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Report Date : |
06.10.2012 |
IDENTIFICATION DETAILS
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Name : |
MEGA MART WLL |
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Registered Office : |
Bus |
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Country : |
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Date of Incorporation : |
11.04.1998 |
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Com. Reg. No.: |
40389-3 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Wholesalers and retailers of general foodstuffs, household appliances and utensils. |
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No. of Employees : |
350 |
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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 : MEGA MART WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Registration Date : 11th April 1998
Commercial Registration Number : 40389-3
Chamber Membership Number : 3963
Issued Capital : BD 250,000
Paid up Capital : BD 250,000
Total Workforce : 350
Activities : Wholesalers and retailers of general foodstuffs, household appliances and utensils.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
MEGA MART WLL
Street : Bus Station
Street
Area : Muharaq Area
PO Box : 23599
Town : Manama
Country : Bahrain
Telephone : (973-17) 341070
Facsimile : (973-17)
346010
Subject operates from a large suite of offices and a showroom that are
rented and located in the Central Business Area of Manama.
Branch Office (s)
Location Description
· Lulu Centre Showroom
premises
Manama
Tel: (973-17)
250334
Fax: (973-17)
250644
· Juffair Showroom
premises
Name Position
· Raj Kumar Wangnani Managing
Director
· Naresh Lalwani Human
Resources Manager
· Kartar Hasnani Marketing
Manager
Date of
Establishment : 11th
April 1998
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 40389-3
Chamber Member No. : 3963
Issued Capital : BD 250,000
Paid up Capital : BD 250,000
· Ahmed Ghuloom Jaafar Gali 51%
· Anima International Holding Co WLL 49%
· Choithram LLC
Dubai
United Arab Emirates
Activities: Engaged in the wholesale and retail of general foodstuffs, household
appliances and utensils.
Import Countries: Europe and the Far East.
Subject has a workforce of approximately 350 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.
· Gulf International
Bank BSC
Al Dowali
Building
3 Palace
Avenue
PO Box:
1017
Manama
Tel:
(973-17) 534000
Fax:
(973-17) 522633
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.51.62 |
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1 |
Rs.83.57 |
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Euro |
1 |
Rs.67.17 |
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.