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Report Date : |
12.04.2013 |
IDENTIFICATION DETAILS
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Name : |
BABASONS WLL |
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Formerly Known as: |
Babasons SPC |
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Registered Office : |
Building No. 123,
Lulu Road, Muharraq, P O Box 23599, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
25.01.1995 |
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Com. Reg. No.: |
40389-1, Manama |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Operation of a chain of supermarkets |
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No. of Employees : |
370 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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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
|
Country Name |
Previous Rating (31.03.2012) |
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.
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Source : CIA |
Company Name : BABASONS WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability
Start Date : 25th January 1995
Commercial Registration Number : 40389-1, Manama
Membership Number : 3963
Issued Capital : BD 250,000
Paid up Capital : BD 250,000
Total Workforce : 370
Activities : Operation of a chain of supermarkets.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Raj Kumar Veshdev Waghnani, Managing Director
BABASONS WLL
Registered &
Physical Address
Building : Building No. 123
Street : Lulu Road
Area : Muharraq
PO Box : 23599
Town : Manama
Country : Bahrain
Telephone : (973-17) 341070
Facsimile : (973-17) 346010
Email : babasons@batelco.com.bh / megamart@batelco.com.bh
/ harish@babasons.com
Premises
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
·
Exhibition
Road Rented
supermarket premises
Hoora
Name Position
·
Ahmed
Ghuloom Jaafar Qali Chairman
·
Raj Kumar Veshdev Waghnani Managing
Director
·
Manoj Thanwani Director
·
Harish Apaya Director
·
Satheesh Babu Director
·
Vaihundan Paramalingam Director
·
Kartar
Hassanani Marketing
Manager
Date of Establishment : 25th
January 1995
History : Subject was previously called “Babasons
WLL” but re-registered in November 2007 and
became “Babasons SPC”. In May 2012 it reverted back to a With Limited
Liability company, once again called “Babasons WLL”.
Legal Form :
With Limited Liability
Commercial Reg. No. : 40389-1,
Manama
Membership
No. : 3963
Issued Capital : BD 250,000
Paid up Capital : BD 250,000
Name of Shareholder
(s) Percentage
·
Ahmed
Ghuloom Jaafar Qali 51%
·
Anima International Holding Co WLL 49%
Manama
Activities: Engaged in the operation of a chain of supermarkets,
specialising in the retail of general foodstuff,
readymade garments, textiles,
household electrical appliances and lighting fixtures and fittings.
Import
Countries: Europe and Asia.
Operating Trend: Steady
Subject has a
workforce of approximately 370 employees.
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 32,000,000 BD 34,700,000
Local sources consider
subject’s financial condition to be Good.
The above figures
were provided by Mr Raj Kumar Veshdev
Waghnani, Managing Director
·
Arab Bank Plc
Government Avenue
PO Box: 395
Manama
Tel: (973-17)
229988
Fax: (973-17)
210443
No complaints
regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.53 |
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UK Pound |
1 |
Rs.83.59 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.