MIRA INFORM REPORT
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Report Date : |
14.05.2013 |
IDENTIFICATION DETAILS
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Name : |
CARPET HOUSE |
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Registered Office : |
Shop No. 78A, Osama Bin Zaid Avenue, Adliya, PO Box : 26053, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
14.09.1996 |
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Com. Reg. No.: |
36142-1 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesale and retail of carpets and upholstery. |
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No. of Employees : |
8 |
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 |
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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 :
CARPET HOUSE
Country of Origin :
Bahrain
Legal Form :
Sole Proprietorship
Start Date :
1960
Registration Date :
14th September 1996
Commercial Registration Number :
36142-1, Manama
Chamber Membership Number :
7233
Invested Capital :
BD 50,000
Total Workforce :
8
Activities :
Wholesale and retail of carpets and upholstery.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
CARPET HOUSE
Registered &
Physical Address
Building : Shop No. 78A
Street : Osama Bin
Zaid Avenue
Area : Adliya
PO Box : 26053
Town : