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Report Date : |
18.10.2012 |
IDENTIFICATION DETAILS
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Name : |
SPECTRUM SHIPPING AGENCY |
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Registered Office : |
Suite No. 12, Behzad Medicals Building, Old Palace Road, Gudaibiya, PO
Box: 75487, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
04.08.2009 |
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Com. Reg. No.: |
56088-3 |
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Legal Form : |
Sole Proprietorship |
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line of business
: |
Engaged as shipping agents, providing customs clearing, freight
forwarding and warehousing services. |
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No. of Employees : |
12 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 Behavior : |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Bahrain |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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 :
SPECTRUM SHIPPING AGENCY
Country of Origin :
Bahrain
Legal Form :
Sole Proprietorship
Registration Date :
4th August 2009
Commercial Registration Number :
56088-3
Invested Capital :
BD 40,000
Total Workforce :
12
Activities :
Shipping agents
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
SPECTRUM SHIPPING AGENCY
Registered &
Physical Address
Building : Suite No. 12,
Behzad Medicals Building
Street : Old Palace
Road
Area : Gudaibiya
PO Box :
75487
Town : Manama
Country : Bahrain
Telephone : (973-17) 180441
Facsimile : (973-17)
180442
Mobile : (973-36)
944047
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Manama.
Name Position
Hamid Yasin Mirza Proprietor
& General Manager
Allen Deniz Assistant
General Manager
Date of Establishment : 4th
August 2009
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 56088-3
Invested Capital : BD 40,000
Mr Hamid Yasin Mirza is the sole proprietor of the business.
Activities: Engaged as shipping agents, providing customs clearing, freight
forwarding and warehousing services.
Operating Trend: Steady
Subject has a workforce of 12 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
720,000 BD
775,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Bahrain Islamic Bank
PO Box: 5240
Manama
Tel: (973-17) 231402
Fax: (973-17) 275734
No complaints regarding subject’s payments have been reported.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.75 |
|
UK Pound |
1 |
Rs.85.07 |
|
Euro |
1 |
Rs.69.04 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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.