MIRA INFORM REPORT

 

 

Report Date :

26.04.2013

 

IDENTIFICATION DETAILS

 

Name :

YOUSUF KHALID AL ADSANI ENTERPRISES

 

 

Registered Office :

Southern Gateway, Block No. 173, Plot 8, Sabhan Industrial Area, P O Box 1653, Safat 13017

 

 

Country :

Kuwait

 

 

Date of Incorporation :

30.09.2000

 

 

Com. Reg. No.:

15713

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Manufacturers of plastic and u-PVC pressurized and non-pressurized pipes and related accessories

 

 

No. of Employees :

250

 

 

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 102 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 and 2012 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 historically 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

 

SUMMARY

 

Company Name                         : YOUSUF KHALID AL ADSANI ENTERPRISES

Also Known As                                      : PLASTIC PIPE FACTORY

Country of Origin                                    : Kuwait

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 30th September 2000

Commercial Registration Number            : 15713

Trade Licence Number                            : 733/88

Chamber Membership Number                : 65702

Invested Capital                                     : KD 20,000

Total Workforce                                     : 250

Activities                                               : Manufacturers of plastic and u-PVC pressurized and non-pressurized

pipes and related accessories

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

COMPANY NAME

 

YOUSUF KHALID AL ADSANI ENTERPRISES

 

 

ALSO KNOWN AS

 

PLASTIC PIPE FACTORY

 

 

Company ADDRESS

 

Registered & Physical Address

Location            : Southern Gateway, Block No. 173, Plot 8

Area                 : Sabhan Industrial Area

PO Box             : 1653

Town                 : Safat 13017

Country             : Kuwait

Telephone         : (965) 24743800 / 24743801 / 22446524 / 24730225

Facsimile          : (965) 24718258 / 24764115

Email                : yadasani@qualitynet.net / info@aladasani.com

 

Premises

Subject operates from a large suite of offices and a factory that are rented and located in the Industrial Area of Safat.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Plot 59, Block 1                                                                                Showroom premises

Street 23

Shuwaikh Industrial Area

Tel: (965) 24842754 / 24842972

Fax: (965) 24842972

 

·       Plot 90, Block A                                                                                Showroom premises

Street 23

Shuwaikh Industrial Area

     Tel: (965) 24844197

Fax: (965) 24813122

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Sulaiman Yousef Khalid Al Adasani                                                    General Manager

 

·       Mazrooq Yousef Khalid Al Adasani                                                     Assistant General Manager

 

·       Osma Al Asaad                                                                                Marketing Manager

 

·       Ronald D’souza                                                                                 Factory Manager

 

·       Essam Al Tebi                                                                                  Finance Manager

 

·       Hamed Mostafa                                                                                 Public Relations Officer

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 30th September 2000

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 15713

 

Trade Licence No.       : 733/88

 

Chamber Member No. : 65702

 

Invested Capital           : KD 20,000

 

Heirs of Yousef Khalid Al Adasani are the sole proprietor of the business. Mr Sulaiman Yousef Khalid Al Adasani and Mr Mazrooq Yousef Khalid Al Adasani are authorised to sign on behalf of the family.

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of plastic and u-PVC pressurized and non-pressurized pipes and related

     accessories.

 

Import Countries: Europe and the Far East.

 

Subject has a workforce of approximately 250 employees.

 

 

FINANCIAL DATA

 

Companies registered in Kuwait are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       National Bank of Kuwait SAK

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box: 95

Safat 13001

Tel: (965) 23981188 / 23981189

Fax: (965) 23985643

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.17

UK Pound

1

Rs.82.99

Euro

1

Rs.70.62

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.