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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

488385

Report Date :

02.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

AL SUNDUS FOODSTUFF FRUITS & VEGETABLES CO WLL

 

 

Registered Office :

Qasar Al Ahmar Complex, Block No. 24 (7&8), 1st Floor, Office No. 6, Jaleeb Al Shuwaikh

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2017

 

 

Date of Incorporation :

22.08.2004

 

 

Com. Reg. No.:

350598

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Subject is engaged in the wholesale and retail of general foodstuffs, including fruit and vegetables

 

 

No. of Employees :

28

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Kuwait

A1

A1

 

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. Kuwaiti officials plan to increase production to 4 million barrels of oil equivalent per day by 2020. Petroleum accounts for over half of GDP, 92% of export revenues, and 90% of government income.

In 2015, Kuwait, for the first time in 15 years, realized a budget deficit after decades of high oil prices; in 2016, the deficit grew to 16.5% of GDP. Kuwaiti authorities announced cuts to fuel subsidies in August 2016, provoking outrage among the public and National Assembly, and the Amir dissolved the government for the seventh time in ten years. In 2017 the deficit was reduced to 7.2% of GDP. Despite Kuwait’s dependence on oil, the government has cushioned itself against the impact of lower oil prices, by saving annually at least 10% of government revenue in the Fund for Future Generations.

Kuwait has failed to diversify its economy or bolster the private sector, because of a poor business climate, a large public sector that employs about 76% of citizens, and an acrimonious relationship between the National Assembly and the executive branch that has stymied most economic reforms. The Kuwaiti Government has made little progress on its long-term economic development plan first passed in 2010. While the government planned to spend up to $104 billion over four years to diversify the economy, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of an uncertain political situation or delays in awarding contracts.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : AL SUNDUS FOODSTUFF FRUITS & VEGETABLES CO WLL

Country of Origin                                   : Kuwait

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 22nd August 2004

Commercial Registration Number           : 350598

Chamber Membership Number               : 90234

Issued Capital                                       : KD 20,000

Paid up Capital                                     : KD 20,000

Total Workforce                                                : 28

Activities                                               : Wholesalers and retailers of general foodstuffs

Financial Condition                                : Fair

Payments                                             : No complaints

Operating Trend                                    : Steady

 

 

 

 

COMPANY NAME

 

AL SUNDUS FOODSTUFF FRUITS & VEGETABLES CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Qasar Al Ahmar Complex, Block No. 24 (7&8), 1st Floor, Office No. 6

Town                : Jaleeb Al Shuwaikh

Country : Kuwait

Telephone         : (965) 24334765 / 24738319

Facsimile          : (965) 24334765

Mobile              : (965) 96006388 / 96006377 / 50933166 / 99512986 / 99713158 / 99489158

Email                : bilalfaheem@hotmail.com / info@alsundusfood.com

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Jaleeb Al Shuwaikh.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Fruit & Veg Market                                                                            Showroom premises

Sulaibiah

Mob: (965) 50933166

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Moayad Hussain Ali Bu Abbass                    Kuwaiti                          Managing Director

 

·       Mohamed Ghulam Latif Rahman                    Bangladeshi                  Director

 

·       Mohamed Fahim Mohamed                           Pakistani                       Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 22nd August 2004

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 350598

 

Chamber Member No.  : 90234

 

Issued Capital              : KD 20,000

 

Paid up Capital            : KD 20,000

 

Name of Shareholder (s)

 

·       Moayad Hussain Ali Bu Abbass

 

·       Mohamed Ghulam Latif Rahman

 

·       Mohamed Fahim Mohamed

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of general foodstuffs, including fruit and vegetables.

 

Import Countries: Thailand, Bangladesh, Indonesia, Philippines, Pakistan and China

 

International Suppliers:

 

·       First Fresh Fruits Ltd                         Thailand

·       Asia Exotic Co                                 Thailand

·       Joy Enterprises                                Bangladesh

·       Shazco Traders                                Indonesia

·       Green Farm Exports                         Philippines

·       Pak Kinoo Factory                            Pakistan

·       Imran Qassim Trading Co                  Pakistan

·       Al Mahmood Establishment              Pakistan

·       Raza Traders                                    Pakistan

·       Nehal Enterprises                             Pakistan

·       Sheen Enterprises                            Pakistan

·       Green Co                                         Pakistan

·       Hameed Ranjha Kanoo                     Pakistan

·       Anqiu Kunlun Food Co Ltd                China

·       Laiwu Wanteng Trade Co Ltd China

·       Jining Petty Jade Food Co Ltd          China

 

Operating Trend: Steady

 

Subject has a workforce of 28 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/16:              Year Ending 31/12/17:

 

Total Sales                                KD 2,375,000                            KD 2,400,000

 

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

 

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

 

 

BANKERS

 

·       National Bank of Kuwait SAK

Shuwaikh

Tel: (965) 24813266 / 24818350

Fax: (965) 24844126

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that the correct name of the subject is “Al Sundus Foodstuff Fruits & Vegetables Co WLL” and not “Al Sundu Foods Stuff Fruits & Vegetables Company”.

 

The subject and its shareholders/owners have been searched in the following databases; Office of Foreign Assets Control (OFAC), United Nations Security Council Sanctions, Australian Sanctions List, US Consolidated Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and nothing adverse could be found on the exact names listed within the report.

 

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

INR 63.61

UK Pound

1

INR 89.32

Euro

1

INR 78.95

KWD

1

INR 214.03 

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRA

 

 

Report Prepared by :

SYL

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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