MIRA INFORM REPORT

 

 

Report Date :           

15.03.2011

 

IDENTIFICATION DETAILS

 

Name :

FUCOM INTERNATIONAL W.L.L.

 

 

Registered Office :

Building 184, Flat 149, Road 28, Block 410, P O Box 792, Manama

 

 

Country :

Bahrain

 

 

Date of Incorporation :

02.10.1999

 

 

Com. Reg. No.:

43900-1.

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Operators of hypermarket and supermarkets

 

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

 

Maximum Credit Limit :

BD 1,000,000

Status :

Good

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Bahrain

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company NAME

 

Fucom International W.L.L. (Correct)

Fucom International-Geant Hyper Market (Requested)

 

 

company ADDRESS

 

Building             : Bahrain Mall

Street               : Sanabis Street

Area                 : Al Seef District

P.O.Box No.      : 792

Town                 : Manama

Country             : Bahrain

Telephone         : (973) 1755 8100 / 1755 8181 / 1755 8115 / 1755 8133 / 

Mobiles             (973) 3940 4931 / (973) 3943 9070

Fax                   : (973) 1755 5569 / 1755 8111

E-Mail               : santosh.ratna@fucom.com

 

Trading Styles : Geant Hypermarket / Last Chance / Le Marche

                        Supermarket / Geant Bistro WLL

 

Also Known As : Future Commerce International WLL / Fu-Com International WLL

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                    Position

 

1. Arif Sikh                                Chief Executive Officer

 

2. Mazhar Taher Papar              Managing Director

   (Indian national)

 

3. Daniel Pabayvan                    General Manager

   (French national)

 

4. Santosh Ratna Subuthi           Financial Manager

 

5. John Senekal                         Sales Manager (Electronics)

 

6. Mohammed Redha                  Human Resources Manager

 

Total Employees : 680

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers

or banks.

 

Subject is a subsidiary of Retail Arabia BSC which is a part of the

BMA Group - one of the largest and oldest retailing groups' in the

Gulf. Subject holds franchise license for French Geant hypermarkets

which is a part of Groupe Casino, a French retailing giant with a

turnover in excess of USD 30 billion per annum.

 

We consider it is acceptable to deal with subject for LARGE amounts.

 

Opinion on maximum credit :      BD 1,000,000 (associations inspire

                                                confidence for higher amounts if

                                                 required)

 

Trade risk assessment : Normal

 

Opinion on the credit figure of US DLRS 150,000 :

 

We consider the above figure to be within the company's financial

capabilities.

 

 

PRINCIPAL BANKERS

 

NAME               : CITIBANK 

Branch              : Government Road

PO Box             : 548

Town                 : Manama

Telephone         : (973) 1722 3344

Fax                   : (973) 1721 1323

 

The company also has an account with the following banks :

 

1. Bank of Bahrain & Kuwait

   Government Avenue 43

   PO Box 4207

   Manama

   Telephone: (973) 1722 3388

   Fax      : (973) 1722 9822

 

2. HSBC Bank Of The Middle East

   Al Khalifa Avenue

   PO Box 57

   Manama

   Telephone: (973) 1722 4555

   Fax      : (973) 1722 6822

 

3. BNP Paribas (fmly Banque Paribas)

   Main branch

   PO Box 5241

   Manama

   Telephone: (973) 1722 5275

   Fax      : (973) 1722 4697

 

4. Standard Chartered Bank

   Government Avenue

   PO Box 29

   Manama

   Telephone: (973) 1722 3636

   Fax      : (973) 1722 5001

 

 

FINANCIAL INFORMATION

 

Private companies in Bahrain are not required to publish or

disclose balance sheets. However, the subject interviewed offered

the following information :

 

Sales Turnover  : BD 43,000,000 - 2006 - exact  

                        : BD 48,000,000 - 2007 - exact

                        : BD 50,000,000 - 2008 - exact

                        : BD 48,000,000 - 2009 – exact *

: BD 52,000,000 – 2010 – exact

: BD 27,000,000 – 2011 – exact **

: BD 55,000,000 – 2011 - projected

 

Net Profit           : BD  4,500,000 – 2009 – exact

                        : BD  5,000,000 – 2010 - exact

 

* Decrease in sales turnover in 2009 was due to unfavourable global market conditions.

