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MIRA INFORM REPORT
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Report No. : |
515810 |
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Report Date : |
22.06.2018 |
IDENTIFICATION DETAILS
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Name : |
AL
WAZZAN FOODSTUFF FACTORY LLC |
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Formerly known as: |
AL WAZZAN FOODSTUFF FACTORY |
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Registered Office : |
Plot No. 1, Al Wasit Road, Second Industrial Street, Industrial Area
No. 3, Near Caterpillar Road, 48689 Sharjah, Sharjah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
18.01.2007 |
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Com. Reg. No.: |
537710 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Producers
and distributors of potato chips. |
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No. of Employees : |
142 (2018) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (31.12.2017) |
Current Rating (01.04.2018) |
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United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
UNITED ARAB EMIRATES - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 years ago, the country has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors.
The global financial crisis of 2008-09, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
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Source
: CIA |
BRIEF
SUMMARY
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COMPANY
NAME |
AL WAZZAN FOODSTUFFS FACTORY LLC |
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ADDRESS |
Building |
Street |
Area |
PO Box |
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Plot No.
1 |
Al Wasit
Road, Second Industrial Street |
Industrial
Area No. 3, Near Caterpillar Road |
48689 Sharjah |
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TEL/FAX |
Verified
Phones: (+971 6) 543 4731 / Fax: (+971 6) 543 4732 |
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EMAIL/WEBSITE |
Email: afroz.abid@mezzan.com
/ kitco@mezzan.com / Website: www.kitco.ae |
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ACTIVITY |
NACE
1031 - Processing and preserving of potatoes;
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PRINCIPAL |
Abdel Rahman Jassim
Mohammad Al Wazzan |
Workforce |
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Group
Chairman |
142 |
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LEGAL
INFO |
Date Of
Est. |
Reg. No. |
Legal
Form |
Status |
||||
|
18/01/2007 |
537710 |
LLC |
Active |
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CAPITAL
|
CURRENCY |
AMOUNT |
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AED |
150,000 |
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IDENTIFICATION
|
CO. NAME |
AL WAZZAN FOODSTUFF FACTORY LLC |
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ENQUIRED NAME |
AL WAZZAN FOODSTUFF FACTORY |
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TRADEMARK |
Kitco / Stix |
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ALSO KNOWN NAME (S) |
Al Wazzan
Food Stuffs Factory L.L.C. |
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FORMER NAME |
AL WAZZAN FOODSTUFF FACTORY |
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BUILDING |
Plot No. 1 |
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STREET |
Al Wasit Road, Second Industrial
Street |
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AREA |
Industrial Area No. 3, Near
Caterpillar Road |
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POSTAL ADDRESS |
48689 Sharjah |
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CITY |
Sharjah |
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COUNTRY |
United
Arab Emirates |
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TELEPHONE |
(+971
6) 543 4731 / Mobile (+971 50) 645 6345 |
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FAX |
(+971
6) 543 4732 |
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VERIFIED EMAIL |
afroz.abid@mezzan.com /
kitco@mezzan.com |
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WEBSITE |
www.kitco.ae |
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BUSINESS HOURS |
