MIRA INFORM REPORT

 

 

Report Date :

13.04.2013

 

IDENTIFICATION DETAILS

 

Name :

CITY CENTRE KUWAIT TRADING KSCC

 

 

Registered Office :

City Centre Hypermarket, Pepsi Cola Street, Shuwaikh Industrial Area, 63 Souk Al Dakhili 15251

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

04.04.1998

 

 

Com. Reg. No.:

72455

 

 

Legal Form :

Kuwaiti Shareholding Closed Company - KSCC

 

 

Line of Business :

Operators of hypermarkets

 

 

No. of Employees :

63

 

 

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

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

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 104 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 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 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

 

SUMMARY

 

Company Name                                     : CITY CENTRE KUWAIT TRADING KSCC

Country of Origin                                    : Kuwait

Legal Form                                            : Kuwaiti Shareholding Closed Company - KSCC

Registration Date                                   : 4th April 1998

Commercial Registration Number            : 72455

Trade Licence Number                            : 1536/2006

Chamber Membership Number                : 55557

Issued Capital                                        : KD 10,000,000

Paid up Capital                                      : KD 10,000,000

Total Workforce                                     : 700

Activities                                               : Operators of hypermarkets

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Sandish Menon, Financial Manager

 

 

 

COMPANY NAME

 

CITY CENTRE KUWAIT TRADING KSCC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : City Centre Hypermarket

Street               : Pepsi Cola Street

Area                 : Shuwaikh Industrial Area

 

PO Box             : 63

 

Town                 : Souk Al Dakhili 15251

Country             : Kuwait

 

Telephone         : (965) 1805222

Facsimile          : (965) 24824378 / 24813530

Email                : admin1@citycentre.com.kw / info@citycentre.com.kw

 

Premises

 

Subject operates from a large suite of offices and a hypermarket that are owned and located in the Industrial Area of Souk Al Dakhili.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       City Centre Hypermarket                                                                    Hypermarket

Salmiya Souq

Salmiya

Tel: (965) 25712250

Fax: (965) 25712260

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Jassim Yaqoob Jassim Al Ghanim                                                      Managing Director

 

·       Adel Yaqoob Jassim Al Ghanim                                                         Director

 

·       Marzooq Adel Yaqoob Jassim Al Ghanim                                            Director

 

·       Sandish Menon                                                                                 Financial Manager

 

·       Abdullah Hulaiby                                                                               Administration Manager

 

·       Rahul Mahashani                                                                              Marketing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 4th April 1998

 

Legal Form                  : Kuwaiti Shareholding Closed Company - KSCC

 

Commercial Reg. No.  : 72455

 

Trade Licence No.       : 1536/2006

 

Chamber Member No. : 55557

 

Issued Capital              : KD 10,000,000

 

Paid up Capital            : KD 10,000,000

 

Name of Shareholder (s)                                               Percentage

 

·       City Centre International                                                         49.00%

Safat

 

·       Nada Yaqoob Al Ghanim                                                        16.00%

                                                                              

·       KIPCO                                                                                 10.00%

 

·       Investment and Finance Co                                                      5.50%

 

·       Burgan Bank                                                               2.20%

 

·       Jassim Yaqoob Jassim Al Ghanim                                            1.07%                        

                                                                                   

·       Adel Yaqoob Jassim Al Ghanim                                               1.00%

                                                                                   

·       Marzooq Adel Yaqoob Jassim Al Ghanim                                  1.00%

                                                                              

·       Mohamed Sayed Akili                                                              1.00%

 

·       Faisal Nasser Al Qattam                                                          1.00%

 

·       Local businessmen a private investors                         12.23%

 

 

OPERATIONS

 

Activities: Engaged in the operation of hypermarkets offering the largest range of products including food, garments, house wares, electronics, beauty care and toys.

 

Import Countries: Europe and the Far East

 

Brand Names: CITY

 

Operating Trend: Steady

 

Subject has a workforce of approximately 700 employees.

 

 

FINANCIAL DATA

 

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 48,400,000                           KD 51,000,000

 

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

 

The above figures were provided by Mr Sandish Menon, Financial Manager

 

 

BANKERS

 

·       Kuwait Finance House (KFH)

Safat Square

Abdullah Al Mubarak Street

PO Box: 24989

Safat 13110

Tel: (965) 22445050

Fax: (965) 22455135

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

 

GENERAL COMMENTS

 

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.54.44

UK Pound

1

Rs.83.77

Euro

1

Rs.71.33

 

 

INFORMATION DETAILS

 

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%)

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.