 

** 6 months results (July - December).

 

Financial year ends 30 June.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 2 October 1999

 

History : The subject company was established in Bahrain on 2 October 1999 under the name " Fucom International W.L.L." with commercial registration number 43900-1. Subject later registered the following branches/divisions :

                   

- Future Distribution Interprise

  (Sub C.R. No. 43900-2): Registered on 11/07/2001 and was

  deleted on 11/07/2002;

           

- Geant        

  (Sub C.R. No. 43900-3): Registered on 10/10/2000;

                    

- Future Distribution Interprise

  (Sub C.R. No. 43900-4): Registered on 11/07/2001 and was

  deleted on 11/07/2002;

                   

- Geant Bistro WLL

  (Sub C.R. No. 43900-5): Registered on 26/07/2004;

                   

- Last Chance

  (Sub C.R. No. 43900-6): Registered on 08/08/2005;

                      

- Last Chance

  (Sub C.R. No. 43900-7): Registered on 08/08/2005;

         

- Last Chance

  (Sub C.R. No. 43900-8): Registered on 08/08/2005;

                     

- Le Marche Supermarket

  (Sub C.R. No. 43900-9): Registered on 15/11/2005.

 

C.R. No. : 43900-1 (expiry date : 02/10/2011)

 

BCCI Membership No. : 8398

 

Authorised Capital : BD 1,000,000

 

Paid up Capital : BD 1,000,000

 

Limited Liability Company with the following shareholders :

 

                                                                                    Percentage

 

1. Retail Arabia BSC Closed                                           99.9%

   PO Box 792

   Manama

   Bahrain

   Telephone: (973) 1755 8100 

   Fax      : (973) 1755 5569

   Registration No. : 48304-1

   Establishment date : 04/03/2002

 

2. Bhurhanudeen Mohamed Bai Abdulhusain                    0.1%

  (Bahraini national)

 

Retail Arabia BSC Closed is in turn owned by :

 

-  B.M.A. International E. C.                                            81.19%

   C.R. No.: 40946 - 1

 

-  Bahrain Development Bank BSC (C)                             10%

   C.R. No.: 26226 - 1

 

-  Abdulaziz Mohammed Al Abd Al Qader                        8.33%

   (Saudi national)

 

-  Mazher Taher Papar                                                    0.16%

   (Indian national)

           

-  Bhurhanudeen Mohamed Bai Abdulhusain                     0.16%

   (Bahraini national)

 

-  Mohammed Ayoob Sh.Mohammed Shahed                    0.16%

   (Bahraini national)

 

Subject's ultimate parent company :

 

B.M.A. International E. C.                  

C.R. No.: 40946 - 1

Shareholders are :

-  Bhurhanudeen Mohamed Bai Abdulhusain                     33.155%

   (Bahraini national)

 

-  Mohammed Ayoob Sh.Mohammed Shahed                   22.102%

   (Bahraini national)

 

-  Abizer Mohammed Abdul Hussain                                18.392%

   (Indian national)

 

-  Zoyeb Mohamed Bhoy                                                 12.678%

   (Indian national)

 

-  Mazher Taher Papar                                                    9.473%

   (Indian national)

 

-  Mohammed Arif Shaikh                                               2.1%

   (Indian national)

 

-  Mohammed Arif Mohammed Hafiz Mahadiwala              1.506%

   (Indian national)

 

-  Zohair Yusuf Kagalwala                                               0.594%

   (Indian national)

Affiliated companies of Fucom International W.L.L. :

 

Associates

 

1.  B.M.A. International FZE

    P.O Box 17474

    Plot No. EWTA01

    Dubai

    Telephone: (971 4) 883 3555

    Fax      : (971 4) 883 3344

    Sole Shareholder : Bhurhanudeen Mohamed Bai Abdulhusain

 

2.  BMA Gulf

    P.O.Box 17474

    Dubai

    Telephone : (971 4) 881 1700

    Fax       : (971 4) 881 1325

    Email     : bma@bmaintl.com

    (Engaged in Ladies Handbags, household, kitchenware & glassware).