DAYS |
OFFICE HOURS |
BREAK TIME |
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Sun-Thu |
09:30-18:00 |
13:00-14:00
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REGISTERED ADDRESS |
Second Industrial Street Industrial Area No. 3 PO Box: 48689 Sharjah United Arab Emirates |
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FORMER PHONE |
Subject previously used the
following phone number: (+971 6) 542 0343 |
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SENIOR
PERSONNEL
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MANAGEMENT |
NAME |
POSITION |
|
Abdel Rahman Jassim Mohammad Al Wazzan |
Group Chairman |
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|
Dawood Al Wazzan Afroz Abid |
Managing Director Finance Manager |
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WORKFORCE |
NO. OF EMPLOYEES |
PERIOD |
|
142 |
06.2018 |
|
|
7,500
(Mezzan Holding) |
01.2018 |
FINANCIAL
SUMMARY
|
TURNOVER |
31/12/2017 |
31/12/2016 |
|
AED 40,000,000 |
AED 36,000,000 |
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NET PROFIT / (LOSS) |
31/12/2017 |
31/12/2016 |
|
AED
5,200,000 |
AED
5,000,000 |
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NOTES
|
The following consolidated statement of
financial position as at 31/12/2017 applies to subject’s parent company,
Mezzan Holding Company K.S.C.P. and its subsidiaries: 31/12/2017 31/12/2016 (in Kuwaiti Dinar) ASSETS Non-current assets Property, plant and equipment 77,113,969 66,405,100 Intangible assets 13,566,688 13,822,884 Investment in associates 1,124,307 1,014,041 Investment properties 4,176,695 4,336,091 Biological assets 696,571 752,876 Financial assets available for sale 763,423 763,423 97,441,653 87,094,415 Current assets Trade and other receivables 60,165,695 69,790,064 Inventories 37,516,148 36,609,024 Due from related parties 37,098 41,011 Bank balances and cash 15,726,298 18,156,937 113,445,239 124,597,036 TOTAL ASSETS 210,886,892 211,691,451 LIABILITIES Non-current liabilities Employees’ end of service benefits 4,449,137 4,073,316 Loans and borrowings 3,991,185 7,158,360 8,440,322 11,231,676 Current liabilities Loans and borrowings 39,651,640 32,626,860 Trade and other payables 40,689,219 44,597,028 Due to related parties 464,185 1,342,319 Bank overdrafts 6,555,908 10,192,590 87,360,952 88,758,797 TOTAL LIABILITIES 95,801,274 99,990,473 NET ASSETS 115,085,618 111,700,978 EQUITY Share capital 31,132,500 31,132,500 Treasury shares (37,500) - Statuary reserve 16,601,335 15,234,911 Voluntary reserve 16,601,335 15,234,911 Retained earnings 46,296,483 44,803,621 Foreign currency translation reserve (554,967) (98,820) Fair value reserve 46,403 46,403 Equity attributable to equity holders of the Parent Company 110,085,589 106,353,526 Non-controlling interests 5,000,029 5,347,452 TOTAL EQUITY 115,085,618 111,700,978 CONSOLIDATED STATEMENT OF INCOME 31/12/2017 31/12/2016 (in Kuwaiti Dinar) Revenue 204,548,025 207,433,203 Cost of revenue (151,109,967) (153,665,016) Gross profit 53,438,058 53,768,187 Operating expenses General and administrative expenses (16,696,874) (13,820,749) Selling and distribution expenses (22,397,516) (21,748,972) Other income 1,578,812 1,677,536 Operating profit 15,922,480 19,876,002 Share of results of associates 110,266 30,277 Finance costs (2,188,176) (1,367,836) Impairment of property, plant and equipment (260,829) (131,355) PROFIT BEFORE TAX AND REMUNERATION 13,583,741 18,407,088 Kuwait Foundation for The Advancement of Sciences (122,978) (162,680) National Labour Support Tax (358,805) (451,893) Zakat (142,788) (180,757) Board of Directors’ remuneration (100,000) (100,000) PROFIT FOR THE YEAR 12,859,170 17,511,758 |
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FISCAL YEAR-END |
31
December. |
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LEGAL
STATUS
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INCORPORATION |
18/01/2007
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|
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REGISTRATION NO. |
C.R. NUMBER |
ISSUED BY |
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Trade License No.: 537710 (expiry
date: 17/01/2019) |
Sharjah Economic Development
