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Report Date : |
20.11.2013 |
IDENTIFICATION DETAILS
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Name : |
INTERNATIONAL FRUITS COMPANY WLL |
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Registered Office : |
Al Moutahida Building, 4th Floor, Office No. B2, Al Soor Street, Salhiya, PO Box : 992,
Fataz 51010, 22094 Safat 13080 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
15.03.1999 |
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Com. Reg. No.: |
80802 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Subject is engaged in the wholesale and retail of fruit and vegetables
as well as general foodstuffs. |
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No. of Employees : |
45 |
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 : INTERNATIONAL FRUITS COMPANY WLL
Country of Origin :
Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date :
15th March 1999
Commercial Registration Number :
80802
Trade Licence Number :
714/2000
Chamber Membership Number :
58350
Issued Capital :
KD 250,000
Paid up Capital :
KD 250,000
Total Workforce :
45
Activities :
Wholesale and retail of fruit and vegetables as well as general foodstuffs.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed :
Walaa Mohamed, Administration Executive
INTERNATIONAL FRUITS COMPANY WLL
Registered &
Physical Address
Building : Al Moutahida
Building, 4th Floor, Office No. B2
Street : Al Soor Street
Area : Salhiya
PO Box : 992, Fataz
51010
22094 Safat 13080
Town : Safat
Country : Kuwait
Telephone : (965) 22456779 / 22452553 / 22458244
Facsimile : (965) 22452554 / 22456779
Email : safwamsco@safwamsco.com / fruitco@hotmail.com
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Fataz.
Name Nationality Position
Emad Eddine Abdulaziz Al
Mohamed Syrian Managing
Director
Mariam Abdullah Mohamed
Qatan Kuwaiti Director
Yahya Yagoot - Finance
Manager
Samih Al Shayeb - Commercial
Manager
Mamoun Ahmed - Sales
Manager
Walaa Mohamed - Administration
Executive
Date of Establishment : 15th
March 1999
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 80802
Trade Licence No. : 714/2000
Chamber Member No. : 58350
Issued Capital : KD 250,000
Paid up Capital : KD 250,000
Name of
Shareholder (s) Percentage
Mariam Abdullah Mohamed
Qatan 51%
Emad Eddine Abdulaziz Al
Mohamed 49%
·
Al Safwa Medical Supplies WLL
Safat
Activities : Engaged in the
wholesale and retail of fruit and vegetables as well as general foodstuffs.
Subject
also operates a poultry farm.
Import Countries : Netherlands, Malaysia,
India and Saudi Arabia.
International Suppliers:
Brovini Netherlands
Mace World Malaysia
Omshree Co India
Arabian Parent & Stock Co Saudi
Arabia
Brand Names : GOLDEN EGG
Operating Trend : Steady
Subject has a workforce of 45 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
1,510,0000 KD
1,700,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
The Gulf Bank KSC
Mubarak Al Kabir Street
PO Box: 3200
Safat 13033
Tel: (965) 22449501
Fax: (965) 22445212
No complaints regarding subject’s payments have been reported.
Date of transaction October
2007
Credit amount 35,000
Amount overdue 0
Payment terms 30
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
Established in 1999, subject is involved in the wholesale and retail of
fruit and vegetables.
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.62.23 |
|
|
1 |
Rs.100.18 |
|
Euro |
1 |
Rs.84.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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.