MIRA
INFORM REPORT
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Report Date : |
01.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
ASIA COUNTRIES CO FOR IRON TRADING & BUILDING CONTRACTING WLL |
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Registered Office : |
Al Safwaa Tower, 1st
Floor, Mubarak Al Kabir Street, PO Box 26880, Safat 13129 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
02.05.1981 |
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Com. Reg. No.: |
30935 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Wholesale of Scrap Metals and Building Materials |
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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Maximum Credit Limit : |
US$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : ASIA COUNTRIES CO FOR IRON TRADING & BUILDING CONTRACTING WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 2nd May 1981
Commercial Registration Number : 30935
Trade Licence Number : 5019/81
Chamber Membership Number : 10408
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
Total Workforce : 60
Activities : Wholesale of scrap metals and building materials
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
ASIA COUNTRIES CO
FOR IRON TRADING & BUILDING CONTRACTING WLL
ADDRESS
Registered & Physical Address
Building : Al Safwaa Tower, 1st Floor
Street : Mubarak Al Kabir Street
PO Box : 26880
Town : Safat 13129
Country : Kuwait
Telephone : (965) 2444864 / 2464105
Facsimile : (965) 2465897
Email : accssmco@qualitynet.net
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Safat.
KEY PRINCIPALS
Name Nationality Position
·
Salman
Saheb Hussain Iraqi Managing Director
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Iqbal
Salman Saheb Kuwaiti Director
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Abdul
Qassim Salman - Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 2nd
May 1981
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 30935
Trade Licence No. : 5019/81
Chamber Member No. : 10408
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
Name of Shareholder (s)
·
Salman
Saheb Hussain
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Iqbal
Salman Saheb
AFFILIATED COMPANIES
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Asia
Countries Trading & Contracting Est
Safat
Kuwait
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Middle
Inspection Centre
Safat
Kuwait
OPERATIONS
Activities: Engaged in the wholesale of scrap metals
and building materials.
Import
Countries: China and India
Operating Trend: Steady
Subject has a
workforce of 60 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinars (KD)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales KD 3,150,000 KD 3,500,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Commercial
Bank of Kuwait
Mubarak Al Kabir Street
PO Box : 2861
Safat 13029
Tel : (965) 2411001
Fax : (965) 2450150
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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.42.37 |
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UK Pound |
1 |
Rs.84.00 |
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Euro |
1 |
Rs.65.96 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)