MIRA INFORM REPORT

 

 

Report Date :

19.03.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

City Centre International General Trading Company WLL

 

 

Formerly Known As :

CITY CENTRE COMMERCIAL COmpany  KSCC

 

 

Registered Office :

Bldg 6, Office 1 Pepsi Cola Street, Block 40,Opposite To Zain Building P O Box No.281009, Safat 13142

 

 

Country :

Kuwait

 

 

Year Of Establishment

1999

 

 

Com. Reg. No.:

170/89

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importers, wholesalers and retailers of furniture, house wares, electronics, garments, carpets and rugs

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

KD 1200,000

Status :

Good

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Kuwait

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY NAME

 

City Centre International General Trading Company WLL

 (Correct)

City Centre Commercial Company KSCC (Requested)

 

 

COMPANY ADDRESS

 

Building   :                        Bldg 6, Office 1

Street     :                          Pepsi Cola Street, Block 40

Area       :                          Opposite to Zain Building

P.O.Box No.:                    281009

Town       :                        Safat 13142

Country    :                       Kuwait

Telephone  :                    (965) 1805 2222

Fax        :                          (965) 2481 3530

E-Mail     :                        citycenter@qualitynet.net

 

Formerly known as   :   City Centre General Trading Group, City Centre

                                        Commercial Company KSCC (closed)

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                        Position

 

1. Adel Yacoub Al Ghanim           Chairman

 

2. Jassem Al Ghanim                   Chief Executive Officer

 

3. Khulood Al Ghanim                  Administration Manager

 

4. Aigi Gown                                General Manager

 

5. Sandesh Menon                      Accounting Manager

 

Total Employees :                        720 (subject and affiliates)

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

We consider it is acceptable to deal with subject for LARGE amounts.

 

Opinion on maximum credit: KD 1,200,000

 

Trade risk assessment: Normal

 

Opinion on the credit figure of US DLRS 150,000 / 90 days:

 

We consider the above figure to be within the company's financial

Capabilities.

 

 

PRINCIPAL BANKERS

 

NAME     :           NATIONAL BANK OF KUWAIT SAK

 

Branch   :            Abdullah Al Salem Street

P.O. Box :           95

Town     :            Safat 13001

 

Telephone:         (965) 2242 2011

Fax      :               (965) 2246 4156     

 

The company also has an account with the following banks:

 

1. Burgan bank SAK

   Ahmed Al Jaber Street

   PO Box   :           5389

   Safat                  13054

   Telephone:        (965) 2243 9000

   Fax      :             (965) 2246 1148

 

2. Al Ahli United Bank (Kuwait)

   Ahmed Al Jaber Street

   PO Box   :          2616

   Safat                  13027

   Telephone:         (965) 2243 8156

   Fax      :              (965) 2240 2943

 

 

FINANCIAL INFORMATION

 

Private companies in Kuwait are not required to publish or disclose balance sheets. However, the subject interviewed offered

the following information :

 

Sales Turnover :

 

 KD 60,000,000 – 2006 - exact

 KD 55,000,000 - 2007 – exact

 KD 60,000,000 - 2008 - exact

 KD 60,000,000 - 2009 - exact

 KD 33,000,000 – 2010 – exact

  KD 60,000,000 - 2010 - projected

 

Net Profit           : not given, but stated to be 6%-7% of the  

                              sales

 

Group total invested capital KD 45,000,000

 

* 6 months results (January - June).

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 1999

 

History : Subject was established in Kuwait in 1999 under the name

 "City Centre General Trading Group". In 2006, subject

  changed its name to "City Centre Commercial Company KSCC

  (closed)" with the following shareholders:  Adel Yakoub Al

  Ghanim, Kettami, Mohammad Akili, Mr Lal and other

   shareholders. On 2 April 2007, subject's name, legal status

   nd shareholding structure changed to present.

 

C.R. No. :                         170/89

 

KCCI Membership No:      107994 (expiry date: 9 September 2011)

 

Authorised Capital :           KD 10,000,000 (increased from KD 7,500,000)

 

Paid-Up Capital :               KD 10,000,000 (increased from KD 7,500,000)

 

 

 Limited Liability Company  with the following  shareholders :

 

1. Adel Yakoub Al Ghanim

   ( Kuwaiti national)

 

2. Jassim Yakoub Al Ghanim

   (Brother of the above)

 

3. Marzouq Adel Al Ghanim

   (Son of the above)

 

4. Mohammad Saed Aquilli

   (UAE national)

 

5. Faisal AL Qatami

   (Kuwaiti national)

 

6. Other undisclosed shareholders.

 

Affiliated companies of City Centre International General Trading

Company WLL :

 

 

Associates

 

1. City Centre United General Trading Co

(formerly Kuwait Home Depot General Trading Co)

P.O. Box :   28109

Safat         13142

 

2. City Centre Mall

Arbil

Iraq

Telephone:       (964 75) 441 4467

Main Branches

- City Centre HyperMarket

Pepsi Cola Street, Block 40

Opposite to Zain Building

Shuwaikh, Kuwait.

Telephone   : (965) 1805 2222

Fax         : (965( 2481 3530

- City Centre HyperMarket

Salmiya Souq, Near Passport Office,

Salmiya, Kuwait

Telephone  : (965) 2571 2250

Fax        : (965) 2571 2260

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Importers, wholesalers and retailers of furniture, housewares,

Electronics, garments, carpets and rugs.

 

Imports from Europe and Malaysia.

 

Subject does not export, all sales are domestic

 

 

FACILITIES

 

The Company has the following facilities :

 

Premises comprising offices, two showrooms and storage facilities

located at the heading address

 

 

SPECIAL NOTE

 

You enquired on: City Centre Commercial Company KSCC. Please note that the correct name is as per heading.  

 

The telephone numbers which you provided: 965 805 222 has been

changed to 1805 2222.

 

Telephone numbers in Kuwait have been changed. Please note that the

correct telephone numbers are as per heading.

 

Interviewed: Sandesh Menon (Accounting Manager)

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.09

UK Pound

1

Rs.72.82

Euro

1

Rs.63.43

 

 

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

 

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%)

 

 

 

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.