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Report Date : |
05.10.2012 |
IDENTIFICATION DETAILS
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Name : |
FALCON TRADING CO WLL |
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Registered Office : |
Building 660, Area 611, Road |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
26.01.1985 |
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Com. Reg. No.: |
38560-1 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Distributors of general hand tools and power tools. |
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No. of Employees : |
45 |
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
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 : FALCON TRADING CO WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Start Date : 26th January 1985
Registration Date : 10th June 1997
Commercial Registration Number : 38560-1
Chamber Membership Number : 3505
Issued Capital : BD 50,000
Paid up Capital : BD 50,000
Total Workforce : 45
Activities : Distributors of general hand tools and power tools.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : George Varghese, Chief Financial Officer
FALCON TRADING CO WLL
Location : Building 660,
Area 611, Road No. 31
PO Box : 2509
Town : Manama
Country : Bahrain
Telephone : (973-17) 737077
Facsimile : (973-17)
735077 / 326545
Email : sales@falcontradingco.com
Subject operates from a medium sized suite offices and a warehouse that
are rented and located in the Central Business Area of Manama.
Name Nationality Position
· Yogesh Naraidaz
Bhatia Indian Managing Director
· Bhatia Naraidaz Indian Director
· Shanta Naraidaz Indian Director
· Hemant Manoj Indian Director
· Bharat Manoj Indian Director
· Sameer Saleh
Rashid Al Zayani Bahraini Director
· George Varghese - Chief
Financial Officer
· Jose Isaac - Sales
Manager
· Benny Barbosa - Financial
Controller
Date of
Establishment : 26th
January 1985
History :
Subject
began in 1985 as a Sole Proprietorship, however on 10th June 1997 it
re-registered
as a With Limited Liability company.
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 38560-1
Chamber Member No. : 3505
Issued Capital : BD 50,000
Paid up Capital : BD 50,000
· Sameer Saleh
Rashid Al Zayani 51%
· Nariana Holding Co 44%
· Yogesh Naraidaz
Bhatia 1%
· Bhatia Naraidaz 1%
· Shanta Naraidaz 1%
· Hemant Manoj 1%
· Bharat Manoj 1%
· Slintech Bahrain
Manama
Activities: Engaged in the import and distribution of general hand tools, power
tools (electrical & pneumatic), cutting & welding equipment &
accessories, safety & fire fighting products, lifting equipment &
marine tackles, industrial maintenance products, building materials and waste
management systems.
Subject is the
authorized distributor for BOSCH Power Tools in Bahrain.
Import Countries: Germany, United Kingdom, Slovenia, China and India
International Suppliers:
· Rothenberger Germany
· Rottluff Germany
· PROXIMA India
· IRWIN United Kingdom
·
Unior Slovenia
Operating Trend: Steady
Subject has a workforce of 45 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
3,925,000 BD
4,180,000
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.97 |
|
|
1 |
Rs.83.67 |
|
Euro |
1 |
Rs.67.19 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
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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 |
|
<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.