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Report Date : |
19.08.2013 |
IDENTIFICATION DETAILS
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Name : |
DEERA EXHIBITION WLL |
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Registered Office : |
Building No. 311, Road No. 339, Block No. 321
Old Palace Avenue Gudbiya Area 26065 Manama |
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Country : |
Bahrain |
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Financial as on : |
31.12.2012 |
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Date of Incorporation : |
10.01.1983 |
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Com. Reg. No.: |
12988-1, Manama |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Subject is engaged in the wholesale and retail of electrical products, switches, panel control, isolators,
lighting, ventilating systems and water heaters. |
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No. of Employees : |
18 |
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) |
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Bahrain |
B1 |
B1 |
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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.
Source
: CIA
Company Name : DEERA EXHIBITION WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Registration Date : 10th January 1983
Commercial Registration Number : 12988-1, Manama
Chamber Membership Number : 3725
Issued Capital : BD 200,000
Paid up Capital : BD 200,000
Total Workforce : 18
Activities :
Wholesale and retail of electrical
products, switches, panel control,
isolators,
lighting, ventilating systems and water heaters.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Asif Mohamed Nour, Financial Controller
DEERA EXHIBITION WLL
Location : Building No. 311, Road No. 339, Block No. 321
Street :
Old Palace Avenue
Area :
Gudbiya Area
PO Box : 2606
Town : Manama
Country : Bahrain
Telephone : (973-17) 714678
Facsimile : (973-17)
717764
Mobile : (973-39)
966467 / 663635
Email : deera@batelco.com.bh / info@deeraexhibition.com
Subject operates from a small suite of offices and a showroom that are rented
and located in the Central Business Area of Manama.
Branch Office (s)
Location Description
· Muharaq Area Rented
showroom premises
Manama
Tel:
(973-17) 326777
Fax: (973-17) 320099
· Grand Hamad Avenue Rented
showroom premises
Manama
Tel:
(973-17) 714678 / 255500
Fax: (973-17) 742552 / 261407
Name Position
· Khadim Abdul Malik Khadim Al Shaibani Managing
Director
· Jasim Mohamed Saleh Al Khaja Director
· Asif Mohamed Nour Financial
Controller
· D Redha Sales
Manager
Date of
Establishment : 10th
January 1983
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 12988-1, Manama
Chamber Member No. : 3725
Issued Capital : BD 200,000
Paid up Capital : BD 200,000
· Khadim Abdul Malik Khadim Al Shaibani 50%
· Jasim Mohamed Saleh Al Khaja 50%
Activities: Engaged in the wholesale and retail of electrical
products, switches, panel control, isolators, lighting,
ventilating systems and water heaters.
Import Countries: Kuwait, Saudi Arabia, Italy, United Kingdom,
France, Germany, Belgium, Hong Kong, Japan and
Australia
International Suppliers:
· Gulf Cables Kuwait
· Yousif Khalid
Dasani Enterprises Kuwait
· Omega Factories Saudi Arabia
Brand Names: RAMCRO, HAGER, ATCO & SILAVENT
Operating Trend: Steady
Subject has a workforce of 18 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
4,100,000 BD
4,250,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
· Standard Chartered
Bank
Standard Chartered
Bank Building
Government Road
PO Box: 29
Manama
Tel: (973-17)
223636 / 255946
Fax: (973-17)
230503
No complaints regarding subject’s payments have been reported.
Credit amount EUR
115,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.82 |
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|
1 |
Rs. 96.57 |
|
Euro |
1 |
Rs. 82.45 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.