Department (SEDD) |
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OTHER REGISTRATION NO. |
SCCI Membership No.: 78286 |
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AUTHORISED CAPITAL |
AMOUNT |
CURRENCY |
|
150,000 |
AED |
|
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PAID-UP CAPITAL |
AMOUNT |
CURRENCY |
|
150,000 |
AED |
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BUSINESS HISTORY |
The Company
was incorporated in Sharjah on 18 January 2007 as proprietorship under the
name “Al Wazzan Foodstuff Factory” and owned by: Al Wazzan
Group Holding Co. Al Wazzan
Group Building Block C,
1st Floor Future
Area PO Box
1251 Safat 13013 Kuwait
City Kuwait Telephone:
(965) 2483 3776 Fax : (965) 2482 3366 / 2484 7397 Email : info@wazzangroup.com Website : www.wazzangroup.com C.R. No.:
60404 KCCI
Membership No.: 45942 In June 2013,
subject was converted into a Limited Liability Company with the present name
and shareholding structure. |
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LEGAL FORM |
Limited
Liability Company |
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STATUS |
Active |
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SHAREHOLDERS |
NAME |
PERCENTAGE |
|
1. Mezzan Holding Company KSCC
PO Box 124
Safat 13002
Kuwait
Telephone: (965) 2228 6444
Fax : (965) 2483 6162
KCCI Membership No. : 64169
Est.: 10/07/2000 2. Jassim
Al Wazzan Sons General Trading Company W.L.L. Shuwaikh Industrial Area 3, Block A PO Box 124 Safat 13002 Kuwait
Telephone: (965) 2228 6444
Fax : (965) 2483 6162 |
99.00% 1.00% |
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OPERATION
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BANKERS |
1. Al Ahli Bank Of Kuwait (ABK)
Abu Baker Al Siddique St, Deira
P.O. Box : 1719
Dubai
Telephone: (+971 4) 268 1118
Fax : (+971 4) 268
4445 2. First Abu Dhabi Bank PJSC
P.O. Box 52053
Dubai
United Arab Emirates
Telephone: (+971 2) 681 2161 3. Commercial Bank Of Dubai
Main branch
PO Box 677
Sharjah
Telephone: (+971 6) 574 0666
Fax : (+971 6) 574 0044 |
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ACTIVITY CODE (NACE) |
1031 - Processing and preserving of
potatoes; |
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LINE OF BUSINESS |
Producers and distributors of potato
chips. Manufacturers and distributors of
composite cans for potato chips packaging. Brands: Kitco, Stix. |
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IMPORT FROM |
Europe and GCC countries as well as
from India and China. |
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EXPORT TO |
Saudi
Arabia, Iraq, Bahrain, Qatar, Oman, Jordan, Syria, Lebanon, Egypt, Tunisia,
Libya, Algeria, Sudan and Yemen. |
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FACILITIES |
118,000 sq. feet owned premises
comprising administrative offices and a factory with storage facilities
located at the heading address. |
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RELATED COMPANIES |
Subject is
a member of Mezzan Holding Group of Companies, which also includes the
following companies: Subsidiaries
of Mezzan Holding Company K.S.C.P. 1.
Conserved Foodstuffs Distributing Company WLL PO Box 26226 Safat 13123 Kuwait Telephone: (+965) 2472 2136 Fax
: (+965) 2472 2142 Est.: 23/01/1962 C.R. No.: 9463 KCCI Membership No.: 1304 Capital : KD 2,000,000 2. Sabriya
International Gen. Trd. Cont. Co. W.L.L. Kuwait 3. Al
Muntaser Pharmaceutical Company WLL Kuwait 4. Al Hoda
Kuwait Foodstuff Co WLL Safat 13066 Kuwait Telephone: (+965) 2484 6433 Fax
: (+965) 2483 9183 E-mail: alhoda@wazzan.com Est.: 12/04/1970 KCCI Membership No.: 3433 5. Al
Mansouria Consumer Trading Company WLL
Building No. 251 Street No. 1 Ardiya Industrial Area, Block No. 1 PO Box 124 Safat 13002 Telephone
: (+965) 2433 8538 Fax
: (+965) 2431 0839 E-Mail
: pbraj@mezzan.com Website
: www.mansouriyakwt.com C.R. No.:
23061 KCCI Membership No.: 21755 6. Al Wazzan Trading & Catering
Services Co WLL
Kuwait 7. National Canned Food Production
And Trading
Co WLL
Plot 143, 144, 145
Street No. 3
Subhan Industrial Area, Block 10
PO Box 25452
Safat 13115
Telephone: (+965) 2474 8866
Fax : (+965) 2471 3839
E-Mail : info@mezzan.com
C.R. No.: 36803
KCCI Membership No.: 97219 8.
