MIRA INFORM REPORT

 

 

Report No. :

351108

Report Date :

23.11.2015

 

IDENTIFICATION DETAILS

 

Name :

HUSAIN FOODSTUFF STORE CO WLL

 

 

Registered Office :

Al Shehab Building, 1st Floor Khalid Ibn Al Walid Street Al Sharq 24623 Safat 13107

 

 

Country :

Kuwait

 

 

Date of Incorporation :

22.08.1977

 

 

Com. Reg. No.:

121050

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Subject is engaged in the wholesale and retail of general foodstuff products, herbs, spices, nuts, grains, rice and beans.

 

 

No. of Employee :

18

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Kuwait

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SUMMARY

 

Company Name                                    : HUSAIN FOODSTUFF STORE CO WLL

Country of Origin                                   : Kuwait

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 22nd August 1977

Commercial Registration Number           : 121050

Trade Licence Number                           : 238/77

Chamber Membership Number               : 6400

Issued Capital                                       : KD 750,000

Paid up Capital                                     : KD 750,000

Total Workforce                         : 18

Activities                                               : Wholesalers and retailers of general foodstuff products, herbs and spices.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Monawar Hussain, Purchasing Officer

 

COMPANY NAME

 

HUSAIN FOODSTUFF STORE CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Al Shehab Building, 1st Floor

Street               : Khalid Ibn Al Walid Street

Area                 : Al Sharq

 

PO Box            : 24623

 

Town                : Safat 13107

Country : Kuwait

 

Telephone         : (965) 22416086 / 22461647 / 22416504 / 22462374 / 24917878

Facsimile          : (965) 22416086 / 24914545

Email                : husainfood@yahoo.com / info@husainfoodstuff.com / usb2000@hotmail.com

 

Please note that subject’s previous address was, Abdulaziz Khamis Building, Mezzanine Floor, Khalid Ibn Al Walid Street, Al Sharq, Safat. Please note that “Al Shraq Fawad Salat” is not part of the subject’s address.

 

Premises

 

Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Safat.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Abbas Mirza Nasarullah Al Atram                                                       Managing Director

·       Mohamed Abbas Mirza Nasarullah Al Atram                                       Director

·       Ali Abbas Mirza Nasarullah Al Atram                                                  Director

·       Lila Sultan Hussain                                                                           Director

·       Hassan Arizoni                                                                                 Commercial Manager

·       Monawar Hussain                                                                             Purchasing Officer

·       Mohamed Hafi                                                                                  Financial Controller

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 22nd August 1977

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 121050

 

Trade Licence No.        : 238/77

 

Chamber Member No.  : 6400

 

Issued Capital              : KD 750,000

 

Paid up Capital            : KD 750,000

 

Name of Shareholder (s)

 

·       Abbas Mirza Nasarullah Al Atram

 

·       Mohamed Abbas Mirza Nasarullah Al Atram

 

·       Ali Abbas Mirza Nasarullah Al Atram

 

·       Lila Sultan Hussain

 

 

AFFILIATED COMPANIES

 

·       Yasmine Al Kuwait Co

Safat

 

·       Howra Al Kuwait

Safat

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of general foodstuff products, herbs, spices, nuts, grains, rice and

     beans.

 

Import Countries: India, Pakistan and Turkey

 

International Suppliers:

 

·       Arpit Agro Industries Pvt Ltd             India

·       N M Food Impex                              India

·       Dharmvir Export Pvt Ltd                   India

·       Wibs Trader Ltd                                Pakistan

·       Agro Food Supply                            Turkey

 

Operating Trend: Steady

 

Subject has a workforce of 18 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/13:              Year Ending 31/12/14:

 

Total Sales                                KD 2,700,000                            KD 2,900,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Commercial Bank of Kuwait SAK

     Mubarak Al Kabir Street

     PO Box: 2861

     Safat 13029

     Tel: (965) 22411001

     Fax: (965) 22450150

       Acc No. 0501018847

 

 

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.66.09

UK Pound

1

Rs.101.04

Euro

1

Rs.70.85

 

 

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.