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Report Date : |
12.10.2012 |
IDENTIFICATION DETAILS
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Name : |
AL RASHED COOPERHEAT AND CONTRACTING WLL |
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Registered Office : |
Building No. 48 Street No. 60, Block No. 4 Mangaf, East Ahmadi PO Box 242 Safat 13003 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
08.05.1995 |
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Com. Reg. No.: |
60531 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Providers of testing, inspection and heat treatment services to the oil and power industries. |
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No. of Employees : |
45 |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
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 RASHED COOPERHEAT AND CONTRACTING WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 8th May 1995
Commercial Registration Number : 60531
Trade Licence Number : 314/95
Chamber Membership Number : 45748
Issued Capital : KD 250,000
Paid up Capital : KD 250,000
Total Workforce : 45
Activities : Providers of testing, inspection and heat treatment services to the oil and power industries.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ayad Al Dajani, Administration Manager
AL RASHED COOPERHEAT AND
CONTRACTING WLL
Building : Building No.
48
Street : Street No.
60, Block No. 4
Area : Mangaf, East
Ahmadi
PO Box : 242
Town : Safat 13003
Country : Kuwait
Telephone : (965) 23740172
Facsimile : (965) 23740173
Mobile : (965)
97880404
Email : ayad.aldaajani@stork.com
/ sathish.kumar@stork.com
Subject operates from a medium sized suite of offices that are rented
and located in the Suburban Business Area of Safat.
Name Position
· Abdulaziz Saud
Abdulaziz Al Rashed Managing
Director
· Basim Abdulaziz
Saud Abdulaziz Al Rashed Director
· Ayad Al Dajani Administration
Manager
Date of
Establishment : 8th
May 1995
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 60531
Trade Licence No. : 314/95
Chamber Member No. : 45748
Issued Capital : KD 250,000
Paid up Capital : KD 250,000
· Abdulaziz Saud
Abdulaziz Al Rashed
· Basim Abdulaziz
Saud Abdulaziz Al Rashed
Activities: Engaged in the provision of testing, inspection and heat treatment services
to the oil and power industries.
Operating Trend: Steady
Subject has a workforce of 45 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
2,750,000 KD
3,050,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
National Bank of Kuwait SAK
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
No complaints regarding subject’s payments have been reported.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk and the above credit figure is considered to be within
subject’s financial means.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.07 |
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1 |
Rs.84.95 |
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Euro |
1 |
Rs.68.24 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
-- |
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.