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Report Date : |
25.06.2013 |
IDENTIFICATION DETAILS
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Name : |
MOHAMED AKBARI & SONS |
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Registered Office : |
Road No. 328,
Block 356, |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
11.07.1999 |
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Com. Reg. No.: |
192-5 |
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Legal Form : |
General Partnership |
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Line of Business : |
Wholesalers and retailers of household appliances, kitchen equipment, cutlery, hotel and restaurant
equipment |
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No. of Employees : |
13 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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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 : MOHAMED AKBARI & SONS
Country of Origin : Bahrain
Legal Form : General Partnership
Registration Date : 11th July 1999
Commercial Registration Number : 192-5
Chamber Membership Number : 629
Partners Capital : BD 130,000
Total Workforce : 13
Activities :
Wholesalers and retailers of household
appliances, kitchen equipment,
cutlery, hotel and restaurant equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
MOHAMED AKBARI
& SONS
Registered &
Physical Address
Location : Road No. 328, Block 356, Sheikh Salman Highway
PO Box : 102
Town : Manama
Country : Bahrain
Telephone : (973-17) 246400 / 223084
Facsimile : (973-17) 273301
Mobile : (973-39) 685233 / 632639
Email : makbari@batelco.com.bh
Premises
Subject operates
from a small suite of offices, a showroom and a warehouse that are rented and
located in the Central Business Area of Manama.
Name Position
·
Fahmi
Mohamed Abdulrahman Mohamed Akbari Managing
Partner
·
Shukri
Mohamed Abdulrahman Mohamed Akbari Partner
·
Salah
Mohamed Abdulrahman Mohamed Akbari Partner
·
Sharif
Tanagat Financial
Controller
·
Ibrahim
Punakkan Sales
Manager
·
Magie
Varghese Administration
Executive
Date of Establishment : 11th
July 1999
Legal Form :
General Partnership
Commercial Reg. No. : 192-5
Chamber Member No. : 629
Partners Capital : BD 130,000
Name of Partner (s)
·
Fahmi
Mohamed Abdulrahman Mohamed Akbari
·
Shukri
Mohamed Abdulrahman Mohamed Akbari
·
Salah
Mohamed Abdulrahman Mohamed Akbari
Activities: Engaged in the wholesale and retail of household appliances, kitchen equipment,
cutlery, hotel and
restaurant equipment.
Import
Countries: India, Italy,
Germany, United Kingdom, China and the United Arab Emirates.
International
Suppliers:
·
Manek
Steel India
·
Shibo
Aluminium India
·
Svanera Italy
·
Sunnex China
·
Emsa Germany
·
Zenker Germany
·
Mitchel
Copper United Kingdom
·
Backerson United Arab Emirates
Operating Trend: Steady
Subject has a
workforce of 13 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 1,340,000 BD 1,725,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local 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.
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.59.73 |
|
UK Pound |
1 |
Rs.91.82 |
|
Euro |
1 |
Rs.78.23 |
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 |
|
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 |
|
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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.