|
Report Date : |
28.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
FIRST MODERN CO FOR POULTRY |
|
|
|
|
Registered Office : |
Al Rai Industrial
Area, Plot No. 46, 2050 Safat 10321 |
|
|
|
|
Country : |
Kuwait |
|
|
|
|
Date of Incorporation : |
15.02.1977 |
|
|
|
|
Com. Reg. No.: |
14738 |
|
|
|
|
Legal Form : |
With Limited
Liability - WLL |
|
|
|
|
Line of Business : |
Engaged in the operation
of poultry and egg laying farms. |
|
|
|
|
No. of Employees |
300 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Kuwait |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
KUWAIT - ECONOMIC OVERVIEW
Kuwait has a geographically
small, but wealthy, relatively open economy with crude oil reserves of about
102 billion barrels - more than 6% 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. Budget surpluses have stayed around 30% of GDP, which
has led to higher budget expenditures, particularly wage hikes for many public
sector employees, as well as increased allotments to Kuwait’s Future
Generations Fund. 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, though much of these funds have yet to be allocated
|
Source
: CIA |
Company Name : FIRST MODERN CO FOR POULTRY
Country of Origin : Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date : 15th
February 1977
Commercial
Registration Number : 14738
Trade Licence
Number :
1803/77
Chamber Membership
Number : 5036
Issued Capital : KD
2,000,000
Paid up Capital : KD
2,000,000
Total Workforce : 300
Activities :
Operators of poultry and egg laying farms
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
FIRST MODERN CO FOR
POULTRY
Location : Al Rai Industrial Area, Plot No.
46
PO Box : 2050
Town : Safat 10321
Country : Kuwait
Telephone : (965) 24769260 / 22419149 / 23900242
/ 22429609 / 23810375
Facsimile : (965) 24729330 / 22429609
Mobile : (965) 99444268
Email : mohamed.aboalazz@yahoo.com
Subject operates
from a large suite of offices that are rented and located in the Industrial
Area of Safat.
Branch Office
(s)
Location Description
·
Al
Wafra Area Farm
Name Position
·
Abdulaziz
Abdulrahman Al Jassar Managing
Director
·
Jassim
Mohamed Hamad Boudai Director
·
Mohamed
Hussain Ahmedi Dashti Director
·
Mohamed
Abu Al Ezza Commercial
Manager
·
Mahmoud
Lotfy Accounts
Manager
·
Abu
Zaid Abu Al Ezza Farm
Manager
Date of Establishment : 15th
February 1977
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 14738
Trade
Licence No. : 1803/77
Chamber Member No. : 5036
Issued Capital : KD 2,000,000
Paid up Capital : KD 2,000,000
·
Abdulaziz
Abdulrahman Al Jassar
·
Jassim
Mohamed Hamad Boudai
·
Mohamed
Hussain Ahmedi Dashti
Activities: Engaged in the operation of poultry and egg
laying farms.
Subject has a
workforce of approximately 300 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.
·
Burgan
Bank
PO Box: 5875
Safat 13054
Tel: (965) 22410818
Fax: (965) 22410819
No complaints
regarding subject’s payments have been reported.
According to local
sources, subject enjoys a good reputation for the quality of its products with
nothing detrimental uncovered regarding the manner in which operations are
conducted. As such the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.05 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.80.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
PDT |
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.