MIRA INFORM REPORT
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Report Date : |
16.09.2011 |
IDENTIFICATION DETAILS
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Name : |
AL MEER GROUP BSCC |
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Registered Office : |
Al Meer Building No.
1223, Flat No. 11, Block No. 215, Road No. 1535, Muharraq, P O Box 512 &
22782, Manama |
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Country : |
Bahrain |
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Date of Incorporation : |
05.01.1984 |
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Com. Reg. No.: |
438-4, Manama |
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Legal Form : |
Bahraini Shareholding Company Closed |
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Line of Business : |
Subject operates through several divisions Al Muntazah Market Division, Trading
Centre Division, Sanitary
Ware Division, Herfy
Restaurants Division, Training Centre Division |
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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Maximum Credit Limit : |
US$ 800,000 |
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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 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Bahrain |
a2 |
a2 |
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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 |
SUMMARY
Company Name : AL MEER GROUP BSCC
Country of Origin : Bahrain
Legal Form : Bahraini Shareholding Company Closed - BSCC
Registration Date : 5th January 1984
Commercial Registration Number : 438-4, Manama
Issued Capital : BD 2,000,000
Paid up Capital : BD 2,000,000
Total Workforce : 700
Activities : Subject operates several divisions (see below for details)
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 800,000
COMPANY NAME
AL MEER GROUP BSCC
company ADDRESS
Registered &
Physical Address
Building : Al Meer Building No. 1223, Flat
No. 11, Block No. 215
Street : Road No. 1535
Area : Muharraq
PO Box : 512 & 22782
Town : Manama
Country : Bahrain
Telephone : (973-17) 346000
Facsimile : (973-17) 343757
Email : almeer@almeer.com.bh
Premises
Subject operates
from a large suite of offices that are owned and located in the Central
Business Area of Manama.
KEY PRINCIPALS
Name Position
·
Abdulaziz
Jalal Qutubaddine Al Meer Managing
Director
·
Abdul
Moniem Jalal Qutubaddine Al Meer Director
·
Abdul
Hameed Jalal Qutubaddine Al Meer Director
·
Jalal
Abdulaziz Jalal Al Meer General
Manager
·
Wafa Al
Salama Commercial
Manager
·
Ahmed
Ibrahim Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 5th
January 1984
Legal Form :
Bahraini Shareholding
Company Closed - BSCC
Commercial Reg. No. : 438-4, Manama
Issued Capital : BD 2,000,000
Paid up Capital : BD 2,000,000
Name of
Shareholder (s)
·
Abdulaziz
Jalal Qutubaddine Al Meer
·
Abdul
Moniem Jalal Qutubaddine Al Meer
·
Abdul
Hameed Jalal Qutubaddine Al Meer
OPERATIONS
Activities: Subject’s operations are performed through
the following divisions:
· Al Muntazah Market Division
Wholesalers and retailers of
ready made garments, textiles and clothing accessories.
· Trading Centre Division
Wholesalers and retailers of
household products, cutlery and stationery.
· Sanitary Ware Division
Wholesalers and retailers of sanitary ware, ceramics, tiles and related
fittings.
· Herfy Restaurants Division
Operators of fast food
restaurants.
· Training Centre Division
Providers of training and courses.
Import
Countries: Europe and the
Far East.
Subject has a workforce
of approximately 700 employees.
FINANCIAL DATA
Companies
registered in Bahrain are not legally required to make their accounts public
and no financial information was released by the company or submitted by
outside sources.
BANKERS
·
Bahrain
Islamic Bank BSC
PO Box: 5240
Manama
Tel: (973-17) 231402
Fax: (973-17) 275734
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.84 |
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UK Pound |
1 |
Rs.75.40 |
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Euro |
1 |
Rs.65.68 |
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.