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Report No. : |
335462 |
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Report Date : |
07.08.2015 |
IDENTIFICATION DETAILS
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Name : |
AL NAWRAS FACTORY FOR PLASTIC BAG CO WLL |
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Registered Office : |
Sabhan Block 11 Qaseemath 95, Ahmadi, PO Box 44749, Hawalli 32062 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
19.09.1992 |
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Com. Reg. No.: |
84542 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Engaged in the Manufacture of Plastic Bags, Sheets and Jumbo Rolls. |
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No. of Employees : |
120 |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Kuwait |
A1 |
A1 |
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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. Kuwaiti officials plan to increase oil production to 4
million barrels per day by 2020. Petroleum accounts for over half of GDP, 94%
of export revenues, and 89% of government income. For the last decade, high oil
prices have generated budget surpluses despite increasing budget expenditures,
particularly on wage hikes for public sector employees. Despite Kuwait’s
dependence on oil, the government has cushioned itself against the impact of
lower oil prices by continuous saving of at least 10% of government revenue in
the Fund for Future Generations. Kuwait has done little to diversify its
economy, in part, due to a poor business climate and an acrimonious
relationship between the National Assembly and the executive branch that has
stymied most economic reforms. In 2010, Kuwait passed its first long-term economic
development plan in almost twenty-five years. While the government planned to
spend up $104 billion over four years to diversify the economy away from oil,
attract more investment, and boost private sector participation in the economy,
many of the projects did not materialize because of the uncertain political
situation.
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Source
: CIA |
Company Name :
AL NAWRAS FACTORY FOR PLASTIC BAG CO WLL
Country of Origin :
Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date :
19th September 1992
Commercial Registration Number :
84542
Trade Licence Number :
10864
Chamber Membership Number :
32197
Issued Capital :
KD 275,000
Paid up Capital :
KD 275,000
Total Workforce : 120
Activities :
Manufacturers of plastic bags, sheets and jumbo rolls.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
AL NAWRAS FACTORY FOR PLASTIC BAG CO WLL
Registered &
Physical Address
Location : Sabhan Block 11
Qaseemath 95, Ahmadi
PO Box : 44749
Town : Hawalli 32062
Country : Kuwait
Telephone : (965) 24671441
/ 24677315
Facsimile : (965) 24672442
/ 24758800
Mobile : (965)
99570264 / 99666305
Email : alnawraso7@yahoo.com
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Industrial Area of Hawalli.
Name Position
Hishim Sayed Ali Sayed Ahmed Al Refai Managing
Director
Mohamed Sayed Ali Sayed Ahmed Al Refai Director
Mostafa Sayed Ali Sayed Ahmed Al Refai Director
Khalid Mahmoud Sales
Manager
Medhat Mohamed Financial
Controller
Date of Establishment : 19th
September 1992
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 84542
Trade Licence No. : 10864
Chamber Member No. : 32197
Issued Capital : KD 275,000
Paid up Capital : KD 275,000
Name of
Shareholder (s)
Hishim Sayed Ali Sayed Ahmed Al Refai
Mohamed Sayed Ali Sayed Ahmed Al Refai
Mostafa Sayed Ali Sayed Ahmed Al Refai
Activities: Engaged in the manufacture of plastic bags, sheets and jumbo rolls.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 120 employees.
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinars (KD)
Year Ending 31/12/13: Year Ending 31/12/14:
Total Sales KD
4,105,000 KD
4,220,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Commercial Bank of Kuwait SAK
Hawalli
Tel: (965) 22645964
No complaints regarding subject’s payments have been reported.
Please note that the correct name of the subject is “Al Nawras Factory
for Plastic Bag Co WLL” and not “AL Nawras for Plastic Bags Co”.
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.63.76 |
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|
1 |
Rs.99.60 |
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Euro |
1 |
Rs.69.71 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
TPT |
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.