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Report Date : |
14.06.2013 |
IDENTIFICATION DETAILS
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Name : |
FOODYS INTERNATIONAL CO WLL |
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Registered Office : |
Al Hamra Tower, 33rd Floor, Office A, PO Box: 22448, Kuwait City |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
20.04.2009 |
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Com. Reg. No.: |
325666 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Distributors of general foodstuffs. |
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No. of Employees : |
20 |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 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.
|
Source
: CIA |
Company Name :
FOODYS INTERNATIONAL CO WLL
Country of Origin :
Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date :
20th April 2009
Commercial Registration Number :
325666
Trade Licence Number :
496/2008
Chamber Membership Number :
119115
Issued Capital :
KD 150,000
Paid up Capital :
KD 150,000
Total Workforce :
20
Activities :
Distributors of general foodstuffs.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Person Interviewed :
Jay Patel, Administration Manager
FOODYS INTERNATIONAL CO WLL
Registered &
Physical Address
Location : Al Hamra
Tower, 33rd Floor, Office A
PO Box : 22448
Town : Kuwait City
Country : Kuwait
Telephone : (965) 22212023
Facsimile : (965) 22212024
Mobile : (965)
60028449
Email : zakfoodys@sadita.net
/ zakfoodys@gmail.com
Please note that subject’s previous address was, Building No. 156, 1st
Floor, Block No. 1, Street No. 1, Ardiya Industrial Area, Safat.
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Industrial Area of Kuwait City.
Name Position
Fouzan Saud Abdulaziz Al Fouzan Managing
Director
Saud Fouzan Saud Abdulaziz Al Fouzan Director
Zaher Fouad Al Khateeb Chief
Executive Officer
Zakaria Farghal General
Manager
Mohamed Ormair Financial
Manager
Jay Patel Administration
Manager
Date of Establishment : 20th
April 2009
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 325666
Trade Licence No. : 496/2008
Chamber Member No. : 119115
Issued Capital : KD 150,000
Paid up Capital : KD 150,000
Name of
Shareholder (s)
Fouzan Saud Abdulaziz Al Fouzan
Saud Fouzan Saud Abdulaziz Al Fouzan
Sadita Holding KSC(C)
Safat
Kuwait Protein Co WLL
PO Box: 2243
Safat
Pharma Land Co
Al Sultan Foodstuff Company
Food Choice Co
Farm Land General Trading Company
Multi Brands for Trading Co Ltd
Arizona Trading Company
El Marwa for Preserving & Freezing
Asnaf Trading Company
Top Kitchens General Trading Co WLL
Jana International Company
Crown Micro
Crown CIS
Komax General Trading and Contracting Company
Best-I-Net Company
Hi Con Contractors and Consultant Company
Modern Cleaning Methods Company WLL
Al Baraka Company
Activities: Engaged in the import and
distribution of general foodstuffs, including canned fruits and vegetables,
oil, cheese, pasta, vinegar and table sauces.
Import Countries: Europe
and the Far East
Brand Names: MATERNA, AL JAMAL
CEYLON TEA, BOOZZ, BOULOS, VANOISE, NIGHT ORIENT, GOLDEN MIE, MAGIC BEN 10,
VANDAMM HALAL MARSHMALLOWS, SICAM TOMATOES, HARISSA, GOLDINA
Subject has a workforce of 20 employees.
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinars (KD)
Year Ending 31/12/11: Year Ending 31/12/12:
Total Sales KD
3,875,000 KD
4,500,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Jay Patel, Administration Manager
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.
The PO Box number provided (2243) belongs to a company called “Kuwait
Protein Co WLL”.
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.58.41 |
|
|
1 |
Rs.91.62 |
|
Euro |
1 |
Rs.78.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
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 |
|
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 |
|
---- |
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.