MIRA INFORM REPORT

 

 

Report Date :

09.01.2013

 

IDENTIFICATION DETAILS

 

Name :

PROLIFIC TECHNOLOGY DEVELOPMENT WLL

 

 

Registered Office :

Office No. 325, Building No. 2648, Block No. 257 Road No. 5720 Amwaj Island

 

 

Country :

Bahrain

 

 

Date of Incorporation :

16.02.2012

 

 

Com. Reg. No.:

82322-1, Manama

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

General marketing consultants and distributors of general merchandise

 

 

No. of Employees :

2

 

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

New Business

 

--

 

Status :

New Business

Payment Behaviour :

Unknown

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

(31.03.2011)

Current Rating

(30.06.2012)

Bahrain

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

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

 

SUMMARY

 

Company Name                                     : PROLIFIC TECHNOLOGY DEVELOPMENT WLL

Country of Origin                                    : Bahrain

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 16th February 2012

Commercial Registration Number            : 82322-1, Manama

Issued Capital                                        : BD 20,000

Paid up Capital                                      : BD 20,000

Total Workforce                                     : 2

Activities                                               : General marketing consultants and distributors of general merchandise

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

COMPANY NAME

 

PROLIFIC TECHNOLOGY DEVELOPMENT WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Office No. 325, Building No. 2648, Block No. 257

Street               : Road No. 5720

 

Town                 : Amwaj Island

Country             : Bahrain

 

Mobile               : (973-36) 3029055

Email                : vision_bcz@yahoo.com

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Amwaj Island.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                                 Position

 

·       Mohsin Abdul Mateen                                    Pakistani                                   Managing Director

 

·       Ismat Abdul Mateen                                      Pakistani                                   Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 16th February 2012

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 82322-1, Manama

 

Issued Capital              : BD 20,000

 

Paid up Capital            : BD 20,000

 

Name of Shareholder (s)                                           Percentage

 

·       Mohsin Abdul Mateen                                                            51%

 

·       Ismat Abdul Mateen                                                              49%

 

 

OPERATIONS

 

Activities: Engaged as general marketing consultants and distributors of general merchandise.

 

Subject has a workforce of 2 employees.

 

 

FINANCIAL DATA

 

Subject is a newly formed business and as a result financial information is not currently available.

 

 

BANKERS

 

·       HSBC Bank Middle East

93 Al Khalifa Avenue

PO Box: 57

Manama 304

Tel: (973-17) 224555 / 222158

Fax: (973-17) 226822

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that we were unable to contact the subject directly during our investigation.

 

In view of subject’s infancy, extensive payment and financial are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.33

UK Pound

1

Rs.89.05

Euro

1

Rs.72.57

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.