MIRA INFORM REPORT
|
Report Date : |
25.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
CITY CENTRE COMMERCIAL CO KSCC |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
04.04.1998 |
|
|
|
|
Com. Reg. No.: |
72455 |
|
|
|
|
Legal Form : |
Kuwaiti Shareholding Closed Company |
|
|
|
|
Line of Business : |
Engaged as operators
of a hypermarket. Subject’s range of products includes food, garments, house wares, electronics, beauty care products and toys. The hypermarket also includes a play area and entertainment for children. |
|
|
|
|
No. of Employees : |
150 |
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 : |
Regular |
|
|
|
|
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 - 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 and 2012 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 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.
|
Source : CIA |
Company Name : CITY CENTRE COMMERCIAL CO 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 4,500,000
Paid up Capital : KD 4,500,000
Total Workforce : 150
Activities : Operators of a hypermarket.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
CITY CENTRE
COMMERCIAL CO KSCC
Registered & Physical
Address
Street : Pepsi Cola Street
Area : Shuwaikh Industrial Area
PO Box : 28109 & 63
Town : Safat 13142
Country : Kuwait
Telephone : (965) 1805222 / 24824379
Facsimile : (965) 24813530 / 24824378
Email : acct2@citycentre.com.kw / acct1@citycentre.com.kw
/ rahul@citycentre.com.kw
Premises
Subject operates from
a suite of offices and a hypermarket covering 10,000 square metres that are
owned and located in the Industrial Area of Safat.
Branch Office (s)
Location Description
·
Salimya Souq Office
premises
Tel: (965) 25712250
Fax: (965)
25712260
Name Position
·
Adel Yacoub Al Ghanem Chairman
·
Jassim Yacoub Al Ghanem Vice
Chairman
·
Kholoud Yacoub Al Ghanem Director
·
Marzouk Adel Al Ghanem Director
·
Faisal Yousef Al Qattam Director
·
David Wales Operations
Manager
·
Sandish Menon Finance
Manager
·
Rahul Maheshari Marketing
Manager
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 4,500,000
Paid up Capital : KD 4,500,000
Name of
Shareholder (s)
·
Adel Yacoub Al Ghanem
·
Jassim Yacoub Al Ghanem
·
Kholoud Yacoub Al Ghanem
·
Marzouk Adel Al Ghanem
·
Faisal Yousef Al Qattam
·
City Centre United WLL
Safat
Activities: Engaged as operators of a hypermarket.
Subject’s range of products includes, food, garments, house wares, electronics, beauty care products and toys.
The hypermarket also includes a play area and entertainment for children.
City Centre
is one of Kuwait’s largest hypermarkets.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of approximately 150 employees.
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinars (KD)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Revenue KD 36,800,000 KD 38,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
Burgan
Bank
PO Box: 5875
Safat 13054
Tel: (965) 22410818
Fax: (965) 22410819
No complaints
regarding subject’s payments have been reported.
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.62.18 |
|
|
1 |
Rs.103.38 |
|
Euro |
1 |
Rs.85.09 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.