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Report Date : |
24.04.2013 |
IDENTIFICATION DETAILS
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Name : |
AL MOALEM JEWELLERS PARTNERSHIP |
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Registered Office : |
Building No. 203,
Block No. 304, Road No. 2831, P O Box 1341, Manama |
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Country : |
Bahrain |
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Date of Incorporation : |
28.05.2000 |
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Com. Reg. No.: |
45289-1 |
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Legal Form : |
General Partnership |
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Line of Business : |
Distributors of jewellery and diamonds |
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No. of Employees : |
05 |
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.
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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 has
taken great strides in diversifying its economy and its 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. 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 and 2012, Bahrain
experienced economic setbacks as a result of domestic unrest, however, several
factors indicate that the economy is beginning to recover, such as the return
of the formula one race and tourist cruise ships to Bahrain. Economic policies
aimed at restoring confidence in Bahrain's economy, such as the suspension of
an expatriate labor tax and frequent bailouts of Gulf Air, 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 : AL MOALEM JEWELLERS PARTNERSHIP
Country of Origin : Bahrain
Legal Form : General Partnership
Registration Date : 28th May 2000
Commercial Registration Number : 45289-1
Chamber Membership Number : 9618
Partners Capital : BD 50,000
Total Workforce : 5
Activities : Distributors of jewellery and diamonds
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
AL MOALEM JEWELLERS
PARTNERSHIP
Registered &
Physical Address
Building : Building No. 203, Block No. 304
Street : Road No. 2831
PO Box : 1341
Town : Manama
Country : Bahrain
Telephone : (973-17) 212157
Facsimile : (973-17) 212157
Mobile : (973-39) 613111
Email : alsarraj@batelco.com.bh
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Manama.
Name Nationality Position
·
Abdulhusain
Abdulla Abdulhusain Seraj Bahraini Managing Partner
·
Mohamed
Hussain Malim Indian Partner
Date of Establishment : 28th
May 2000
Legal Form :
General Partnership
Commercial Reg. No. : 45289-1
Chamber Member No. : 9618
Partners Capital : BD 50,000
Name of Partner (s) Percentage
·
Abdulhusain
Abdulla Abdulhusain Seraj 51%
·
Mohamed
Hussain Malim 49%
Activities: Engaged in the import and distribution of
jewellery and diamonds.
Import
Countries: Europe and the
Far East.
Subject has a workforce
of 5 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.
·
Al Ahli
Commercial Bank
Government Avenue
PO Box: 5941
Manama
Tel: (973-17) 244333
Fax: (973-17) 241301
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.
DIAMOND INDUSTRY – INDIA
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From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
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The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
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The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
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Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
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Excerpts from Times of India dated 30th October 2010 is as
under –
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Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the industry
is on the track of recovery and round tripping of diamonds has stopped
completely.” Demand has started coming from the US, the UK, Japan and China.
India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
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The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.30 |
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UK Pound |
1 |
Rs.82.88 |
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Euro |
1 |
Rs.70.80 |
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 |
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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.