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Report Date : |
20.07.2013 |
IDENTIFICATION DETAILS
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Name : |
ABAHSAIN FIBERGLASS ME WLL |
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Registered Office : |
Building No. 1399 Road No. 1518 Bahrain International Investment Park
PO Box 24803, Al Hidd 115 Muharraq |
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Country : |
Bahrain |
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Date of Incorporation : |
21.07.2005 |
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Com. Reg. No.: |
57577-1 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Manufacturers of fibre glass. |
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No. of Employees : |
150 |
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 |
|
Risk Category |
ECGC
Classification |
|
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 : ABAHSAIN FIBERGLASS ME WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Registration Date : 21st July 2005
Commercial Registration Number : 57577-1
Issued Capital : BD 9,000,000
Paid up Capital : BD 9,000,000
Total Workforce : 150
Activities : Manufacturers of fibre glass.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
ABAHSAIN FIBERGLASS ME WLL
Building : Building No.
1399
Street : Road No.
1518
Area : Bahrain
International Investment Park
PO Box : 24803, Al Hidd
115
Town : Muharraq
Country : Bahrain
Telephone : (973-17) 467517
Facsimile : (973-17) 465970
/ 200145
Email : pkfb@batelco.com.bh
Subject operates from a suite of offices and a factory, covering 60,000
square metres that are rented and located in the Industrial Area of Muharraq.
Name Nationality Position
· Abdullah Saleh I
Abahsain Saudi Managing Director
· Charles Haley
Coggin American Director
· Syed Khawaja
Maqsood Pakistani Director
Date of
Establishment : 21st
July 2005
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 57577-1
Issued Capital : BD 9,000,000
Paid up Capital : BD 9,000,000
· Saleh &
Abdulaziz Abahsain Co Ltd 94.16%
PO Box: 209
Al Khobar 31952
Saudi Arabia
Tel: (966-3)
8984045
Fax: (966-3)
8991557
· Glass Strand Inc 5.84%
United States of
America
Activities: Engaged in the manufacture of emulsion bonded, powder bonded, single and
multi-end roving and woven roving fibre glass.
Import Countries: Europe and GCC countries.
Subject has a workforce of approximately 150 employees.
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.
·
HSBC Bank Middle East
Road No. 718
PO Box: 57
Muharraq 207
Tel: (973-17)
322406 / 322151
Fax: (973-17)
323891
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 company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.79 |
|
|
1 |
Rs.91.03 |
|
Euro |
1 |
Rs.78.52 |
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 |
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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.