MIRA
INFORM REPORT
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Report Date : |
10.05.2013 |
IDENTIFICATION DETAILS
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Name : |
REDX INDUSTRIES CO WLL |
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Registered Office : |
Building No.
1218, Block 955, Road No. 5524, Sanad, P O Box 80348, Manama |
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Country : |
Bahrain |
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Date of Incorporation : |
28.10.2009 |
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Com. Reg. No.: |
73162-1 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Manufacturers of precast concrete panels, ready mix concrete, paving, bricks and asphalt products |
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No. of Employees : |
200 |
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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Bahrain |
B1 |
B1 |
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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 : REDX INDUSTRIES CO WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Registration Date : 28th October 2009
Commercial Registration Number : 73162-1
Issued Capital : BD 50,000
Paid up Capital : BD 50,000
Total Workforce : 200
Activities : Manufacturers of precast concrete panels, ready mix concrete, paving,
bricks and asphalt products
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
REDX INDUSTRIES CO
WLL
Registered &
Physical Address
Building : Building No. 1218, Block 955
Street : Road No. 5524
Area : Sanad
PO Box : 80348
Town : Manama
Country : Bahrain
Telephone : (973-77) 454545 / 464646 / 414141 /
424242 / 434343
Facsimile : (973-77) 484848
Email : i.alshaikh@yahoo.com / info@redxindustries.com
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of Manama.
Name Position
·
Shaikh Isa
Bin Ali Bin Abdulla Al Khalifa Managing
Director
·
Shaikh
Ali Isa Ali Al Khalifa Director
Date of Establishment : 28th
October 2009
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 73162-1
Issued Capital : BD 50,000
Paid up Capital : BD 50,000
Name of Shareholder
(s) Percentage
·
Shaikh
Isa Bin Ali Bin Abdulla Al Khalifa 50%
·
Shaikh
Ali Isa Ali Al Khalifa 50%
Activities: Engaged in the manufacture of precast concrete
panels, ready mix concrete, paving, bricks and asphalt products.
Subject is ISO 9001, 14001 and 18001 accredited.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of approximately 200 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.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.24 |
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UK Pound |
1 |
Rs.84.30 |
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Euro |
1 |
Rs.71.36 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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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 |
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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.