MIRA INFORM REPORT

 

 

Report Date :

25.09.2014

 

IDENTIFICATION DETAILS

 

Name :

STAR FRUIT COMPANY FOR FOOD PRODUCTS VEGETABLES AND FRUITS WLL

 

 

Formerly Known As :

STAR FRUIT COMPANY

 

 

Registered Office :

Shuwaikh Industrial Area, 34328 Shuwaikh 73254

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

1993

 

 

Com. Reg. No.:

321458

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Engaged in the import and distribution of fruit and vegetables for hotels and restaurants.

 

 

No. of Employees :

75

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Kuwait

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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 - 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

 

 

SUMMARY

 

Company Name                                     : STAR FRUIT COMPANY FOR FOOD PRODUCTS VEGETABLES AND FRUITS WLL

Also Known As                                      : STAR FRUIT COMPANY

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability – WLL

Start Date                                             : 1993

Registration Date                                   : 10th September 2007

Commercial Registration Number            : 321458

Chamber Membership Number                : 110954

Issued Capital                                        : KD 50,000

Paid up Capital                                      : KD 50,000

Total Workforce                                     : 75

Activities                                               : Distributors of fruit and vegetables

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Taha Hassan, Financial Controller

COMPANY NAME

 

STAR FRUIT COMPANY FOR FOOD PRODUCTS VEGETABLES AND FRUITS WLL

 

ALSO KNOWN AS: STAR FRUIT COMPANY

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Shuwaikh Industrial Area

 

PO Box             : 34328

 

Town                 : Shuwaikh 73254

Country             : Kuwait

 

Telephone         : (965) 24915653 / 24929116

Facsimile          : (965) 24825823

Mobile               : (965) 99611826 / 99790216

Email                : starfruitco@gmail.com / info@starfruitco.com

 

Premises

 

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Industrial Area of Shuwaikh.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                                 Position

 

·       Abdul Rahman Hussain Saroor                       Lebanese                                  Managing Director

 

·       Faisal Dawood Sulaiman Al Basiri                  Kuwaiti                                      Director

 

·       Yasser Salah                                                     -                                          Accounts Manager

 

·       Jamal Nasser                                                     -                                          Sales Manager

 

·       Taha Hassan                                                     -                                          Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1993, however subject was registered on 10th September 2007

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 321458

 

Chamber Member No. : 110954

 

Issued Capital              : KD 50,000

 

Paid up Capital            : KD 50,000

 

Name of Shareholder (s)

 

·       Abdul Rahman Hussain Saroor                      

 

·       Faisal Dawood Sulaiman Al Basiri

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of fruit and vegetables for hotels and restaurants.

 

Import Countries: United States of America and the Netherlands

 

International Suppliers:

 

·       Paramount Inc                      United States of America

·       BE-Fresh                              Netherlands

·       Greenery                              Netherlands

 

Operating Trend: Steady

 

Subject has a workforce of 75 employees.

 

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/12:                Year Ending 31/12/13:

 

Total Revenue                            KD 3,800,000                            KD 4,100,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Commercial Bank of Kuwait SAK

     Shuwaikh

     Tel: (965) 24814643

     Fax: (965) 24837952

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.61.02

UK Pound

1

Rs.99.99

Euro

1

Rs.78.37

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.