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Report Date : |
31.08.2012 |
IDENTIFICATION DETAILS
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Name : |
AL RAAI BOUTIQUE |
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Registered Office : |
Shop No. 2029, Road
No. 437, P O Box26033, Manama 304 |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
22.07.1996 |
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Com. Reg. No.: |
28187-2, Manama |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesalers and retailers of men’s and women’s ready made garments |
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No. of Employees : |
12 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
Usually Correct |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Bahrain |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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 |
BAHRAIN - ECONOMIC OVERVIEW
Bahrain is one of the most diversified economies in the Persian Gulf. Highly developed communication and transport facilities make Bahrain home to numerous multinational firms with business in the Gulf. As part of its diversification plans, Bahrain implemented a Free Trade Agreement (FTA) with the US in August 2006, the first FTA between the US and a Gulf state. Bahrain's economy, however, continues to depend heavily on oil. Petroleum production and refining account for more than 60% of Bahrain's export receipts, 70% of government revenues, and 11% of GDP (exclusive of allied industries). Other major economic activities are production of aluminum - Bahrain's second biggest export after oil - finance, and construction. Bahrain competes with Malaysia as a worldwide center for Islamic banking and continues to seek new natural gas supplies as feedstock to support its expanding petrochemical and aluminum industries. In 2011, Bahrain experienced economic setbacks as a result of domestic unrest. Bahrain's reputation as a financial hub of the Gulf has been damaged, and the country now risks losing financial institutions to other regional centers such as Dubai or Doha. Economic policies aimed at restoring confidence in Bahrain's economy, such as the suspension of an expatriate labor tax, will make Bahrain's foremost long-term economic challenges - youth unemployment and the growth of government debt - more difficult to address.
|
Source
: CIA |
Company Name : AL RAAI BOUTIQUE
Country of Origin : Bahrain
Legal Form : Sole Proprietorship
Registration Date : 22nd July 1996
Commercial Registration Number : 28187-2, Manama
Chamber Membership Number : 7105
Invested Capital : BD 25,000
Total Workforce : 12
Activities : Wholesalers and retailers of men’s and women’s ready made garments.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
AL RAAI BOUTIQUE
Registered &
Physical Address
Building : Shop No. 2029
Street : Road No. 437
PO Box : 26033
Town : Manama 304
Country : Bahrain
Telephone : (973-17) 230523
Facsimile : (973-17) 273637
Mobile : (973-39) 195612 / 150130
Email : alraai@batelco.com.bh
/ yechudheen@hotmail.com
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Manama.
Name Position
·
Mrs Khadija Mohamed Ali Khamis Proprietor
·
Hussain Abdullah Khadim Ali General
Manager
·
Jalil Hussain Khadim Ali Assistant
General Manager
·
Shamsuddine Parpadathil Financial
Controller
·
Ibrahim Koyakkottu Sales
Manager
Date of Establishment : 22nd
July 1996
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 28187-2,
Manama
Chamber Member No. : 7105
Invested Capital
: BD 25,000
Mrs Khadija Mohamed
Ali Khamis is the sole
proprietor of the business.
Activities: Engaged in the wholesale and retail of
men’s and women’s ready made garments.
Import
Countries: Europe and the
Far East.
International Suppliers:
·
Aysha Hosiery India
·
Best Hosiery India
Brand Names: ZORRA and TEAMWORK
Operating Trend: Steady
Subject has a
workforce of 12 employees.
Financial
highlights provided by local sources are given below:
Currency: Bahraini
Dinar (BD)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales BD 1,045,000 BD 1,230,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Al Ahli
Commercial Bank
Government Avenue
PO Box: 5941
Manama
Tel: (973-17) 244333
Fax: (973-17) 241301
No complaints
regarding subject’s payments have been reported.
Local sources report
that payment obligations are met in a generally timely manner and the operating
history is clear. As such the business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.65 |
|
UK Pound |
1 |
Rs.88.10 |
|
Euro |
1 |
Rs.69.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.