MIRA INFORM REPORT

 

 

Report Date :

06.04.2013

 

IDENTIFICATION DETAILS

 

Name :

AL SHEHAB CERAMICA

 

 

Formerly Known as:

Yaseen & Taha Trading Est

 

 

Registered Office :

Shop No. 295, Block No. 1203, Road No. 305, Hamd Town, P O Box 30006, Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

14.01.1984

 

 

Com. Reg. No.:

11287-2, Manama

 

 

Legal Form :

General Partnership

 

 

Line of Business :

Distributors of ceramics, tiles and granite

 

 

No. of Employees :

20

 

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

 

Status :

Satisfactory 

 

 

Payment Behaviour :

No  Complaints 

 

 

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

(31.03.2012)

Current Rating

(30.06.2012)

Bahrain

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

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

 

SUMMARY

 

Company Name                                     : AL SHEHAB CERAMICA

Country of Origin                                    : Bahrain

Legal Form                                            : General Partnership

Registration Date                                   : 14th January 1984

Commercial Registration Number            : 11287-2, Manama

Membership Number                              : 10553

Partners Capital                                     : BD 600,000

Total Workforce                                     : 20

Activities                                               : Distributors of ceramics, tiles and granite

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

COMPANY NAME

 

AL SHEHAB CERAMICA

 

 

Company ADDRESS

 

Registered & Physical Address

Location            : Shop No. 295, Block No. 1203

Street               : Road No. 305

Area                 : Hamd Town

PO Box             : 30006

Town                 : Manama

Country             : Bahrain

Telephone         : (973-17) 413641

Facsimile          : (973-17) 410225

Mobile               : (973-36) 662660

Email                : alshehab@batelco.com.bh

 

Premises

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Manama.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Mameer Area                                                                                    Showroom premises

Tel: (973-17) 702769

 

·       Tubli Area                                                                                         Showroom premises

Tel: (973-17) 789587

 

·       Manama                                                                                           Showroom premises

Tel: (973-17) 232256

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Yaseen Ahmed Shehab                                                                     Managing Partner

·       Mohamed Baqer Ahmed Shehab                                                        Partner

·       Asif Mohamed                                                                                   Financial Controller

·       Ami Jaan                                                                                          Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 14th January 1984

 

History                         : Subject was established in 1984 under the name of “Yaseen & Taha Trading Est”.

 

  However in May 2000 subject changed its name to the current style of “Al Shehab

  Ceramica”.

 

Legal Form                  : General Partnership

 

Commercial Reg. No.  : 11287-2, Manama

 

Chamber Member No. : 10553

 

Partners Capital           : BD 600,000

 

Name of Partner (s)

·       Yaseen Ahmed Shehab

·       Mohamed Baqer Ahmed Shehab

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of ceramics, tiles and granite.

 

Import Countries: Italy and Spain.

 

International Suppliers:

 

·       Italqres                     Spain

·       Venus Dos               Spain

·       Griferia Marti Spain

·       Tres                         Spain

·       Royo                        Spain

·       Kerasan                   Italy

 

Brand Names: AMBLI STONE and KAJARYA

 

Operating Trend: Steady

 

Subject has a workforce of 20 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Bahraini Dinar (BD)

                                                Year Ending 31/12/11:                Year Ending 31/12/12:

 

Total Sales                                BD 3,200,000                            BD 3,330,000

 

Local sources consider subject’s financial condition to be Fair.

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Standard Chartered Bank

Government Road

PO Box: 29

Manama

Bahrain

Tel: (973-17) 223636

 

·       Bahrain Islamic Bank

Main Branch

PO Box: 5240

Manama

Tel: (973-17) 231402

Fax: (973-17) 275734

 

·       HSBC Middle East

Al Khalifa Avenue

PO Box: 57

Manama

Tel: (973-17) 255933

Fax: (973-17) 226822

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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 business is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.88

UK Pound

1

Rs.83.54

Euro

1

Rs.70.90

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.