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Report Date : |
04.10.2012 |
IDENTIFICATION DETAILS
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Name : |
ASAD MOHAMED TAQI SHAROOFIE CO WLL |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
25.04.1973 |
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Com. Reg. No.: |
1467-1, Manama |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Wholesale and retail of foodstuff products. |
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No. of Employees : |
21 |
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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 : ASAD MOHAMED TAQI SHAROOFIE CO WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Registration Date : 25th April 1973
Commercial Registration Number : 1467-1, Manama
Chamber Membership Number : 49
Issued Capital : BD 520,000
Paid up Capital : BD 520,000
Total Workforce : 21
Activities : Wholesale and retail of foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
ASAD MOHAMED TAQI SHAROOFIE CO WLL
Building : Royal Court
Building, Office 199
Street : Tijjar
Avenue
PO Box : 5207
Town : Manama 314
Country : Bahrain
Telephone : (973-17) 214230
/ 214236
Facsimile : (973-17)
214288 / 214218
Mobile : (973-39)
634340
Email : assad@batelco.com.bh
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Manama.
Name Position
· Muslem Asad
Mohamed Taqi Sharoofie Managing
Director
· Erhama Asad
Mohamed Taqi Sharoofie Director
· Kazem Asad General
Manager
Date of
Establishment : 25th
April 1973
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 1467-1, Manama
Chamber Member No. : 49
Issued Capital : BD 520,000
Paid up Capital : BD 520,000
· Erhama Asad
Mohamed Taqi Sharoofie 50.50%
· Muslem Asad
Mohamed Taqi Sharoofie 49.50%
· Sharoofie Factory
for Cutting & Packaging Aluminium Foil & Foodstuffs WLL
Manama
Activities: Engaged in the wholesale and retail of foodstuff products.
Import Countries: India, Thailand and Sri Lanka.
Operating Trend: Steady
Subject has a workforce of 21 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
3,000,000 BD
3,200,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Habib Bank
Government Avenue
PO Box: 566
Manama
Tel: (973-17)
254889 / 273285
Fax: (973-17)
276685
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.52.33 |
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1 |
Rs.84.30 |
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Euro |
1 |
Rs.67.45 |
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 |
-- |
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.