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Report No. : |
333975 |
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Report Date : |
30.07.2015 |
IDENTIFICATION DETAILS
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Name : |
AL ASYAWIAH
INDUSTRIAL & COMMERCIAL CO WLL |
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Registered Office : |
Ashkenani Building, Plot No. 53, Street No. 26, Shuwaikh Industrial Area, P O Box: 966, Safat 13010 |
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Country : |
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Financials (as on) : |
31.12.2014 |
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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 : |
Manufacturers of
Mosaics and Distributors 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 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
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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 31/12/13: Year
Ending 31/12/14:
Total Sales KD 4,000,000 KD 4,270,000
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.89 |
|
|
1 |
Rs.99.71 |
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Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared by
: |
NIT |
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.