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Report Date : |
31.10.2012 |
IDENTIFICATION DETAILS
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Name : |
KARAMI TRADING |
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Registered Office : |
Building No. 1938, Office No. 11, Block No. 707 Road |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
13.06.2006 |
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Com. Reg. No.: |
58816-3, Manama |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of general foodstuffs. |
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No. of Employees : |
15 |
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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 : KARAMI TRADING
Country of Origin : Bahrain
Legal Form : Sole Proprietorship
Registration Date : 13th June 2006
Commercial Registration Number : 58816-3, Manama
Invested Capital : BD 20,000
Total Workforce : 15
Activities : Distributors of general foodstuffs.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ismail Aziz Jaafar Karami, Assistant General Manager
KARAMI TRADING
Building : Building No.
1938, Office No. 11, Block No. 707
Street : Road No. 754
PO Box : 33089
Town : Issa Town
Country : Bahrain
Telephone : (973-17) 684413
Facsimile : (973-17)
684418
Mobile : (973-39)
424433 / 638182
Email : karamigroup.bh@batelco.com.bh
/ karami@batelco.com.bh
Subject operates from a small suite of offices that are rented and located
in the Central Business Area of Issa Town.
Name Position
· Abdul Redha Aziz
Jaafar Karami Proprietor
& General Manager
· Ismail Aziz Jaafar
Karami Assistant
General Manager
· Adel Aziz Jaafar
Karami Commercial
Manager
Date of
Establishment : 13th June
2006
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 58816-3, Manama
Invested Capital : BD 20,000
Mr Abdul Redha Aziz Jaafar Karami is the sole proprietor of the
business.
· Karami Restaurants
Manama
Activities: Engaged in the import and distribution of general foodstuffs, including
rice and spices.
Import Countries: India, Pakistan and Thailand.
Operating Trend: Steady
Subject has a workforce of 15 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
815,000 BD
880,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Bank of Bahrain & Kuwait
43 Government
Avenue
PO Box: 597
Manama
Tel: (973-17)
253388
Fax: (973-17)
275785
No complaints regarding subject’s payments have been reported.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the business is
deemed a fair trade risk and the above credit figure is considered to be within
subject’s financial means.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.16 |
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1 |
Rs.86.83 |
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Euro |
1 |
Rs.69.85 |
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.