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Report Date : |
10.04.2013 |
IDENTIFICATION DETAILS
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Name : |
THE SULTAN CENTER FOOD PRODUCTS CO KSCC |
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|
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Registered Office : |
Sultan Bin Essa Complex, Building 44, Street 7, Block 1, Area 19
Shuwaikh Industrial Area PO Box 26567
Safat 13126 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
29.09.1980 |
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Com. Reg. No.: |
30225, Safat |
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Legal Form : |
Kuwaiti Shareholding Closed Company – KSCC |
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Line of Business : |
Operators of retail outlets |
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No. of Employees : |
7,500 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Kuwait |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
KUWAIT - ECONOMIC OVERVIEW
Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 104 billion barrels - about 7% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. The rise in global oil prices throughout 2011 is reviving government consumption and economic growth. Kuwait has experienced a 20% increase in government budget revenue, which has led to higher budget expenditures, particularly wage hikes for many public sector employees. Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms. In 2010, Kuwait passed an economic development plan that pledges to spend up to $130 billion over five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy.
Source
: CIA
Company Name : THE SULTAN CENTER FOOD PRODUCTS CO KSCC
Doing Business As : THE SULTAN CENTER
Country of Origin : Kuwait
Legal Form : Kuwaiti Shareholding Closed Company – KSCC
Start Date : 29th September 1980
Registration Date : 1st April 1993
Commercial Registration Number : 30225, Safat
Trade Licence Number : 80/195
Chamber Membership Number : 6288
Issued Capital : KD 57,882,878
Paid up Capital : KD 57,882,878
Total Workforce : 7,500
Activities : Operators of retail outlets
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Person Interviewed : Haytham Shalaby, Treasury Officer
THE SULTAN CENTER FOOD PRODUCTS CO KSC
DOING BUSINESS AS: THE SULTAN CENTER
Location : Sultan Bin Essa
Complex, Building 44, Street 7, Block 1, Area 19
Area : Shuwaikh
Industrial Area
PO Box : 26567
Town : Safat 13126
Country : Kuwait
Telephone : (965) 24343155
/ 22417202 / 24341990 / 24341991 / 24340696 / 24310494 / 22264871
Facsimile : (965) 24319071
/ 24348179 / 24322842 / 24341317
Mobile : (965)
97214780
Email : fadi@sultan-center.com
Subject operates from a large suite of offices and a factory that are owned
and located in the Industrial Area of Safat.
Branch Office (s)
Subject has branches located in Salmiya, Sharq,
Salwa, Ahmadi, Fahaheel, Jahra, Dajeej and Mangaf.
Name Position
· Ayman Bader Sultan
Al Essa Chairman
· Jameel Abdullah
Sultan Al Essa Vice
Chairman
· Fawzi Hamad Sultan
Al Essa Director
· Waisly Rait Director
· Victor David
Gonzalez Director
· Amar El Henawy Finance
Manager
· Paul Jordan Human
Resources Manager
· Haytham Shalaby Treasury
Officer
Date of
Establishment : 29th
September 1980, however subject was registered on 1st April 1993
Legal Form : Kuwaiti
Shareholding Closed Company - KSCC
Commercial Reg.
No. : 30225, Safat
Trade Licence No. : 80/195
Chamber Member No. : 6288
Issued Capital : KD 57,882,878
Paid up Capital : KD 57,882,878
· Khalid Sultan Al
Essa 6.09%
· Abdullah Sultan Al
Essa 8.92%
· Faisal Jameel
Sultan Al Essa 6.91%
· Jameel Abdullah
Sultan Al Essa 7.80%
· Anwar Sultan Al
Essa 5.85%
· Local businessmen
and private investors 64.43%
·
Brothers
Holding Company KSC
·
Sultan
Center Trading and General Contracting Company
·
The
Sultan Center
·
White
Tower Company for General Trading and Contracting
·
Sultan
Telecommunication Company
·
United
Security and Technical Service group Company
·
Specialty
Fashion Group
