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Report Date : |
05.01.2013 |
IDENTIFICATION DETAILS
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Name : |
ABU FARAS TRADING CO WLL |
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Registered Office : |
Building No. 22, Shop No. 24, Road No. 201, PO Box 5369 &
26057, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
13.12.2005 |
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Com. Reg. No.: |
58998-1 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Wholesalers and retailers of readymade garments and uniforms |
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No. of Employees : |
5 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Bahrain |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
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.
|
Source : CIA |
Company Name :
ABU FARAS TRADING CO WLL
Country of Origin :
Bahrain
Legal Form :
With Limited Liability - WLL
Registration Date :
13th December 2005
Commercial Registration Number : 58998-1, Manama
Issued Capital :
BD 100,000
Paid up Capital :
BD 100,000
Total Workforce :
5
Activities :
Wholesalers and retailers of readymade garments and uniforms
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
ABU FARAS TRADING CO WLL
Registered &
Physical Address
Building : Building No.
22, Shop No. 24
Street : Road No. 201
PO Box : 5369 &
26057
Town : Manama
Country : Bahrain
Telephone : (973-17) 250036
Facsimile : (973-17)
250037
Mobile : (973-39)
610010 / 610050
Email : abufaras@batelco.com.bh
/ mohadramdn@batelco.com.bh
Premises
Subject operates from a small suite of offices and a showroom that are rented
and located in the Central Business Area of Manama.
Name Nationality Position
Mohamed Ramadhan Abdullah Ramadhan Bahraini Managing
Director
Basheer Modavana Kandy Indian Director
Afzal Mohamed - Accountant
Date of Establishment : 13th
December 2005
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 58998-1, Manama
Issued Capital : BD 100,000
Paid up Capital : BD 100,000
Name of
Shareholder (s) Percentage
Mohamed Ramadhan Abdullah Ramadhan 51%
Basheer Modavana Kandy 49%
Activities: Engaged in the wholesale and retail of readymade garments and uniforms.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 5 employees.
Financial highlights provided by local sources are given below:
Currency: Bahraini Dinar (BD)
Year Ending 31/12/10: Year Ending 31/12/11:
Total Sales BD
725,000 BD
790,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Habib Bank
Government Avenue
PO Box: 566
Manama
Tel: (973-17) 254889 / 273285
Fax: (973-17) 276685
No complaints regarding subject’s payments have been reported.
According to local sources, subject meets its payment obligations in a
timely manner and the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.84 |
|
UK Pound |
1 |
Rs.88.16 |
|
Euro |
1 |
Rs.71.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 |
|
---- |
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.