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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

487525

Report Date :

30.01.2018

 

IDENTIFICATION DETAILS

 

Name :

MAJD FOOD COMPANY KSCC

 

 

Registered Office :

Al Shamiya Tower, 14th Floor, Block 13, Building 21, Al Soor Street, Qibla Area, P O Box: 2473, Safat 13025

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2017

 

 

Date of Incorporation :

04.11.2008

 

 

Com. Reg. No.:

327544

 

 

Legal Form :

Kuwaiti Shareholding Company Closed  - KSCC

 

 

Line of Business :

Import and distribution of general foodstuffs including, pulses, herbs and spices.

 

 

No. of Employees :

25

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

 

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Kuwait

A1

A1

 

Risk Category

ECGC

Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately 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. Kuwaiti officials plan to increase production to 4 million barrels of oil equivalent per day by 2020. Petroleum accounts for over half of GDP, 92% of export revenues, and 90% of government income.

In 2015, Kuwait, for the first time in 15 years, realized a budget deficit after decades of high oil prices; in 2016, the deficit grew to 16.5% of GDP. Kuwaiti authorities announced cuts to fuel subsidies in August 2016, provoking outrage among the public and National Assembly, and the Amir dissolved the government for the seventh time in ten years. In 2017 the deficit was reduced to 7.2% of GDP. Despite Kuwait’s dependence on oil, the government has cushioned itself against the impact of lower oil prices, by saving annually at least 10% of government revenue in the Fund for Future Generations.

Kuwait has failed to diversify its economy or bolster the private sector, because of a poor business climate, a large public sector that employs about 76% of citizens, and an acrimonious relationship between the National Assembly and the executive branch that has stymied most economic reforms. The Kuwaiti Government has made little progress on its long-term economic development plan first passed in 2010. While the government planned to spend up to $104 billion over four years to diversify the economy, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of an uncertain political situation or delays in awarding contracts.

 

Source : CIA

 

 

SUMMARY

 

Company Name                                    : MAJD FOOD COMPANY KSCC

Country of Origin                                   : Kuwait

Legal Form                                           : Kuwaiti Shareholding Company Closed  - KSCC

Registration Date                                  : 4th November 2008

Commercial Registration Number           : 327544

Trade Licence Number                           : 1887/2008

Chamber Membership Number               : 116984

Issued Capital                                       : KD 2,000,000

Paid up Capital                                     : KD 2,000,000

Total Workforce                                                : 25

Activities                                               : Distributors of general foodstuffs

Financial Condition                                : Fair

Payments                                             : No Complaints

Operating Trend                                    : Steady

 

COMPANY NAME

 

MAJD FOOD COMPANY KSCC

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Al Shamiya Tower, 14th Floor, Block 13, Building 21

Street               : Al Soor Street

Area                 : Qibla Area

 

PO Box                        : 2473

 

Town                : Safat 13025

Country : Kuwait

 

Telephone         : (965) 22331515 / 22331616 / 223317171 / 22331818

Facsimile          : (965) 22331919

Mobile              : (965) 67000925

Email                : info@majdifood.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Khalid Abdullah Al Saeed                                                                  Chairman

 

·       Mohamed Al Ateeqi                                                                          Vice Chairman

 

·       Majid Majdi Khalid Abdo                                                                   Chief Executive Officer

 

·       Jamal Jadullah                                                                                 Finance Manager

 

·       Joseph Abi Najem                                                                            Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 4th November 2008

 

Legal Form                  : Kuwaiti Shareholding Company Closed - KSCC

 

Commercial Reg. No.   : 327544

 

Trade Licence No.        : 1887/2008

 

Chamber Member No.  : 116984

 

Issued Capital              : KD 2,000,000

 

Paid up Capital            : KD 2,000,000

 

Name of Shareholder (s)                                                      Percentage                                   

 

·       Al Ritaj Investment Co                                                           50%                             

 

·       Majid Majdi Khalid Abdo                                                       15%

 

·       Majdi Khalid Abdo                                                                15%

 

·       Hani Majdi Khalid Abdo                                                        10%

 

·       Al Rijat Holding                                                                    10%

 

 

AFFILIATED COMPANIES

 

·       Majdi Store Co

Kuwait Free Trade Zone, Block A & B, Store 10

Shuwaikh

PO Box: 2473

Safat 13025

Tel: (965) 24610116 / 22428965 / 22435083 / 22405012

Fax: (965) 22410730

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuffs including, pulses, herbs and spices.

 

Import Countries: Oman, Qatar, Saudi Arabia and the United Arab Emirates

 

Agencies Held:

 

·       Al Quraishi Marketing Co Ltd                                     Saudi Arabia

·       W J Towell & Co LLC                                                Oman

·       Al Zahem & Malhotra General Trading Co WLL           Kuwait

·       Arabian Supplies WLL                                               Qatar

·       Federal Foods LLC                                                   United Arab Emirates

 

Operating Trend: Steady

 

Subject has a workforce of 25 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/16:              Year Ending 31/12/17:

 

Total Sales                                KD 2,500,000                            KD 2,685,000

 

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

 

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

 

 

BANKERS

 

·       Bank of Kuwait & the Middle East KSC

Abdullah Al Salem Street

Darwaza Abdul Razzak

PO Box: 71

Safat 13001

Tel: (965) 2459771

Fax: (965) 2461430

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

The subject and its shareholders/owners have been searched in the following databases; Office of Foreign Assets Control (OFAC), United Nations Security Council Sanctions, Australian Sanctions List, US Consolidated Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and nothing adverse could be found on the exact names listed within the report.

 

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

INR 63.55

UK Pound

1

INR 89.82

Euro

1

INR 78.87

KWD

1

INR 212.61

Note: Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

NIT

 

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.