MIRA INFORM REPORT

 

 

Report Date :

16.01.2013

 

IDENTIFICATION DETAILS

 

Name :

PANORAMA HOTEL

 

 

Registered Office :

Building No. 1579, Block No. 340 Road No. 4041 PO Box 15009 Manama

 

 

Country :

Bahrain

 

 

Date of Incorporation :

13.04.1997

 

 

Com. Reg. No.:

17260-5

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Operators of a hotel

 

 

No. of Employees :

250

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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                                     : PANORAMA HOTEL

Country of Origin                                    : Bahrain

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 13th April 1997

Commercial Registration Number                        : 17260-5

Chamber Membership Number                : 11344

Invested Capital                                     : BD 1,000,000

Total Workforce                                     : 250

Activities                                               : Operators of a hotel

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

PANORAMA HOTEL

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Building No. 1579, Block No. 340

Street               : Road No. 4041

 

PO Box             : 15009

 

Town                 : Manama

Country             : Bahrain

 

Telephone         : (973-17) 826888 / 292720

Facsimile          : (973-17) 827427

Mobile               : (973-39) 933113

Email                : pan01@batelco.com.bh

 

Premises

 

Subject operates from a medium sized suite of offices and a hotel that are owned and located in the Central Business Area of Manama.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Shaikh Ali Rashed Subah Alkhalifa                                                     Proprietor & General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 13th April 1997

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 17260-5

 

Chamber Member No. : 11344

 

Invested Capital           : BD 1,000,000

 

Mr Shaikh Ali Rashed Subah Alkhalifa is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged as operators of a 4 star hotel. The hotel contains 111 rooms of which 10 suites have a Jacuzzi.

 

Subject has a workforce of 250 employees.

 

 

FINANCIAL DATA

 

Companies registered in Bahrain are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Arab Bank Plc

Government Avenue

PO Box: 395

Manama

Tel: (973-17) 229988

Fax: (973-17) 210443

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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 business is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.54

UK Pound

1

Rs.87.69

Euro

1

Rs.72.85

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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