9,050,080
Paid up Capital : KD
9,050,080
Total Workforce : 16
Activities :
Distributors of dry and frozen foodstuffs, tea, textiles and fabrics.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
AL EID FOOD CO KSC
(AFCO)
Street : Mubarak Al
Saleem Street, Block 2, Building No. 100
Area : Al Ardiya
Industrial Area
PO Box : 41081, Jalib
Shyoukh 85851
Town : Safat
Country : Kuwait
Telephone : (965) 24330828
/ 24330848 / 24335300 / 24335400
Facsimile : (965) 24338216
/ 24845988
Email : aleidco@qualitynet.net
/ info@aleidfood.com
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Industrial Area of Jalib Shyoukh.
Name Position
· Fahd Saud Murdy Al
Mutairi Managing
Director
· Abdullah Saud
Murdy Al Mutairi Director
· Mohammad Saud
Murdy Al Mutairi Director
· Abdullah Saud
Murdy Al Mutairi Chief
Executive Officer
· Mohamed Saud Al
Mutairi General
Manager
Date of
Establishment : 7th
April 1994
Legal Form : Kuwaiti Shareholding
Company – KSC
Commercial Reg.
No. : 55561
Chamber Member No. : 41259
Issued Capital : KD 9,050,080
Paid up Capital : KD 9,050,080
· Dleghan Holding
Group Company 51%
· Fahd Saud Murdy Al
Mutairi ]
]
· Abdullah Saud
Murdy Al Mutairi ]
] 49%
· Mohammad Saud
Murdy Al Mutairi ]
]
· Local businessmen
and private investors ]
Activities: Engaged in the import and
distribution of dry and frozen foodstuffs, tea, textiles and fabrics.
Import Countries: Brazil
and Egypt.
International Suppliers:
· Seera Chicken Brazil
· Franx Brazil
· Goldalex Egypt
· Sunwhite Rice Egypt
Brand Names: AL
EID and MURDI
Operating Trend: Steady
Subject has a workforce of 16 employees.
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinars (KD)
Balance Sheet 31/03/14 31/03/13
Assets
Current assets
Cash 81,347 103,293
Accounts receivable 8,326,073 7,383,647
Inventories 6,065,167 5,541,751
14,472,587 13,028,691
Non-current assets
Intangible assets 318,761 403,762
Property and equipment 438,754 483,754
757,515 887,516
Total assets 15,230,102 13,916,207
Liabilities and Equity
Current liabilities
Term loan 194,607 252,000
Murabaha payables 3,383,969 2,711,734
Accounts payable 174,358 131,148
3,752,934 3,094,882
Non-current liabilities
Term loan - 215,607
Murabaha payables 1,150,337 1,386,602
Provision for end of service indemnity 148,987 127,369
1,299,364 1,729,578
Equity
Share capital 8,008,921 7,150,823
Statutory reserve 838,705 730,582
Voluntary reserve 234,928 383,773
Retained earnings 1,095,250 826,569
10,177,804 9,091,747
Total liabilities and equity 15,230,102 13,916,207
Income Statement For
the 3 months ending
31st March
Sales 3,113,996 2,879,544
Cost of sales (2,612,643) (2,421,697)
Gross profit 501,353 457,847
Other income 26,257 24,506
Total Sales 527,610 482,353
General and administrative expenses 112,600 99,741
Finance charges 79,255 88,275
Depreciation and amortization 32,500 47,400
Provisions 11,626 10,918
Total expenses and other charges 235,981 246,334
Net profit before KFAS, Zakat and NLST 291,629 236,019
Contribution to Kuwait Foundation for the
Advancement of Science (2,625) (2,124)
Zakat (2,975) (2,416)
National Labour Support Tax (7,437) (6,040)
Net profit for the period 278,592 225,439
Local sources consider subject’s financial condition to be Fair.
·
National Bank of Kuwait SAK
Jalib Shyoukh
Tel: (965) 4318761
Fax: (965) 4317449
·
Kuwait Finance House (KFH)
Safat Square
Abdullah Al Mubarak Street
PO Box: 24989
Safat 13110
Tel: (965) 2445050
Fax: (965) 2455135
·
Burgan Bank
PO Box: 5875
Safat 13054
Tel: (965) 2410818
Fax: (965) 2410819
No complaints regarding subject’s payments have been reported.
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.61.62 |
|
|
1 |
Rs.99.12 |
|
Euro |
1 |
Rs.78.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.