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Report Date : |
12.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
AL ADWANI
NATIONAL CO FOR TRADING AND CONTRACTING |
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|
|
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Registered Office : |
Abdulla Al Othman
Street, Al Kurd Roundabout, 33104 Raudha 73452 |
|
|
|
|
Country : |
Kuwait |
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|
|
|
Financials (as on) : |
31.12.2011 |
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|
|
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Date of Incorporation : |
01.12.1991 |
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|
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Com. Reg. No.: |
45641 |
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|
|
|
Legal Form : |
With Limited Liability - WLL |
|
|
|
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Line of Business : |
Distributors of ceramics
and sanitary ware. |
|
|
|
|
No. of Employees : |
50 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Kuwait |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
KUWAIT - ECONOMIC OVERVIEW
Kuwait has a geographically small, but wealthy, relatively
open economy with crude oil reserves of about 104 billion barrels - about 7% 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. The rise in
global oil prices throughout 2011 is reviving government consumption and
economic growth. Kuwait has experienced a 20% increase in government budget
revenue, which has led to higher budget expenditures, particularly wage hikes
for many public sector employees. 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 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
|
Source
: CIA |
Company Name : AL ADWANI NATIONAL CO FOR TRADING
AND CONTRACTING
Country of Origin : Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date : 1st
December 1991
Commercial
Registration Number : 45641
Trade Licence
Number : 306/91
Chamber Membership
Number : 26038
Issued Capital : KD
500,000
Paid up Capital : KD
500,000
Total Workforce : 50
Activities :
Distributors of ceramics and sanitary ware.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
AL ADWANI NATIONAL
CO FOR TRADING AND CONTRACTING
Street : Abdulla Al Othman Street
Area : Al Kurd Roundabout
PO Box : 33104
Town : Raudha 73452
Country : Kuwait
Telephone : (965) 22655715 / 22638569 / 22616519
Facsimile : (965) 22637414
Email : a_national@hotmail.com
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Central Business Area of Raudha.
Branch Office
(s)
Location Description
·
Tunis
Street Showroom
premises
Hawalli
Tel: (965) 22611141
·
Al
Zahem Complex (Branch 1) Showroom
premises
Passport Street
Safat
Tel: (965) 24822267
·
Passport
Street (Branch 2) Showroom
premises
Safat
Tel: (965) 24813172
Name Position
·
Abdullah
Abdulaziz Al Adwani Managing
Director
·
Barak
Abdullah Al Adwani Director
·
Majid
Abdullah Abdulaziz Al Adwani General
Manager
·
Baker
Abdul Wahab Sulaiman Financial
Controller
Date of Establishment : 1st
December 1991
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 45641
Trade Licence No. : 306/91
Chamber Member No. : 26038
Issued Capital : KD 500,000
Paid up Capital : KD 500,000
·
Abdullah
Abdulaziz Al Adwani
·
Barak
Abdullah Al Adwani
Activities: Engaged in the import and distribution of
ceramics and sanitary ware.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 50 employees.
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinars (KD)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales KD 3,100,000 KD 3,400,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Commercial
Bank of Kuwait SAK
Mubarak Al Kabir Street
PO Box: 2861
Safat 13029
Tel: (965) 22411001
Fax: (965) 22450150
No complaints
regarding subject’s payments have been reported.
According to local
sources, subject’s financial condition is satisfactory whilst payments are made
in a timely manner. The company’s operating history is reportedly clear and the
above credit figure is considered to be within subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.07 |
|
|
1 |
Rs.84.94 |
|
Euro |
1 |
Rs.68.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
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.