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Report Date : |
16.08.2013 |
IDENTIFICATION DETAILS
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Name : |
ABDUL HADI AL AFOO WLL |
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Registered Office : |
Salmabad Industrial Area, Building No. 2956, Road No. 4452, Block 744
PO Box 611 Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
22.07.1961 |
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Com. Reg. No.: |
627-1, Manama |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
General construction contractors and providers of road making services. |
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No. of Employees : |
100 |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Bahrain |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
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.
Source
: CIA
Company Name : ABDUL HADI AL AFOO WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Registration Date : 22nd July 1961
Commercial Registration Number : 627-1, Manama
Chamber Membership Number : 5671
Issued Capital : BD 100,000
Paid up Capital : BD 100,000
Total Workforce : 100
Activities : General construction contractors and providers of road making services.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Anil Kumar, Accounts Manager
ABDUL HADI AL AFOO WLL
Location : Salmabad
Industrial Area, Building No. 2956, Road No. 4452, Block 744
PO Box : 611
Town : Manama
Country : Bahrain
Telephone : (973-17) 874756
Facsimile : (973-17)
874754
Mobile : (973-36)
050010
Email : alafoo@batelco.com.bh
Subject operates from a medium sized suite of offices and a warehouse that
are owned and located in the Industrial Area of Manama.
Name Position
· Ibrahim Abdul Hadi
Al Afoo
Managing Director
· Abdul Reda Abdul
Hadi Al Afoo Director
· Francis Sequeira Operations Manager
· Anil Kumar Accounts
Manager
· Naseem Mohamed Sales
Manager
Date of
Establishment : 22nd
July 1961
Legal Form : With Limited Liability
- WLL
Commercial Reg.
No. : 627-1, Manama
Chamber Member No. : 5671
Issued Capital : BD 100,000
Paid up Capital : BD 100,000
· Ibrahim Abdul Hadi
Al Afoo
24.20%
· Abdul Reda Abdul
Hadi Al Afoo
24.20%
· Mrs Bibi Haider
Mohamed Hasan
15.30%
· Ms Sakina Abdul
Hadi Mohamed Al Afoo
12.10%
· Ms Fatima Abdul
Hadi Mohamed Al Afoo
12.10%
· Ms Sameh Abdul
Hadi Mohamed Al Afoo
12.10%
Activities: Engaged as general construction contractors and providers of road
making services.
Subject also distributes building
materials, towers and sanitary fittings.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 100 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
3,600,000 BD
3,925,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Ahli United Bank BSC
PO Box: 2424
Manama
Tel: (973-17)
585858
Fax: (973-17) 580569
No complaints regarding subject’s payments have been reported.
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.61.51 |
|
|
1 |
Rs.94.98 |
|
Euro |
1 |
Rs.81.62 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
|
<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.