Oriental for Catering Services WLL Kuwait 9. Kuwait
Lube Oil Co KSC PO Box 9748 Ahmadi 61008 Kuwait Telephone: (+965) 2183 3336 / 2236
1247 Fax
: (+965) 2326 1240 / 2326 0173 10.Arla
Foods Kuwait WLL PO Box 26226 Safat 13123 Telephone: (+965) 2228 6503 Fax
: (+965) 2474 3072 Email
: arlafoodskuwait@arlakuwait.com Website
: www.arla.com 11.Plastic
Industries Company KSC PO Box 5496 Safat 13055 Telephone: (+965) 2473 2009 Fax
: (+965) 2476 6636 Email
: plasind@qualitynet.net Website
: www.plasind.com 12.Kuwait
Biscuit & Food Products Manufacturing
Company (KBC) PO Box 335 Hawalli 32004 Kuwait Telephone: (+965) 2474 5500 Fax
: (+965) 2474 8510 E-Mail: kbc@wazzan.com 13.Gulf
Pastries Manufacturing Co. W.L.L. Building No. 49/141 Street No. 1 Sabhan Industrial, Block/Area No. 10 PO Box 3531 Safat 13036 Kuwait Telephone: (965) 2473 1006 Fax
: (965) 2476 4729 E-Mail
: sara@mezzan.com / patel.kitco@mezzan.com Website
: www.saracake.com C.R. No.: 41416 KCCI Membership No.: 24080 14.Kuwait
Indo Trading Co. WLL Bldg. 53-65, Block 1 Street No. 11 Sabhan Industrial Area PO Box 2135 Safat 13022 Kuwait City Telephone: (+965) 2474 5400 ext. 131
(Chief Accountant) Fax
: (+965) 2476 4889 / 2474 8510 E-Mail
: patel.kitco@mezzan.com / kbc@wazzan.com C.R. No. : 9499 KCCI Membership No. : 1303 15.Mezzan Logistics
for Transport and Storage Company KSC Kuwait 16.Emirates
Star Services LLC 17.Qatar
Star Services LLC 18.Mezzan
Saudi Trading Co. PO Box 295221 Riyadh 11351 Saudi Arabia Telephone: (+966 11) 461 1155 Fax
: (+966 11) 461 3706 Email
: info@mezzan.com 19.Mezzan
Jordan Industries LLC Jordan 20.Afia Trading Services FZE
UAE 21.Tazweed Commercial Solutions
Company PSC
Jordan 22.UNITRA International LLC
UAE 23.Middle East Trading Store LLC
UAE 24.Mezzan Foods Company LLC
Saudi Arabia Other Associates 1.
National Textile Co. SAK (NTC) Kuwait Telephone: (+965) 2473 6829 Fax : (+965) 2476 1122 2. Jassem
Al Wazzan Farms Trading Co WLL Kuwait 3. Softy
Industries – Jordan L.L.C Jordan E-Mail: sadam.obaidat@mezzan.com 4. Tawziah
Canned Food Co PO Box 124 Safat 13002 Kuwait Telephone: (965) 2484 643 5. Al
Wazzan Hotels & Household Supplies PO Box 124 Kuwait Safat 13002 Telephone: (+965) 2484 6433 6. Fatma
Investment & Gen Trading Co PO Box 124 Safat 13002 Kuwait Telephone: (+965) 2484 6433 Fax
: (+965) 2484 0076 7.
Institute of Private Education & Training (K.S.C.C.) Salmiya Palace Complex Saleh Al Mutawa Building Salem Al Mobarak Street Block 9, Area 71 Al Salmiya, Kuwait Telephone: (+965) 2571 3516 Fax : (+965) 2571 3526 8. Mepha
Kuwait Pharmaceutical Co WLL PO Box 124 Safat 13002 Kuwait Telephone: (+965) 2484 6433 / 2484 9682 Fax : (+965) 2483 7986 9.
