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Report Date : |
22.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
WADI SAFA FOOD STUFF |
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|
|
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Registered Office : |
Central Market, Building No. 506, Block 555, Road No. 5511, PO Box:
30198, Manama |
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|
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Country : |
Bahrain |
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|
|
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Financials (as on) : |
31.12.2012 |
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|
|
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Date of Incorporation : |
11.07.2011 |
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Com. Reg. No.: |
20176-5 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesalers and retailers of fruit and vegetables |
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|
|
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No. of Employees : |
3 |
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 |
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|
|
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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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 : WADI SAFA
FOOD STUFF
Country of Origin :
Bahrain
Legal Form :
Sole Proprietorship
Registration Date :
11th July 2011
Commercial Registration Number :
20176-5
Chamber Membership Number :
24812
Invested Capital :
BD 30,000
Total Workforce :
3
Activities :
Wholesalers and retailers of fruit and vegetables
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Person Interviewed :
Waqar Ahmed, Sales Manager
WADI SAFA FOOD STUFF
Registered &
Physical Address
Building : Central
Market, Building No. 506, Block 555
Street : Road No.
5511
PO Box : 30198
Town : Manama
Country : Bahrain
Telephone : (973-17) 695158
Facsimile : (973-17)
695158
Mobile : (973-33)
767975 / 433641 / (973-39) 411137
Email : k4shi_cheema@yahoo.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Manama.
Name Position
Saleh Yusuf Fahad Allehdan Al Dossary Proprietor
& General Manager
Waqar Ahmed Sales
Manager
Date of Establishment : 11th
July 2011
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 20176-5
Chamber Member No. : 24812
Invested Capital : BD 30,000
Mr Saleh Yusuf Fahad Allehdan Al Dossary is the sole proprietor of the
business.
Activities: Engaged in the
wholesale and retail of fruit and vegetables.
Import Countries: Europe
and the Far East.
Subject has a workforce of 3 employees.
Financial highlights provided by local sources are given below:
Currency: Bahraini Dinar (BD)
Year Ending 31/12/12:
Total Sales BD
610,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Gulf International Bank BSC
Al Dowali Building
3 Palace Avenue
PO Box: 1017
Manama
Tel: (973-17) 534000 / 534300 / 530030
Fax: (973-17) 522633 / 522530 / 522629
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.59.79 |
|
|
1 |
Rs.91.03 |
|
Euro |
1 |
Rs.78.52 |
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 |
|
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.