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Report Date : |
30.07.2013 |
IDENTIFICATION DETAILS
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Name : |
JASSIM TRADING AND AGROSERVE COMPANY |
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Registered Office : |
Showroom No. 1, Gate No. 1634 A, Block No. 504, Budaiya Highway, Road No. 85, PO Box : 31771, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.05.1973 |
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Com. Reg. No.: |
1476-4 |
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Legal Form : |
Single Person Company (SPC) |
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Line of Business : |
Wholesalers and retailers of agricultural and horticultural equipment, seeds, tools, fertilisers, plants and irrigation materials. |
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No. of Employees : |
120 |
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 |
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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.
|
Source
: CIA |
Company Name :
JASSIM TRADING AND AGROSERVE COMPANY
Country of Origin :
Bahrain
Legal Form :
Single Person Company (SPC)
Start Date :
1st May 1973
Registration Date :
18th August 1984
Commercial Registration Number :
1476-4
Membership Number :
115
Issued Capital :
BD 100,000
Paid up Capital :
BD 100,000
Total Workforce :
120
Activities :
Wholesalers and retailers of agricultural and horticultural equipment, seeds, tools, fertilisers, plants and
irrigation materials.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Santosh Balan , Purchasing Manager
JASSIM TRADING AND AGROSERVE COMPANY
Registered &
Physical Address
Building : Showroom No.
1, Gate No. 1634 A, Block No. 504
Street : Budaiya
Highway, Road No. 85
PO Box : 31771
Town : Manama
Country : Bahrain
Telephone : (973-17) 599000 / 256340
Facsimile : (973-17) 599099 / 730236
Mobile : (973-39) 661716
Email : jassim@jassim.com.bh
/ jassimt@batelco.com.bh
Premises
Subject operates from a medium sized suite of offices and a showroom
with storage facilities that are rented and located in the Suburban Business
Area of Manama.
Branch Office (s)
Location Description
Sheikh Jaber Al High Subah Highway Showroom
premises
Al Mameer Area
PO Box: 1059
Tel: (973-17) 701818
Fax: (973-17) 701833
Al Qadesia Avenue Showroom
premises
Tel: (973-17) 251025
Fax: (973-17) 253202
Name Position
Jassim Mohamed Al Sayegh Managing
Director
Nabeel Jassim Mohamed Al Sayegh General
Manager
Santosh Balan Purchasing
Manager
Roukia Abdo Ali Financial
Controller
T Soldy Accountant
Date of Establishment : 1st May
1973, however subject was registered on 18th August 1984
Legal Form : Single Person
Company (SPC)
Commercial Reg. No. : 1476-4
Membership No. : 115
Issued Capital : BD 100,000
Paid up Capital : BD 100,000
Name of
Shareholder (s) Percentage
Jassim Mohamed Al Sayegh 100%
Activities: Engaged in the wholesale and retail of agricultural and horticultural
equipment, seeds, tools, fertilisers, plants, irrigation materials, water
pumps, playground equipment, fire and safety systems, industrial cleaning
chemicals, veterinary medicines and animal health products.
Subject also offers landscaping and irrigation contracting
services.
Import Countries: Netherlands, United Kingdom, Australia and New
Zealand.
International Suppliers:
Havens Netherlands
Royal Sluis Kon Zaaizadbedr BV Netherlands
Fisons Plc United
Kingdom
Amoa Chemical Co Ltd United
Kingdom
Golden Valley United
States of America
Operating Trend: Steady
Subject has a workforce of 120 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 Sales BD
2,825,000 BD
3,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Santosh Balan, Purchasing Manager
Al Ahli Commercial Bank
Government Avenue
PO Box: 5941
Manama
Tel: (973-17) 244333
Fax: (973-17) 241301
No complaints regarding subject’s payments have been reported.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.29 |
|
|
1 |
Rs.91.18 |
|
Euro |
1 |
Rs.78.71 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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.