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Report Date : |
05.06.2014 |
IDENTIFICATION DETAILS
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Name : |
AL ASHRAFIYA
INTERNATIONAL CO FOR FOODSTUFF WLL |
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Registered Office : |
Al Wazzan Group Building,
Al Jahra Street, Block 51, Shuwaikh Industrial Area, P O Box 818 & 26555,
Safat 13126 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
11.10.2006 |
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Com. Reg. No.: |
106355 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Engaged in the
import and distribution of general foodstuff products, specialising in
seafood. |
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No of Employees : |
90 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Kuwait |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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.
|
Source
: CIA |
Company Name : AL ASHRAFIYA INTERNATIONAL CO FOR FOODSTUFF WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 11th October 2006
Commercial Registration Number : 106355
Trade Licence Number : 1142/2005
Chamber Membership Number : 104497
Issued Capital : KD 500,000
Paid up Capital : KD 500,000
Total Workforce : 90
Activities : Distributors of general foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
AL ASHRAFIYA INTERNATIONAL CO FOR FOODSTUFF
WLL
Registered &
Physical Address
Building : Al Wazzan Group Building
Street : Al Jahra Street, Block 51
Area : Shuwaikh Industrial Area
PO Box : 818 & 26555
Town : Safat 13126
Country : Kuwait
Telephone : (965) 22422422 / 24817410 / 24817477
Facsimile : (965) 22447444 / 24817403
Mobile : (965) 97210723
Email : info@alashrafiya.com / mohamadchaar@alashrafiya.com / s.nambiar@alashrafiya.com
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Industrial Area of Safat.
Name Position
·
Hamad Mohamed Abdulaziz Al Wazzan Managing
Director
·
Zari Hamad Mohamed Abdulaziz Al Wazzan Director
·
Nouf Al
Wazzan Chief
Executive Officer
·
Karlo
Rami Chief
Operations Officer
·
Saad
Tarhini Procurement
Manager
·
Haroon
Amir Finance
Manager
·
Sheetal
Nambiar Country
Manager
·
Ayman
Hussain Administration
Manager
·
Sonni
Joseph Accountant
Date of Establishment : 11th
October 2006
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 106355
Trade Licence No. : 1142/2005
Chamber Member No. : 104497
Issued Capital : KD 500,000
Paid up Capital : KD 500,000
Name of
Shareholder (s)
·
Hamad Mohamed Abdulaziz Al Wazzan
·
Zari Hamad Mohamed Abdulaziz Al Wazzan
·
Hamad
Mohamed Al Wazzan General Trading & Contracting
Safat
·
Al Jefa
Security Services Co
Safat
·
Pan
Arab General Trading & Contracting
Safat
·
Al Ashrafiya International Co (Qatar)
Qatar
·
Al Ashrafiya International Co Foodstuff LLC
Oman
Tel: (968)
94180622
Activities: Engaged in the import and distribution of
general foodstuff products, specialising in seafood.
Import
Countries: Europe, India,
Australia and the United States of America.
International
Suppliers:
·
Medmar United
States of America
·
Nestle Switzerland
·
Highland
Smoked Salmon United
Kingdom
·
Pilgrim
Cheese United
Kingdom
·
Ananda Jagdish Schriber Dynamic Ltd India
·
JBS Australia
Brand Names: AL ASHRAFIYA and
VICTORIA DELLA
Operating Trend: Steady
Subject has a
workforce of 90 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 2,550,000 KD 2,920,000
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
·
Burgan
Bank
Shuwaikh
PO Box: 5389
Safat 13054
Tel: (965) 24830433
Fax: (965) 24830690
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.59.34 |
|
|
1 |
Rs.99.18 |
|
Euro |
1 |
Rs.80.76 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.