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Report Date : |
04.07.2013 |
IDENTIFICATION DETAILS
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Name : |
MORRELLS INTERNATIONAL GENERAL TRADING |
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Registered Office : |
Building No.
2357, Block No. 704, Road No. 437, |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
21.03.2007 |
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Com. Reg. No.: |
45033-5 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of gas and oilfield equipment, vessels,
valves, building materials, gypsum, plywood and MDF |
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No. of Employees : |
08 |
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.
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Source : CIA |
Company Name : MORRELLS INTERNATIONAL GENERAL TRADING
Country of Origin : Bahrain
Legal Form : Sole Proprietorship
Registration Date : 21st March 2007
Commercial Registration Number : 45033-5
Invested Capital : BD 25,000
Total Workforce : 8
Activities : Distributors of gas and oilfield equipment, vessels, valves, building
materials, gypsum, plywood and MDF.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Tahir Abdul Hameed Shafee, Proprietor & General Manager
MORRELLS
INTERNATIONAL GENERAL TRADING
Registered &
Physical Address
Building : Building No. 2357, Block No. 704
Street : Road No. 437
PO Box : 2627
Town : Manama
Country : Bahrain
Telephone : (973-17) 280049 / 256800
Facsimile : (973-17) 230425 / 280420
Mobile : (973-39) 660750
Email : tahirhameed57@hotmail.com
Premises
Subject operates from
a small suite of offices and a warehouse that are rented and located in the
Central Business Area of Manama.
Name Position
·
Tahir
Abdul Hameed Shafee Proprietor
& General Manager
·
Mian
Ihsan Assistant
General Manager
Date of Establishment : 21st
March 2007
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 45033-5
Invested Capital
: BD 25,000
Mr. Tahir Abdul
Hameed Shafee is the sole proprietor of the business.
Activities: Engaged in the import and distribution of
gas and oilfield equipment, vessels, valves, building materials,gypsum, plywood
and MDF.
Import
Countries: France and China
International Suppliers:
· Floor Well France
· Sheng Mang Import
and Export China
Operating Trend: Steady
Subject has a
workforce of 8 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 Revenue BD 785,000 BD 754,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Tahir Abdul Hameed Shafee, Proprietor & General Manager
·
Bank of
Bahrain & Kuwait
43 Government Avenue
PO Box: 597
Manama
Tel: (973-17) 253388
Fax: (973-17) 275785
·
National
Bank of Bahrain BSC
Government Road
PO Box: 106
Manama
Tel: (973-17) 258800
Fax: (973-17) 263876
No complaints
regarding subject’s payments have been reported.
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.60.10 |
|
UK Pound |
1 |
Rs.91.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
<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.