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Report Date : |
19.04.2013 |
IDENTIFICATION DETAILS
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Name : |
FUCOM CENTRAL MARKETS KSC (C) |
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Registered Office : |
360º Mall (Old Drive-in
Cinema), Al Zahra (South Surra), Salmiya, P O Box 22081, Safat |
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Country : |
Kuwait |
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Date of Incorporation : |
22.08.2010 |
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Com. Reg. No.: |
114772 |
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Legal Form : |
Kuwaiti Shareholding Closed Company |
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Line of Business : |
Subject operates several divisions include :- · Geant Hypermarket Division · Geant Easy Division |
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No. of Employees : |
700 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 : |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Kuwait |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 102 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 and 2012 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 historically 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.
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Source : CIA |
Company Name : FUCOM CENTRAL MARKETS KSC (C)
Country of Origin : Kuwait
Legal Form : Kuwaiti Shareholding Closed Company – KSC (C)
Registration Date : 22nd August 2010
Commercial Registration Number : 114772
Trade Licence Number : 5039/2009
Chamber Membership Number : 113907
Issued Capital : KD 2,980,000
Paid up Capital : KD 2,980,000
Total Workforce : 700
Activities : Subject operates several divisions (see below for details)
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Navin Pachisia , Assistant Finance Manager
FUCOM CENTRAL
MARKETS KSC (C)
Registered &
Physical Address
Location : 360º Mall (Old Drive-in Cinema), Al
Zahra (South Surra)
Area : Salmiya
PO Box : 22081
Town : Safat
Country : Kuwait
Telephone : (965) 25361111 / 25361103 / 25361108
Facsimile : (965) 25361129
Mobile : (965) 99015962 / 65785705
Email : radhika.appulingam@fucom.com
Premises
Subject operates
from a large suite of offices and a showroom that are rented and located in the
Central Business Area of Safat.
Name Position
·
Nicolas Pansi Operations
Manager
·
Taleq Ghazi Al Otaibi Administration
Manager
·
Redika Abupolina Finance
Manager
·
Navin Pachisia Assistant
Finance Manager
Date of Establishment : 22nd
August 2010
Legal Form :
Kuwaiti Shareholding Closed
Company – KSC (C)
Commercial Reg. No. : 114772
Trade Licence No. : 5039/2009
Chamber Member No. : 113907
Issued Capital : KD 2,980,000
Paid up Capital : KD 2,980,000
Name of Shareholder
(s) Percentage
·
Tamdeen Group 51.00%
Safat
·
Retail Arabia 48.61%
Dubai
United Arab Emirates
·
Mahzer Babers 0.13%
·
Ayoub Sheikh 0.13%
·
Burhan Eddine Abdul Hassan 0.13%
Activities: Subject’s operations are performed through
the following divisions:
·
Geant Hypermarket Division
Engaged as operators of a
chain of hypermarkets.
·
Geant Easy Division
Engaged as operators of a chain of supermarkets.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of approximately 700 employees.
Companies
registered in Kuwait are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
·
Commercial
Bank of Kuwait SAK
Mubarak Al Kabir Street
PO Box: 2861
Safat 13029
Tel: (965) 22411001
Fax: (965) 22450150
No complaints regarding
subject’s payments have been reported.
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.54.03 |
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UK Pound |
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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.