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Report Date : |
06.11.2014 |
IDENTIFICATION DETAILS
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Name : |
CITY CENTRE COMMERCIAL CO KSCC |
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Registered Office : |
Pepsi Cola Street, Shuwaikh Industrial Area, PO Box 28109 & 63,
Safat 13142 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
04.04.1998 |
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Com. Reg. No.: |
72455 |
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Legal Form : |
Kuwaiti Shareholding Closed Company |
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Line of Business : |
· Subject is 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. |
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No of Employees : |
150 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Kuwait |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
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 Hypermarket
Tel: (965) 25712250
Fax: (965) 25712260
Dajeej Hypermarket
Tel: (965) 24335393
Jahara Hypermarket
Tel: (965) 22288222
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 Wiles 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.
Subject plans to open up to 10 stores in Iraqi Kurdistan. The company opened its first hypermarket in Iraqi Kurdistan in Erbil’s Majidi Mall Shopping & Entertaining Centre in November 2009. It has since opened two more hypermarkets in the region. The three have combined floor space of 23,000 square metres.
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 31/12/12: Year Ending 31/12/13:
Total Sales KD
38,000,000 KD
40,200,000
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
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|
1 |
Rs.98.06 |
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Euro |
1 |
Rs.76.67 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.