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Report Date : |
26.06.2014 |
IDENTIFICATION DETAILS
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Name : |
SULTAN CENTER TRADING AND GENERAL CONTRACTING COMPANY WLL |
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Registered Office : |
Sultan Bin Issa
Complex, 4th Ring Road, Farwaniya, P O Box 26567, Safat 13126 |
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Country : |
Kuwait |
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Date of Incorporation : |
16.09.1979 |
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Com. Reg. No.: |
28672, Safat |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Engaged as
operators of a shopping centre that contains a number of retail outlets
dealing in household products, toys and foodstuffs |
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No of Employees : |
1,400
(Approximately) |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Kuwait |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate 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. 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 |
Company Name : SULTAN CENTER TRADING AND GENERAL CONTRACTING
COMPANY WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 16th September 1979
Commercial Registration Number : 28672, Safat
Trade Licence Number : 78/301
Chamber Membership Number : 8594
Issued Capital : KD 4,010,000
Paid up Capital : KD 4,010,000
Total Workforce : 1,400
Activities : Operators of a shopping centre
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
SULTAN CENTER TRADING AND GENERAL
CONTRACTING COMPANY WLL
Registered &
Physical Address
Building : Sultan Bin Issa Complex
Street : 4th Ring Road
Area : Farwaniya
PO Box : 26567
Town : Safat 13126
Country : Kuwait
Telephone : (965) 22265343 / 24310494 / 24343155
/ 24341884
Facsimile : (965) 24341317 / 24312842 / 24319071
Email : vilas@sultan-center.com
Premises
Subject operates
from a large suite of offices and a shopping centre that are owned and located
in the Central Business Area of Safat.
Name Position
·
Jameel
Sultan Al Essa Chairman
·
Mohamed
Sultan Aboud Managing
Director
·
Aiman
Bader Sultan Al Essa Director
·
Abdulla
Sultan Bin Essa Director
·
Tariq A
Essa Director
·
Anwar
Sultan Al Essa Director
·
Bader
Sultan Bin Essa Director
·
Reyad
M. Al Essa Director
Date of Establishment : 16th
September 1979
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 28672, Safat
Trade Licence No. : 78/301
Chamber Member No. : 8594
Issued Capital : KD 4,010,000
Paid up Capital : KD 4,010,000
Name of Shareholder
(s) Percentage
·
The
Sultan Center Food Products Co KSC 100%
Safat
Kuwait
Activities: Engaged as operators of a shopping centre
that contains a number of retail outlets dealing in household products, toys
and foodstuffs.
Import
Countries: Europe and the
United States of America
International
Suppliers:
·
Meccano France
·
Sabco France
·
Ekro The Netherlands
·
Gold
Kenn Switzerland
·
Lego Denmark
·
Shurfine United States of America
Subject has a
workforce of approximately 1,400 employees.
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.
·
National
Bank of Kuwait SAK
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax:
(965) 23985643
·
Commercial
Bank of Kuwait
Mubarak Al Kabir Street
PO Box: 2861
Safat 13029
Tel: (965) 22411001
Fax: (965) 22450150
No complaints regarding
subject’s payments have been reported.
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
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.60.28 |
|
|
1 |
Rs.102.28 |
|
Euro |
1 |
Rs.82.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
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.