MIRA INFORM
REPORT
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Report Date : |
28.02.2012 |
IDENTIFICATION DETAILS
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Correct 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, P O Box 26880, Safat 13129 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2010 |
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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 |
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Line of Business : |
Wholesale of scrap metals and building materials |
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No. of Employees : |
48 |
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$ 400,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 |
Company Name : ASIA COUNTRIES CO FOR IRON TRADING & BUILDING
CONTRACTING WLL
Also Known As : ASIA COUNTRIES CO 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 250,000
Paid up Capital : KD 250,000
Total Workforce : 48
Activities : Wholesale of scrap metals and building materials.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 400,000
Person Interviewed : Ashraf Riyad, Financial Controller
ASIA COUNTRIES CO
FOR IRON TRADING & BUILDING CONTRACTING WLL
ASIA COUNTRIES CO WLL
Registered & Physical Address
Building : Al Safwaa Tower, 1st Floor
Street : Mubarak Al Kabir Street
PO Box : 26880
Town : Safat 13129
Country : Kuwait
Telephone : (965) 22444864 / 22464105
Facsimile : (965) 22465897
Email : acc@asiacountries.net
/ 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.
Name Nationality Position
·
Salman Saheb Hussain Iraqi Managing Director
·
Iqbal Salman Saheb Kuwaiti Director
·
Ashraf
Riyad - Financial
Controller
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 250,000
Paid up Capital : KD 250,000
Name of
Shareholder (s)
·
Salman Saheb Hussain
·
Iqbal Salman Saheb
·
Asia Countries Trading & Contracting Est
Safat
Kuwait
·
Middle East Inspection Centre
Safat
Kuwait
Activities: Engaged in the wholesale of ferrous and
non-ferrous metals, residues, spent catalysts and other
recyclable commodities,
chemicals & petrochemicals, as well as building materials.
Import
Countries: China and India
Operating Trend: Steady
Subject has a
workforce of 48 employees.
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinars (KD)
Year
Ending 31/12/09: Year Ending
31/12/10:
Total Sales KD 3,800,000 KD 4,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Ashraf Riyad, Financial Controller
·
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.
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.49.05 |
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UK Pound |
1 |
Rs.77.78 |
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Euro |
1 |
Rs.65.89 |
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.