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Report Date : |
08.08.2014 |
IDENTIFICATION DETAILS
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Name : |
AL ASYAWIAH INDUSTRIAL & COMMERCIAL CO WLL |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
21.02.2006 |
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Com. Reg. No.: |
106208, Safat |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Engaged in the manufacture of mosaics and the import and distribution
of ceramic tiles |
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No. of Employees |
150 |
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 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 102 billion barrels - more than 6% 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. Budget surpluses have stayed around 30% of GDP, which has led to higher budget expenditures, particularly wage hikes for many public sector employees, as well as increased allotments to Kuwait’s Future Generations Fund. 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, though much of these funds have yet to be allocated
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Source
: CIA |
Company Name : AL ASYAWIAH INDUSTRIAL & COMMERCIAL CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Start Date : 1956
Registration Date : 21st February 2006
Commercial Registration Number : 106208, Safat
Trade Licence Number : 109/2005
Chamber Membership Number : 98983
Issued Capital : KD 100,000
Paid up Capital : KD 100,000
Total Workforce : 150
Activities : Manufacturers of mosaics and distributors of ceramic tiles.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ahmed Khan, Accountant
AL ASYAWIAH INDUSTRIAL & COMMERCIAL CO WLL
Building : Ashkenani
Building, Plot No. 53
Location : Street No. 26
Area : Shuwaikh
Industrial Area
PO Box : 966
Town : Safat 13010
Country : Kuwait
Telephone : (965) 24846830
/ 24846815 / 24840093 / 24812729
Facsimile : (965) 24845863
/ 24840266 / 24844086
Email : asyawiah@asyawiah.com
/ asian@asianest.net
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of Safat.
Name Position
· Ali Mohamed Hassan Ashkanani Managing
Director
· Mohamed Ali Ashkanani Director
· Sadiq Ali Ashkanani Director
· Saleh Ali Ashkanani Director
· Zayed Shakdan Finance
Manager
· Ahmed Khan Accountant
· Fare Al Goul Sales
Manager
· Fared Khoury Commercial Manager
· George Joseph Assistant
Sales Manager
Date of
Establishment : Subject’s operations
date back to 1956, however it was registered on 21st February 2006
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 106208, Safat
Trade Licence No. : 109/2005
Chamber Member No. : 98983
Issued Capital : KD 100,000
Paid up Capital : KD 100,000
· Ali Mohamed Hassan Ashkanani
· Mohamed Ali Ashkanani
· Sadiq Ali Ashkanani
· Saleh Ali Ashkanani
· Al Asyawiah For
Building Materials
Safat
· Al Asyawiah United Food Co
Safat
CR
No. 335130
Activities: Engaged in the manufacture of mosaics and the import and distribution
of ceramic tiles.
Import Countries: Italy, Spain, Portugal and Turkey
International Suppliers:
· Colmex Italy
· Levantina Spain
· Pimpomar Portugal
· Bayyurt Turkey
Operating Trend: Steady
Subject has a workforce of approximately 150 employees.
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinars (KD)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Sales KD
4,300,000 KD
4,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures were confirmed by Mr Ahmed Khan, Accountant
·
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.
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 |
|
US Dollar |
1 |
Rs.61.41 |
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|
1 |
Rs.103.42 |
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Euro |
1 |
Rs.82.17 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIS |
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.