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Report Date : |
21.06.2013 |
IDENTIFICATION DETAILS
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Name : |
CAPE |
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Registered Office : |
Yard 971, Block
601, Road No. 115, Sitra Industrial Area, P O Box 26997, Manama |
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Country : |
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Date of Incorporation : |
30.01.2000 |
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Com. Reg. No.: |
44543-1 |
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Legal Form : |
Exempt Closed Joint Stock Company |
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Line of Business : |
Subject is
engaged as general contractors,
specialising in asbestos management, environmental decontamination, heat
tracing, hire and sale of industrial equipment, insulation, refractory linings,
offshore services, scaffolding and waste reduction services |
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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) |
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Bahrain |
A2 |
A2 |
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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 :
CAPE
Country of Origin : Bahrain
Legal Form : Exempt Closed Joint Stock Company
Registration Date : 30th January 2000
Commercial Registration Number : 44543-1
Issued Capital : BD 175,000
Paid up Capital : BD 175,000
Total Workforce : 120
Activities : General contractors
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
CAPE EAST EC
Registered &
Physical Address
Location : Yard 971, Block 601
Street : Road No. 115
Area : Sitra Industrial Area
PO Box : 26997
Town : Manama
Country : Bahrain
Telephone : (973-17) 738927 / 738938
Facsimile : (973-17) 125242
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Industrial Area of Manama.
Name Position
·
Tim
Callahan Managing
Director
·
Prince
Joseph Chandy Director
·
Gary
Wayne Lowndes Director
Date of Establishment : 30th
January 2000
Legal Form :
Exempt
Closed Joint Stock Company
Commercial Reg. No. : 44543-1
Issued Capital : BD 175,000
Paid up Capital : BD 175,000
Name of Shareholder
(s) Percentage
·
Cape
Overseas Limited (UK) 90%
United Kingdom
·
Cape
Industrial Services Group Limited (UK) 10%
United Kingdom
Activities: Engaged as general contractors,
specialising in asbestos management, environmental decontamination, heat
tracing, hire and sale of industrial equipment, insulation, refractory linings,
offshore services, scaffolding and waste reduction services.
Subject has a
workforce of approximately 120 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.
·
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.
Please note that we
were unable to contact the subject directly during our investigation.
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.59.70 |
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UK Pound |
1 |
Rs.92.22 |
|
Euro |
1 |
Rs.79.19 |
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 |
|
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 |
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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.