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Report Date : |
02.10.2012 |
IDENTIFICATION DETAILS
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Name : |
PROSITE GROUP HOLDING CO WLL |
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Registered Office : |
Shop No. 461, Block No. 439 Road No. 3915 PO Box 10680 Manama |
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Country : |
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Date of Incorporation : |
15.03.2007 |
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Com. Reg. No.: |
64450-1, Manama |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Operators of a wholesale cash and carry trade centre |
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No. of Employees : |
25 |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
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 : PROSITE GROUP HOLDING CO WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Registration Date : 15th March 2007
Commercial Registration Number : 64450-1, Manama
Issued Capital : BD 20,000
Paid up Capital : BD 20,000
Total Workforce : 25
Activities : Operators of a wholesale cash and carry trade centre
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Mohamed Jaafar Hassan Moosa Al Ali, Managing Director
PROSITE GROUP HOLDING CO WLL
Building : Shop No. 461,
Block No. 439
Street : Road No.
3915
PO Box :
10680
Town : Manama
Country : Bahrain
Telephone : (973-17) 264424
Facsimile : (973-17)
264414
Mobile : (973-39)
668818
Email : info@prositebh.com
/ mohd@prositebh.com
Subject operates from a medium sized suite of offices and a showroom
that are rented and located in the Central Business Area of Manama.
Name Position
· Mohamed Jaafar
Hassan Moosa Al Ali Managing
Director
· Saleh Mohamed
Abdul Wahab Nass Director
· M Gurav Sales
Manager
Date of
Establishment : 15th
March 2007
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 64450-1, Manama
Issued Capital : BD 20,000
Paid up Capital : BD 20,000
· Saleh Mohamed
Abdul Wahab Nass 75%
· Mohamed Jaafar
Hassan Moosa Al Ali 25%
Name Percentage Held
· SCDS Middle East
WLL 60%
Manama
Activities: Engaged as operators of a wholesale cash and carry trade centre
registered under the name of “Spice
Story Trading”.
Subject’s trading activities cover the following areas:
- Foodstuffs
- Grains
- Construction Material
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Paints & Coatings Additives
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Cleaning Agents
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Metal Residues
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Agrochemicals
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Heavy Commodities
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Real Estate Management
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In-house Branding and Packaging
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Bottled Drinking Water
Import Countries: Yemen, Jordan, Morocco, Tunisia and Syria.
Subject has a workforce of 25 employees.
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.
·
Bank of Bahrain & Kuwait
43 Government
Avenue
PO Box: 597
Manama
Tel: (973-17)
253388
Fax: (973-17)
275785
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.78 |
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1 |
Rs.85.16 |
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Euro |
1 |
Rs.67.78 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.