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Report Date : |
04.12.2013 |
IDENTIFICATION DETAILS
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Name : |
DASHTY FOODSTUFF WLL |
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Registered Office : |
Warehouse No. 701, Road No. 122, Tubli, PO Box : 33045, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
08.03.1983 |
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Com. Reg. No.: |
73758-1, Manama |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Subject is engaged in the wholesale and retail of general foodstuff
products. |
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No. of Employees : |
10 |
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 |
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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 : DASHTY FOODSTUFF WLL
Country of Origin :
Bahrain
Legal Form :
With Limited Liability – WLL
Start Date :
8th March 1983
Commercial Registration Number :
73758-1, Manama
Chamber Membership Number :
3039
Issued Capital :
BD 250,000
Paid up Capital :
BD 250,000
Total Workforce :
10
Activities :
Wholesale and retail of general foodstuff products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed :
Kishan Editeel, Accountant
DASHTY FOODSTUFF
WLL
Registered &
Physical Address
Location : Warehouse No.
701
Street : Road No. 122
Area : Tubli
PO Box : 33045
Town : Manama
Country : Bahrain
Telephone : (973-17) 784492
Facsimile : (973-17)
784492
Mobile : (973-39)
588466 / 611928
Email : dfscompanywll@yahoo.com
/ dfsest@batelco.com.bh
Please note that Road 1, Block 606, Sitra Industrial Area, Manama is the
subject’s previous address.
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Industrial Area of Manama.
Name Nationality Position
Puliyullathil Janardhanan Indian Managing Director
Nasarah Ali Hussien Dashty Bahraini Director
Abdul Hussain Ali Dashty Bahraini General Manager
Rajesh Babu - Sales
Manager
Kishan Editeel - Accountant
Date of Establishment : 8th March 1983
History : Subject was originally a Sole Proprietorship but re-registered as a With Limited
Liability company on 7th January 2010.
Legal Form : With Limited
Liability – WLL
Commercial Reg. No. : 73758-1, Manama
Chamber Member No. : 3039
Issued Capital : BD 250,000
Paid up Capital : BD 250,000
Name of Shareholder (s) Percentage
Nasarah Ali Hussien Dashty 51%
Puliyullathil Janardhanan 49%
Activities: Engaged
in the wholesale and retail of general foodstuff products.
Import Countries: Pakistan
International Suppliers:
N Y Company Ltd Pakistan
Brand Names: GOLD CUP and CUP
Operating Trend: Steady
Subject has a workforce of 10 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
2,100,000 BD
2,225,000
Local sources consider subject’s financial condition to be Fair.
National Bank of Bahrain BSC
Government Road
PO Box: 106
Manama
Tel: (973-17) 258800
Fax: (973-17) 263876
Acc No. 92105149
No complaints regarding subject’s payments have been reported.
Date of transaction August
2007
Credit amount 150,000
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.62.34 |
|
|
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.46 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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.