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MIRA INFORM REPORT
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Report No. : |
488656 |
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Report Date : |
02.02.2018 |
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) : |
31.12.2017 |
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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 – KSCC |
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Line of Business : |
Subject is engaged as Operators of a Hypermarket. |
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No. of Employees : |
150 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Kuwait |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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. Kuwaiti officials plan to increase production to 4 million barrels of
oil equivalent per day by 2020. Petroleum accounts for over half of GDP, 92% of
export revenues, and 90% of government income.
In 2015, Kuwait, for the first time in 15 years, realized a budget
deficit after decades of high oil prices; in 2016, the deficit grew to 16.5% of
GDP. Kuwaiti authorities announced cuts to fuel subsidies in August 2016,
provoking outrage among the public and National Assembly, and the Amir
dissolved the government for the seventh time in ten years. In 2017 the deficit
was reduced to 7.2% of GDP. Despite Kuwait’s dependence on oil, the government
has cushioned itself against the impact of lower oil prices, by saving annually
at least 10% of government revenue in the Fund for Future Generations.
Kuwait has failed to diversify its economy or bolster the private
sector, because of a poor business climate, a large public sector that employs
about 76% of citizens, and an acrimonious relationship between the National
Assembly and the executive branch that has stymied most economic reforms. The
Kuwaiti Government has made little progress on its long-term economic
development plan first passed in 2010. While the government planned to spend up
to $104 billion over four years to diversify the economy, attract more
investment, and boost private sector participation in the economy, many of the
projects did not materialize because of an uncertain political situation or
delays in awarding contracts.
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Source
: CIA |
SUMMARY
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 10,000,000
Paid up Capital :
KD 10,000,000
Total Workforce :
150
Activities :
Operators of a hypermarket
Financial Condition :
Good
Payments :
Regular
Operating Trend :
Steady
COMPANY
NAME
CITY CENTRE COMMERCIAL CO KSCC
ADDRESS
Registered &
Physical Address
Street : Pepsi Cola
Street
Area : Shuwaikh
Industrial Area
PO Box :
28109 & 63
Town : Safat 13142
Country : Kuwait
Telephone : (965) 1805222 /
24824379 / 22282288 / 22282270
Facsimile : (965) 24813530
/ 24824378 / 24912927
Mobile : (965)
94065843 / 97200417
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
KEY
PRINCIPALS
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
Wilfred Chepron Operations
Manager
Sandish Menon Finance
Manager
Rahul Maheshari Marketing
Manager
LEGAL
FORM & OWNERS
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 10,000,000
Paid up Capital : KD 10,000,000
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 International Co WLL
Safat
AFFILIATED
COMPANIES
City Centre United WLL
Safat
City Centre
Commercial Co Ltd
Erbil
Iraq
OPERATIONS
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
DATA
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinars (KD)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales KD
64,250,000 KD
68,400,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
BANKERS
Burgan Bank
PO Box: 5875
Safat 13054
Tel: (965) 22410818
Fax: (965) 22410819
PAYMENT
HISTORY
Regular
GENERAL
COMMENTS
The subject and its shareholders/owners have been searched in the
following databases; Office of Foreign Assets Control (OFAC), United Nations
Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
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 |
INR 63.61 |
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1 |
INR 90.17 |
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Euro |
1 |
INR 78.95 |
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KWD |
1 |
INR 213.85 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on secured
terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
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Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.