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Report Date : |
10.10.2012 |
IDENTIFICATION DETAILS
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Name : |
BAHRAIN CITY CENTRE WLL (CARREFOUR) |
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Registered Office : |
Sheikh Khalifa Bin Salman Highway Al Seef PO Box 5010 Manama |
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Country : |
Bahrain |
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Date of Incorporation : |
07.12.2005 |
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Com. Reg. No.: |
58911, Manama |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Owners and operators of a shopping centre and leasing of 400 retail spaces. |
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No. of Employees : |
160 |
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 : BAHRAIN CITY CENTRE WLL (CARREFOUR)
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Registration Date : 7th December 2005
Commercial Registration Number : 58911, Manama
Issued Capital : BD 250,000
Paid up Capital : BD 250,000
Total Workforce : 160
Activities : Owners and operators of a shopping centre and leasing of 400 retail
spaces.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
BAHRAIN CITY CENTRE WLL (CARREFOUR)
Street : Sheikh
Khalifa Bin Salman Highway
Area : Al Seef
PO Box :
5010
Town : Manama
Country : Bahrain
Telephone : (973-17) 177777
/ 177771
Facsimile : (973-17)
178363
Email : fatima.alabbasi@maf.ae
/ saud.alkhaja@maf.ae
/ info@bahraincitycentre.com
/
Subject operates from a large suite of offices and a shopping centre
that are rented and located in the Central Business Area of Manama.
Name Position
· Duaij Al Rumhi General
Manager
· Fatima Al Abbasi Advertising
Manager
Date of
Establishment : 7th
December 2005 (Shopping centre opened in 2008)
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 58911, Manama
Issued Capital : BD 250,000
Paid up Capital : BD 250,000
· MAF Investment
Bahrain BSC (C) 100%
Manama
· Al Futtaim
Properties
Dubai
United Arab
Emirates
· Majid Al Futtaim
Commercial Development LLC
Dubai
United
Arab Emirates
Activities: Engaged as owners and operators of a shopping centre and leasing of 400
retail spaces.
Subject has a workforce of approximately 160 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.
·
National Bank of Bahrain BSC
Government Road
PO Box: 106
Manama
Tel: (973-17)
258800
Fax: (973-17)
263876
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.52.37 |
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1 |
Rs.83.99 |
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Euro |
1 |
Rs.67.99 |
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.