MIRA INFORM REPORT

Report No. :	509784
Report Date :	22.05.2018

IDENTIFICATION DETAILS

Name :	ALI AL ZAMIL FOODSTUFF CO. WLL
Registered Office :	Al Murqab Area, Building No. 5A, Shop No. 7
Country :	Kuwait
Date of Incorporation :	13.01.1976
Com. Reg. No.:	353177
Legal Form :	WLL - With Limited Liability
Line of Business :	Agents involved in the sale of food, beverages and tobacco; Wholesale of sugar and chocolate and sugar confectionery
No. of Employees :	100

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd 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 :	Slow but Correct
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 (30.09.2017)	Current Rating (31.12.2017)
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, and the government raised $8 billion by issuing international bonds. 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 74% 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. To increase non-oil revenues, the Kuwaiti Government in August 2017 approved draft bills supporting a Gulf Cooperation Council-wide value added tax scheduled to take effect in 2018.

Source : CIA

SUMMARY

COMPANY NAME	Ali Al Zamil Foodstuff Co. WLL
ADDRESS	Building	Street			Area			PO Box
	Building No. 157	Block No. 02			Ardiya Industrial Estate, Opposite to Toyota			1248 Safat
TEL/FAX	Verified Phones: (+965) 2431 4405 / (+965) 6603 1701 / Fax: (+965) 2434 0450
EMAIL/WEBSITE	Email: deepakjolly@alzamilfoods.com / Website: www.alzamilfoods.com
ACTIVITY	NACE 4617 - Agents involved in the sale of food, beverages and tobacco; NACE 4636 - Wholesale of sugar and chocolate and sugar confectionery;
PRINCIPAL	Deepak J. Jolly					Workforce
	Managing Director					100
LEGAL INFO	Date Of Est.		Reg. No.	Legal Form			Status
	13/01/1976		353177	WLL			Active
CAPITAL	CURRENCY			AMOUNT
	KWD (Kuwaiti Dinar)			400,000

IDENTIFICATION
CO. NAME	Ali Al Zamil Foodstuff Co. WLL
ALSO KNOWN NAME (S)	Ali Al Zamil Foodstuff / Jollys
BUILDING	Building No. 157
STREET	Block No. 02
AREA	Ardiya Industrial Estate, Opposite to Toyota
POSTAL ADDRESS	1248 Safat 13013
CITY	Kuwait City
COUNTRY	Kuwait
TELEPHONE	(+965) 2431 4405 (currently out of service due to telecom repair works) / (+965) 2433 7643 / (+965) 2241 0567 / (+965) 2431 4137 / Mobiles (+965) 6603 1701 (Deepak J. Jolly) / (+965) 6644 3625 / (+965) 5119 5542
FAX	(+965) 2434 0450
VERIFIED EMAIL	deepakjolly@alzamilfoods.com / alefiya@alzamilfoods.com / info@alzamilfoods.com / deepakjolly@hotmail.com
WEBSITE	www.alzamilfoods.com
BUSINESS HOURS (DURING RAMADAN)	DAYS	OFFICE HOURS	BREAK TIME
	Sun-Thu	09:00-15:00	12:30-13:00
REGISTERED ADDRESS	Al Murqab Area, Building No. 5A, Shop No. 7

SENIOR PERSONNEL
MANAGEMENT	NAME	POSITION
	Deepak J. Jolly	Managing Director
	Subhash C. Jolly Vijay Gupta Marian Fernandes	Director Chief Accountant Sales Manager
WORKFORCE	NO. OF EMPLOYEES	PERIOD
	100	05.2018

FINANCIAL SUMMARY
REVENUE	31/12/2017	31/12/2016
	KWD 3,000,000	KWD 2,850,000
NET PROFIT / (LOSS)	31/12/2017	31/12/2016
	KWD 500,000	KWD 440,000
STOCK/INVENTORIES	KWD 600,000 as of May 2018
FISCAL YEAR-END	31 December

LEGAL STATUS
INCORPORATION	13/01/1976
REGISTRATION NO.	C.R. NUMBER	ISSUED BY
	353177	Kuwait Chamber of Commerce & Industry
OTHER REGISTRATION NO.	KCCI Membership No.: 145944 (expiry date: 05/08/2018)
AUTHORISED CAPITAL	AMOUNT	CURRENCY
	400,000	KWD
PAID-UP CAPITAL	AMOUNT	CURRENCY
	400,000	KWD
LEGAL FORM	WLL - With Limited Liability
BUSINESS HISTORY	The Company was incorporated in Kuwait on 13 January 1976.
STATUS	Active
SHAREHOLDERS	NAME	PERCENTAGE
	1. Deepak J. Jolly Nationality: Indian 2. Subhash C. Jolly Nationality: Indian 3. Ali Abdulrahman Abdullah Al Zamil * Nationality: Kuwaiti	25.00% 24.00% 51.00%

OPERATION
BANKERS	1. Al Ahli Bank of Kuwait K.S.C.P. Safat Square Ahmad Al Jaber Street PO Box 1387 Safat Kuwait City 13014 Telephone: (+965) 2240 0900 Fax : (+965) 2241 7284 2. National Bank of Kuwait S.A.K.P. Abdullah Al Ahmad Street Sharq PO Box 95 Safat Kuwait Kuwait City 13001 Telephone: (+965) 2242 2011 Fax : (+965) 2243 1888
ACTIVITY CODE (NACE)	NACE 4617 - Agents involved in the sale of food, beverages and tobacco; NACE 4636 - Wholesale of sugar and chocolate and sugar confectionery;
LINE OF BUSINESS	Trading as importers, distributors and wholesalers of foodstuff, cosmetic products, beverages and confectionery products. Agents for Anchor, Bajaj, Chandrika, Colavita, Mother’s recipe, SONIKA, Super Cofee, Pasta Vietri, Ujala and ZAIQA. Subject’s shipping agents include: GOODRICH MARITIME Pvt.Ltd. Suite # 216/217, 2nd Floor, Sai Commercial Centre, Govandi Station Rd, Mumbai MH India Telephone: (+91 22) 5597 3901
IMPORT FROM	Europe, India and USA.
EXPORT TO	Subject does not engage in exporting activities.
FACILITIES	Leased premises comprising administrative office and storage facilities located at the heading address.
RELATED COMPANIES	Associate Winner's Restaurant Co. PO Box 64090 Shuwaikh 70451 Kuwait Est.: 05/07/2004 C.R. No.: 100483 KCCI Membership No.: 89368

SPECIAL REMARKS
INTERVIEWED	Deepak J. Jolly (Managing Director).

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.09
UK Pound	1	INR 91.41
Euro	1	INR 79.93
KWD	1	INR 225.01

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

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	TRU

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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