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Report Date : |
06.03.2013 |
IDENTIFICATION DETAILS
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Name : |
ASHWA TECHNOLOGIES LTD |
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Formerly Known As : |
ASHWA ADHESIVES INDUSTRIES LTD |
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Registered Office : |
Industrial
Estate, Phase No. 2, P O Box 6420, Jeddah 21442 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1991 |
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Com. Reg. No.: |
4030077756, Jeddah |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject operates several divisions:- · Ashwa Adhesive Division Ashwa
Surface Technologies Division |
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No. of Employees : |
75 employees |
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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Saudi
Arabia |
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 |
Saudi Arabia - ECONOMIC OVERVIEW
Saudi Arabia
has an oil-based economy with strong government controls over major economic
activities. It possesses about one-fifth of the world's proven petroleum reserves,
ranks as the largest exporter of petroleum, and plays a leading role in OPEC.
The petroleum sector accounts for roughly 80% of budget revenues, 45% of GDP,
and 90% of export earnings. Saudi Arabia is encouraging the growth of the
private sector in order to diversify its economy and to employ more Saudi
nationals. Diversification efforts are focusing on power generation,
telecommunications, natural gas exploration, and petrochemical sectors. Almost
6 million foreign workers play an important role in the Saudi economy,
particularly in the oil and service sectors, while Riyadh is struggling to
reduce unemployment among its own nationals. Saudi officials are particularly
focused on employing its large youth population, which generally lacks the
education and technical skills the private sector needs. Riyadh has
substantially boosted spending on job training and education, most recently
with the opening of the King Abdallah University of Science and Technology -
Saudi Arabia''s first co-educational university. As part of its effort to
attract foreign investment, Saudi Arabia acceded to the WTO in December 2005
after many years of negotiations. The government has begun establishing six
"economic cities" in different regions of the country to promote
foreign investment and plans to spend $373 billion between 2010 and 2014 on
social development and infrastructure projects to advance Saudi Arabia''s
economic development.
|
Source : CIA |
Company Name : ASHWA TECHNOLOGIES LTD
Previously Known As : ASHWA ADHESIVES INDUSTRIES LTD
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 1991
Commercial Registration Number : 4030077756, Jeddah
Chamber Membership Number : 39581
Issued Capital : SR 10,000,000
Paid up Capital : SR 10,000,000
Total Workforce : 75
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Murtada Ismail, Finance Manager
ASHWA TECHNOLOGIES
LTD
ASHWA ADHESIVES
INDUSTRIES LTD
Registered &
Physical Address
Location : Industrial Estate, Phase No. 2
PO Box : 6420
Town : Jeddah 21442
Country : Saudi Arabia
Telephone : (966-2) 6373969 / 6370870 / / 6369990
Facsimile : (966-2) 6379229
Email : info@ashwa.com / ashwainfo@sa.henkel.com
/ ashwainfo@ashwatech.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are owned and located
in the Industrial Area of Jeddah.
Name Position
·
Sheikh Hussain Ali Mohamed Al Banawi Managing
Partner
·
Sheikh
Walid Ali Al Banawi Partner
·
Sami
Helmi General
Manager
·
Murtada
Ismail Finance
Manager
·
Jamal
Al Magharabi Production
Manager
Date of Establishment : 17/04/1411
Hijri (corresponding to 5th November 1990)
History :
Subject was previously
known as “Ashwa Adhesives Industries Ltd” but changed its name to “Ashwa Technologies Ltd” in June 2008.
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 4030077756,
Jeddah
Chamber Member No. : 39581
Issued Capital : SR 10,000,000
Paid up Capital : SR 10,000,000
Name of Partner
(s)
·
Banawi
Containers Group Co Ltd
(Al Banawi
Industrial Group)
Adham Centre, 14th Floor
Madinah Road
PO Box: 8281
Jeddah 21482
Tel: (966-2) 6513937 / 6518253
Fax: (966-2) 6518257 / 6515444
Email: ceo@banawigroup.com
·
BIG Capital Investment
Manama
Bahrain
·
Henkel Adhesives
Middle East
PO Box: 29073
Dubai
United Arab Emirates
Tel: (971-4) 6519499
Fax: (971-4) 6520960
·
Al
Banawi Industrial Trading Group Ltd
Khalid Ibn Walid Road
Dubai
United Arab Emirates
Tel: (971-4) 3970499
Fax: (971-4) 3972194
Activities: Subject’s operations are performed through
the following divisions:
· Ashwa Adhesive Division
Engaged in the production of a wide range of
adhesives and glues for the painting and construction industries.
· Ashwa Surface Technologies Division
This division was established in March 2002
under Commercial Registration Number 4030077756/001 in Jeddah. It is engaged in
the manufacture of surface coating materials on cans, tins and mineral water
bottles.
Import
Countries: Germany, Spain,
Italy and the United Arab Emirates.
International
Suppliers:
·
Henkel
KgA Germany
Brand Names: TECHMELT and ADHSIN
Operating Trend: Steady
Subject has a
workforce of 75 employees.
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales SR 92,000,000 SR 96,700,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Murtada Ismail,
Finance Manager
·
National
Commercial Bank
Al Balad Branch
King Abdulaziz Street
PO Box: 5066
Jeddah 21422
Tel: (966-2) 6434777
Fax: (966-2) 6441686
·
Al Bank
Al Saudi Al Fransi
Al Sharafiya Branch
Madinah Road
PO Box: 7888
Jeddah 21472
Tel: (966-2) 6605863
·
Riyad
Bank
Prince Fahad Street
PO Box: 9324
Jeddah 21413
Tel: (966-2) 6513333
·
Saudi
American Bank
Madinah Road
PO Box: 490
Jeddah 21411
Tel: (966-2) 6603993
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.65 |
|
UK Pound |
1 |
Rs.82.65 |
|
Euro |
1 |
Rs.71.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
NLM |
RATING EXPLANATIONS
|
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.