MIRA INFORM REPORT

 

 

Report No. :

335455

Report Date :

12.08.2015

 

IDENTIFICATION DETAILS

 

Name :

KUWAIT INTERNATIONAL ADVANCED INDUSTRIES CO KSCC

 

 

Registered Office :

Western Shuaiba, Piece 12, Building 1, El Salheya, P O Box: 22579, Safat 13086

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

04.01.1999

 

 

Com. Reg. No.:

74975

 

 

Legal Form :

Kuwait Shareholding Company Closed - KSCC

 

 

Line of Business :

Manufacture of an extensive range of pipes and fittings for industrial and domestic fluid management, including corrugated gravity pipes, solid wall pressure pipes, fabricated fittings, HDPE man hole covers.

 

 

No. of Employees :

50

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Kuwait

A1

A1

 

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 - 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.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : KUWAIT INTERNATIONAL ADVANCED INDUSTRIES CO KSCC

Country of Origin                                   : Kuwait

Legal Form                                           : Kuwait Shareholding Company Closed - KSCC

Registration Date                                  : 4th January 1999

Commercial Registration Number           : 74975

Chamber Membership Number               : 57729

Issued Capital                                       : KD 300,000

Paid up Capital                                     : KD 300,000

Total Workforce                                    : 50

Activities                                               : Manufacture of an extensive range of pipes and fittings

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Chandra Mowly, Purchasing Manager

 

COMPANY NAME

 

KUWAIT INTERNATIONAL ADVANCED INDUSTRIES CO KSCC

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Western Shuaiba, Piece 12, Building 1, El Salheya

 

PO Box            : 22579

 

Town                : Safat 13086

Country : Kuwait

 

Telephone         : (965) 23263042

Facsimile          : (965) 23263043

Mobile              : (965) 99675162

Email                : kiaico@kiaico.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Khalid Abdul Wahab Al Awadi                                                           Chairman

 

·       Omar A. Al Shawa                                                                            Vice Chairman

 

·       Anjum Zubair                                                                                    Accounts Manager

 

·       Abdulrahman Faidi                                                                            Sales Manager

 

·       Chandra Mowly                                                                                 Purchasing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 4th January 1999

 

Legal Form                  : Kuwait Shareholding Company Closed - KSCC

 

Commercial Reg. No.   : 74975

 

Chamber Member No.  : 57729

 

Issued Capital              : KD 300,000

 

Paid up Capital            : KD 300,000

 

Name of Shareholder (s)

 

·       Khalid Abdul Wahab Al Awadi

 

·       Omar A. Al Shawa

 

·       Canar Trading & Contracting

     Safat

     Kuwait

     CR No. 15619

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of an extensive range of pipes and fittings for industrial and domestic fluid management, including corrugated gravity pipes, solid wall pressure pipes, fabricated fittings, HDPE man                hole covers.

 

Import Countries: Canada, China, India and the United Arab Emirates

 

Operating Trend: Steady

 

Subject has a workforce of 50 employees.

 

 

FINANCIAL DATA

 

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 2,185,000                            KD 2,400,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Al Ahli United Bank

Mubarak Al Kabir Street

PO Box: 1387

Safat 13033

Tel : (965) 22411101 / 22411102

 

·       The Gulf Bank KSC

Mubarak Al Kabir Street

PO Box: 3200

Safat 13033

Tel: (965) 22449501

Fax: (965) 22445212

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.64.76

UK Pound

1

Rs.99.85

Euro

1

Rs.70.36

 

 

 

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

 

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.