·
Arab
Market General Trading and Contracting
·
United
Capital Group
·
Jordanian
Company for Investment and Supply
·
Khaleej
Fashion Franchises BSCC
·
Gulf
United Real Estate and Tourism Investment Company KSCC
·
National
Energy Company - K.S.C
·
Sultan
Al Jazeera Catering Company WLL
·
Gezlan
Al Deerah General Trading & Contracting Company WLL
·
Dalya
Al Wataniyah General Trading & Contracting Company WLL
·
Market
Vision General Trading & Contracting Company WLL
·
Style
Kuwait International Readymade Garments B & S Company
·
National
Energy Company Sal
·
Sultan
Holding Bahrain Company BSC
·
Good
Food Catering Company
·
Kuwait
Fashion Company Bahrain
·
United
Capital Group for Investment and Financing Company KSC
·
Al
Bawani for Development and Real Estate Investment Company WLL
·
Epicure
Group Restaurants Company WLL
·
Fresh
Connection Company WLL
·
Al
Shahed Al Mahaly Company WLL
·
Al
Mataba Al Khalijia Company WLL
·
ITG
Construction Company
·
Al
Noukhaza National Company
·
TS
Kuwait Company WLL
·
American
Economics Company WLL
·
The
Sultan Center (Lebanon) Holding Sal
·
The
Sultan Center Retail (Lebanon) Sal
·
Specialty
Fashion Group (Lebanon) Sal
·
The
Sultan Center Discount Sal
·
Horizon
Telecom Services Company
·
Market
Vision General Trading & Contracting Company
·
Al-Thanaa
Industrial Company
·
The
Sultan Center Saida For Real Estate
·
The
Sultan Center Tyre For Real Estate
·
The
Sultan Center Chtoura for Real Estate Sal
·
K.L.N
for Trading Company Sal
·
Market
Vision General Trading Lebanon Sal
Activities: Subject
operates ten major retail outlets in Kuwait. Additionally, it owns an
ever-increasing portfolio of
convenience stores in the country, as well as restaurants. The
company also manufactures snacks and foodstuff products.
Import Countries: Worldwide
International Suppliers:
· Ocean Spray United States of America
· Oreida United States
of America
· Clearly Canadian Canada
· Dorina Cyprus
· Romeo Austria
· Dolly’s The Netherlands
· Airborne New Zealand
· Mudhish Oman
· Tanuf Oman
· Delicade United Arab
Emirates
Subject has a workforce of approximately 7,500 employees.
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinars (KD 000’s)
Balance Sheet 31/12/10 31/12/11
|
ASSETS |
|
|
|
CURRENT ASSETS |
48.522 |
45.621 |
|
INVESTMENTS |
135.621 |
123.038 |
|
FIXED ASSETS |
105.396 |
101.580 |
|
OTHER ASSETS |
25.215 |
19.103 |
|
TOTAL ASSETS |
314.755 |
289.341 |
|
|
|
|
|
LIABILITIES |
|
|
|
CURRENT
LIABILITIES |
204.465 |
225.486 |
|
LONG TERM
LIABILITIES |
30.981 |
25.319 |
|
TOTAL
LIABILITIES |
235.446 |
250.805 |
|
|
|
|
|
SHAREHOLDER'S EQUITY |
|
|
|
PAID-UP CAPITAL |
57.883 |
57.883 |
|
PROPOSED STOCK
DIVIDENDS |
0 |
0 |
|
PROPOSED CASH
DIVIDENDS |
0 |
0 |
|
RESERVES |
31.487 |
28.714 |
|
CUMULATIVE
CHANGES IN FAIR VALUES |
0 |
0 |
|
RETIANED EARNING
(LOSSES) |
-7.733 |
-45.722 |
|
TREASURY STOCKS |
-2.594 |
-2.594 |
|
TOTAL
SHAREHOLDER'S EQUITY |
79.043 |
38.281 |
|
MINORITY
INTEREST |
266 |
255 |
|
TOTAL
LIABILITIES & SHAREHOLDER'S EQUITY |
314.755 |
289.341 |
Consolidated Statement of Income
|
OPERATIONAL
INCOME |
288.534 |
253.148 |
|
GROSS
OPERATIONAL PROFIT |
51.657 |
46.671 |
|
INCOME FROM
INVESTMENTS |
-10.157 |
-11.695 |
|
UNREALIZED GAIN
(LOSS) ON INVESTMENTS |
-7.068 |
-2.304 |
|
OTHER INCOME |
4.851 |
6.304 |
|
TOTAL INCOME |
276.160 |
245.452 |
|
NET PROFIT
(LOSS) |
-34.435 |
-37.989 |
|
PROFIT
AVAILABLE FOR APPROPRIATION(A.L) |
-7.733 |
-45.722 |
Local sources consider subject’s financial condition to be Fair.
·
National Bank of Kuwait SAK
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
No complaints regarding subject’s payments have been reported.
Credit amount 100,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
Established in 1980, subject is involved in the manufacture of snacks and
foodstuff products as well as the operation of a chain of supermarkets and
restaurants.
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.54.46 |
|
|
1 |
Rs.83.13 |
|
Euro |
1 |
Rs.70.98 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.