MIRA INFORM REPORT

 

 

Report Date :

24.11.2011

 

IDENTIFICATION DETAILS

 

Name :

ASNAAM CONSTRUCTION EST

 

 

Formerly Known As :

ASNAAM CONTRACTING

 

 

Registered Office :

Qudibia Area PO Box 20698 Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

20.04.2003

 

 

Com. Reg. No.:

506040-1, Manama

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

General construction and maintenance contractors

 

 

No. of Employees :

20

 

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

 

Maximum Credit Limit :

US$ 150,000

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Bahrain

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : ASNAAM CONSTRUCTION EST

Also Known As                                      : ASNAAM CONTRACTING

Country of Origin                                    : Bahrain

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 20th April 2003

Commercial Registration Number            : 506040-1, Manama

Chamber Membership Number                : 11379

Invested Capital                                     : BD 40,000

Total Workforce                                     : 20

Activities                                               : General construction and maintenance contractors

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 150,000

Person Interviewed                                 : Nand Lal Kumar, Assistant General Manager

 

 

 

COMPANY NAME

 

ASNAAM CONSTRUCTION EST

 

ALSO KNOWN AS: ASNAAM CONTRACTING

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Qudibia Area

 

PO Box             : 20698

 

Town                 : Manama

Country             : Bahrain

 

Telephone         : (973-17) 531677

Facsimile          : (973-17) 531677

Mobile               : (973-39) 551202 / 452158 / (973-33) 060343

Email                : kuma1930@batelco.com.bh

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Suburban Business Area of Manama.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mohamed Basheer Mohamed Rafeeq Miah                                          Proprietor & General Manager

 

·       Nand Lal Kumar                                                                                Assistant General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 20th April 2003

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 506040-1, Manama

 

Chamber Member No. : 11379

 

Invested Capital           : BD 40,000

 

Mr Mohamed Basheer Mohamed Rafeeq Miah is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged as general construction and maintenance contractors. Subject is also engaged in marble and tile work.

 

Operating Trend: Steady

 

Subject has a workforce of 20 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Bahraini Dinar (BD)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                BD 1,880,000                            BD 2,030,000

 

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

 

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

 

 

BANKERS

 

·       Bank of Bahrain & Kuwait

43 Government Avenue

PO Box: 597

Manama

Tel: (973-17) 253388

Fax: (973-17) 275785

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.10

UK Pound

1

Rs.81.30

Euro

1

Rs.70.07

 

 

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.