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Report No. : |
321376 |
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Report Date : |
09.05.2015 |
IDENTIFICATION DETAILS
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Name : |
CITY STAR CENTRAL MARKETING CO WLL |
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Registered Office : |
Barsha Mall, Block No. 8, Tunis Street, PO Box 489, Hawalli |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
22.01.2011 |
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Com. Reg. No.: |
337990 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Engaged in the wholesale and retail of household products, kitchen
ware, home decor, stationery, readymade garments, cleaning products and toys. |
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No. of Employees : |
250 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Kuwait |
A2 |
A1 |
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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. Kuwaiti officials plan to increase oil production to 4
million barrels per day by 2020. Petroleum accounts for over half of GDP, 94%
of export revenues, and 89% of government income. For the last decade, high oil
prices have generated budget surpluses despite increasing budget expenditures,
particularly on wage hikes for public sector employees. Despite Kuwait’s
dependence on oil, the government has cushioned itself against the impact of
lower oil prices by continuous saving of at least 10% of government revenue in
the Fund for Future Generations. Kuwait has done little to diversify its
economy, in part, due to a poor business climate and an acrimonious
relationship between the National Assembly and the executive branch that has
stymied most economic reforms. In 2010, Kuwait passed its first long-term economic
development plan in almost twenty-five years. While the government planned to
spend up $104 billion over four years to diversify the economy away from oil,
attract more investment, and boost private sector participation in the economy,
many of the projects did not materialize because of the tenuous political
situation.
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Source
: CIA |
Company Name : CITY STAR CENTRAL MARKETING CO WLL
Country of Origin :
Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date :
22nd January 2011
Commercial Registration Number : 337990
Chamber Membership Number :
127675
Issued Capital :
KD 50,000
Paid up Capital :
KD 50,000
Total Workforce :
250
Activities :
Wholesalers and retailers of household
products, kitchen ware, home
decor, stationery, readymade
garments, cleaning products and toys.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed :
Mohamed Mazeed Faleh Al Rasheedi, Managing Director
CITY STAR CENTRAL MARKETING CO WLL
Registered &
Physical Address
Building :
Barsha Mall, Block No. 8
Street : Tunis Street
PO Box : 489
Town : Hawalli
Country : Kuwait
Telephone : (965) 22650260 / 22650270
Facsimile : (965) 22650280
Mobile : (965)
60665034 / 99396667
Email : ayman.s@citystarstores.com
/ mazen.m@citystarstores.com /
info@citystarstores.com
Premises
Subject operates from a large suite of offices and a showroom that are
rented and located in the Central Business Area of Hawalli.
Branch Office (s)
Location Description
Al Rai Showroom
premises
City Star Mall, Basement
4th Ring, Airport Way No. 55
Hawalli
Tel: (965) 24735038
Fax: (965) 24735039
Al Agilla Showroom premises
Part 4, Complex, Basement
Hawalli
Farwaniya Showroom
premises
Al Huda Complex, Basement
Habeeb Munawer Street
Hawalli
Tel: (965) 24735382
Name Nationality Position
Mohamed Mazeed Faleh Al Rasheedi Kuwaiti Managing Director
Hani Hussaim Marjee Lebanese Director
Mazen Mohamed Marjee Lebanese General Manager
Ayman Salloum - Sales
Manager
Ismail Khedir - Financial
Manager
Date of Establishment : 22nd
January 2011
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 337990
Chamber Member No. : 127675
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
Name of Shareholder (s)
Mohamed Mazeed Faleh Al Rasheedi
Hani Hussaim Marjee
Mazen Mohamed Marjee
Activities: Engaged in the wholesale and retail of household products, kitchen
ware, home decor, stationery, readymade garments, cleaning products and toys.
Import Countries: Europe and GCC countries.
Operating Trend: Steady
Subject has a workforce of approximately 250 employees.
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinars (KD)
Year Ending 31/12/13: Year Ending 31/12/14:
Total Sales KD
5,700,000 KD
6,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Kuwait Finance House (KFH)
Safat Square
Abdullah Al Mubarak Street
PO Box: 24989
Safat 13110
Tel: (965) 22445050
Fax: (965) 22455135
No complaints regarding subject’s payments have been reported.
Please note that the correct name of the subject is “City Star Central
Marketing Co WLL” and not “City Star Central Markets Co”.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.64.05 |
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|
1 |
Rs.99.04 |
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Euro |
1 |
Rs.71.76 |
INFORMATION DETAILS
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Analysis Done by
: |
SAN |
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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 |
-- |
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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.