Sharqiya Catering Co WLL PO Box 124 Safat 13002 Kuwait Telephone: (+965) 2482 2257 Fax : (+965) 2482 2259 10.Canned
Food Distribution Co (Khazan Meat Factory) PO Box 124 Safat 13002 Kuwait Telephone: (+965) 2484 6433 11.National
Canned Food Production & Trading Co. Subhan Industrial Area PO Box 25452 Safat 13115 Kuwait Telephone: (+965) 2472 2135 Fax : (+965) 2471 3839 12.Al
Burhan International Company Al Hatimi Global Village Blg #8 PO Box 96740 Doha Qatar Telephone: (+974) 4435 9178 Fax : (+974) 4481 0725 13.Sabriya
Equipment Co WLL Saban PO Box 26226 Safat 13123 Kuwait Telephone: (+965) 483 2058 14.Island
Fruit Center Trading Co WLL Kuwait 15.Al
Muntaser Shampoo Factory Division Block 9, Street 92 Sabhan Ind. Area Safat 13002 Kuwait Telephone: (+965) 2473 0796 Fax : (+965) 2473 0808 16.International
Paper Co Kuwait 17.Al-Wazzan
Al-Wataniya Trading & Contracting Co. WLL PO Box 65298 Mansouria Kuwait Telephone: (+965) 2483 7990 Fax : (+965) 2484 6696 18.Al-Sabriyah
Electricals Co. WLL. PO Box 21119 Safat 13072 Kuwait Telephone: (+965) 2481 8062 Fax : (+965) 2481 8065 19.Al
Wazzan Kuwaiti Trading Company Kuwait 20.Al
Wazzan Real Estate Group Company PO Box 21831 Safat 13079 Kuwait Telephone: (+965) 2825 000 / 2484 7403 Fax : (+965) 2484 7397 21.Dar Al
Akhbar Kuwait 22.News
House for Publishing and Distribution Kuwait 23.Specialties
General Trading & Cont. Co. PO Box 21831 Safat 13079 Kuwait Telephone: (+965) 2484 7403 Fax : (+965) 2484 7397 24.Supplying
Stores Co. WLL. PO Box 1154 Safat 13012 Kuwait Telephone: (+965) 2243 2348 / 2242 5367 Fax : (+965) 2241 8850 25.Burhan
Oil Services Kuwait 26.United
Insurance Co PO Box 21831 Safat 13079 Kuwait Telephone: (+965) 2825 0000 / 2484 7403 Fax : (+965) 2484 7397 27.Mushrif
Trading & Contracting Co. KSCC PO Box 32514 Rumaithya 25556 Kuwait Telephone: (+965) 2822 227 / 2476 6172 Fax : (+965) 474 1423 28.New
Mowasat Hospital PO Box 6661 Salmiya Kuwait Telephone: (+965) 2572 6666 Fax : (+965) 2573 8055 29.Jassim
Al Wazzan Sons General Trading Services Co. W.L.L. (JAWS) Building No. 7 to 11, Block -1, Shuwaikh Industrial Area 2, Shuwaikh Telephone: (+965) 2491 7504 Fax : (+965) 2492 8150 Email : mgnt.jassim@mezzan.com Website
: www.wazzan.com 30.Mezzan
Iraq Trading Co. H1, Block 4, Avenue 902, Aljawazat Street Alwihda Area, East Alkarrada, Baghdad,Iraq. Telephone: (+964 79) 013 841 35 Email : info@mezzaniraq.com Website
: www.mezzaniraq.com 31.Unitra
Mets group Al Quoz Industrial area 2 PO Box 97108 Dubai United Arab Emirates. Telephone: (+971 4) 325 6060 Fax : (+971 4) 325 6080 Email: info@unitra.ae 32.Khazan
Meat Factory Industrial Area No. 11 PO Box 66335 Sharjah United Arab Emirates Telephone: (+971 6) 535 0606 Fax : (+971 6) 535 0550 E-Mail
: ally.waqar@mezzan.com Website
: www.mezzan.com C.R. No.
: 27381 Trade License No.: 529421 SCCI Membership No.: 73137 33.Star
Services L.L.C. 34.Jassim
Al Wazzan Central Laboratory 35.Mezzan
Farming & Agriculture 36.Mezzan
Industries Co. WLL Plot - 207, 209 & 211 Amgara Industrial Area, Block 4 PO Box 124 Safat 13002 Telephone: (+965) 2484 6433 Fax : (+965) 2471 3839 E-Mail
: info@mezzan.com Website
: www.mezzan.com C.R. No.
: 329590 KCCI Membership No.: 123901 |
|
|
|
PAYMENT
RECORDS
|
CREDIT OPINION |
We consider it is acceptable to deal
with subject. |
SPECIAL
REMARKS
|
INTERVIEWED |
Afroz Abid (Finance Manager). |
|
COMMENTS |
The name which you provided: AL WAZZAN FOODSTUFF FACTORY applies to subject’s former name. Please note that subject’s current registered name is as per heading. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 68.19 |
|
|
1 |
INR 89.58 |
|
Euro |
1 |
INR 78.79 |
|
AED |
1 |
INR 18.45 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
SUJ |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.