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Report Date : |
24.04.2013 |
IDENTIFICATION DETAILS
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Name : |
THE SULTAN CENTER FOOD PRODUCTS CO KSCC |
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Registered Office : |
Sultan Bin Essa Complex, Building 44, Street 7, Block 1, Area 19,
Shuwaikh Industrial Area, P O 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 : |
7500 employees |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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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) |
|
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 :
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
THE SULTAN CENTER
Registered &
Physical Address
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
Premises
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
Name of Shareholder
(s) Percentage
· Khalid Sultan Al
Essa 9.8%
· Abdullah Sultan Al
Essa 9.4%
· Faisal Jameel
Sultan Al Essa 9.1%
· Jameel Abdullah
Sultan Al Essa 8.8%
· Anwar Sultan Al
Essa 6.9%
· Local businessmen
and private investors 56.0%
·
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 |
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|
|
|
|
LIABILITIES |
|
|
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CURRENT
LIABILITIES |
204.465 |
225.486 |
|
LONG TERM
LIABILITIES |
30.981 |
25.319 |
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TOTAL
LIABILITIES |
235.446 |
250.805 |
|
|
|
|
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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.
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.54.30 |
|
UK Pound |
1 |
Rs.82.88 |
|
Euro |
1 |
Rs.70.80 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.