 

3.  Sana International Co WLL

    The Tower, Sheraton Commercial Complex

    P.O. Box 3002

    Manama

    Bahrain

    Telephone: (973) 1764 4110

    Fax      : (973) 1764 4177

    Established: 09/02/1994

    C.R. No. : 31325-1

 

4.  Jazeer S'ama

    Al Khobar

    Saudi Arabia

 

5.  Souq Qasr Al Markazi

    Kuwait

 

6.  S'ama International LLC

    Doha

    Qatar

 

7.  Sanaa Company Limited WLL

    PO Box 43545

    Abu Dhabi

    Telephone: (971 2) 631 6218 

    Fax      : (971 2) 632 8786 

    ADCCI Membership No.: 16446

    Chamber Unified No.: 12231   

    Economic Dept. : 1018819  

    C.R. No. : 17481  

    Established : 19/11/1990

    Capital : Dh 300,000  

 

8.  Star Marketing Company W.L.L

    Building 590, Flat 1

    Road 102, Block 116

    Bahrain

    Telephone : (973) 3960 7672

    E-mail : ahasan@starcement.net

    Est. : 18/09/2004

    C.R. No. : 54621-1 (expiry date: 18/09/2010)

    BCCI Membership No. : 13265

    Authorized Capital : BD 100,000

 

9.  Best Hosiery & Cloth Store

    Building 6, Flat 11, Block 327

    Road 355, Delmon Avenue

    PO Box 3002

    Bahrain

    Telephone: (973) 3940 8277

    Fax      : (973) 1764 4177

    E-mail : admin.bah@redtag.ae

    Est. : 28/04/1988

    C.R. No. : 101-1 (expiry date: 28/04/2011)

    BCCI Membership No. : 2629

    Total Employees : 10

    Authorized Capital : BD 35,000

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Operators of hypermarket and supermarkets.

 

Holders of Geant Group, France franchise licence.

 

Subject stocks an average of 65,000 product lines which include food,

grocery, apparel, housewares, consumer electronics, beauty care etc.

 

Imports worldwide, mainly from USA, France, Italy, China, Japan and South Korea.

 

Subject only sells locally and does not engage in re-export business.

FACILITIES

 

The Company has the following facilities :

 

450,000 sq. m. premises comprising offices, hypermarket and

warehousing facilities located at the heading address as well as

three more supermarkets styled "Last Chance" (each approx 4,500 sq.

m. space) and one hypermarket styled "Le Marche Supermarket"

(approx 5,000 sq. m.) located elsewhere in Bahrain (see 'Branch Offices' below).

 

 

REGISTERED OFFICE

 

Building 184, Flat 149

Road 28

Block 410

PO Box 792

Manama

 

 

BRANCH OFFICES

 

1.  Last Chance

    Manama

    Telephone: (973) 1725 9919

    Fax      : (973) 1727 7572

    Last Chance Manama was first set up in the early 90s as a

    discount store serving the customers with low price items of

    Household and Garments/Textiles. Product range: 80,000

    categories: Grocery, Fresh Food, Personal Health & cleaning,

    cosmetics, dental care, dairy, Beverage, Delicatessen, Textile,

    Household goods, Furniture, Electronics, Bakery Products etc.

 

2.  Last Chance

    Muharraq

    Telephone: (973) 1734 1177

    Fax      : (973) 1734 3570

    Supermarket carries an assorted range of products from Grocery,

    Fresh Food, Dairy, Household, Electronics & textile serving the

    customers sticking to its slogan.

 

3.  Last Chance

    Isa Town

    Telephone: (973) 1778 0186

    Fax      : (973) 1768 2642

    Last Chance supermarket is located in the residential township in

    the suburb of Bahrain, Isa Town. It is the smallest of the three

    supermarkets covering an area if 1400 sq meter in two levels

    catering to the needs of the local customers.

 

4.  Le Marche Hypermarket

    Sitra Mall

    Sitra

    Telephone: (973) 1745 7270

    Fax      : (973) 1773 0164

    Le Marche in Bahrain is a Fu-Com International venture in

    association with Groupe Casino of France, one of the largest

    hypermarket chain operators of the world. Covering approximately

    5,000 square meters, the Hypermarket carries an average of 45,000

    product lines which include food, grocery, beauty care, apparel

    and shoes, house ware and equipment, consumer electronics and

    appliances etc.

 

 

SPECIAL NOTE

 

You enquired on: Fucom International-Geant Hyper Market. Please note that the correct name is as per heading.  

 

Interviewed: Santosh Ratna Subuthi (Financial Manager).

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.15

UK Pound

1

Rs.72.59

Euro

1

Rs.62.95

 

 

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

 

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.