MIRA INFORM REPORT

 

 

Report Date :

30.12.2014

 

IDENTIFICATION DETAILS

 

Name :

GRAND HYPERMARKET CENTER CO WLL

 

 

Registered Office :

Al Buraq Mall, Ibn Khaldoun Street, Hawalli

 

 

Country :

Kuwait

 

 

Date of Incorporation :

21.09.2010

 

 

Com. Reg. No.:

336184

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Operation of Hypermarkets and Shopping Outlets

 

 

No. of Employees :

380

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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                                    : GRAND HYPERMARKET CENTER CO WLL

Country of Origin                                   : Kuwait

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 21st September 2010

Commercial Registration Number           : 336184

Chamber Membership Number               : 124936

Issued Capital                                       : KD 1,000,000

Paid up Capital                                     : KD 1,000,000

Total Workforce                         : 380

Activities                                               : Operation of hypermarkets and shopping outlets.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

 

COMPANY NAME

 

GRAND HYPERMARKET CENTER CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Al Buraq Mall

Street               : Ibn Khaldoun Street

 

Town                : Hawalli

Country : Kuwait

 

Telephone         : (965) 22671551 / 22671552 / 22671553 / 66001718

Facsimile          : (965) 22671550

Mobile              : (965) 94936862

 

Premises

 

Subject operates from a medium sized suite of offices and a hypermarket that are rented and located in the Central Business Area of Hawalli.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Makkah Street                                                                                   Hyper Market

Al Fahaheel

Tel: (965) 23934040

Fax: (965) 23934041

 

·       Souk Al Watiya, Mezzanine Floor                                                       Hyper Market    

Maliya

Tel: (965) 22433037

Fax: (965) 22425137

 

·       Block 7/8, Building No. 30,31,32,AB                                                  Hyper Market

Jleeb Al Shuyoukh

Tel: (965) 24312253

 

·       Shop No. 1, Building 841                                                                  Shop

Block 4, Street No. 23

Mangaf

 

·       Shop No. 1, Building 42                                                                    Shop

Block 1, Street No. 6

Abu Halifa

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Anfar Ameen Shaylat                                                                        Managing Director

 

·       Jassim Mohamed Khamees Al Sharah                                               Director

 

·       Nourah Jassim Mohamed Khamees Al Sharah                                    Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 21st September 2010

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 336184

 

Chamber Member No.  : 124936

 

Issued Capital              : KD 1,000,000

 

Paid up Capital            : KD 1,000,000

 

Name of Shareholder (s)

 

·       Anfar Ameen Shaylat                                                                       

 

·       Jassim Mohamed Khamees Al Sharah                                              

 

·       Nourah Jassim Mohamed Khamees Al Sharah

 

 

OPERATIONS

 

Activities: Engaged in the operation of hypermarkets and shopping outlets.

 

Import Countries: Europe and the Far East

 

Subject has a workforce of 380 employees.

 

 

FINANCIAL DATA

 

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.

 

 

BANKERS

 

·       National Bank of Kuwait SAK

Hawalli

Tel: (965) 22653303 / 22645964

Fax: (965) 22611366

    

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that the correct name of the subject is “Grand Hypermarket Center Co WLL” and not “Grand Hyper Central Market”.

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.65

UK Pound

1

Rs.99.14

Euro

1

Rs.77.60

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIT

 

               

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.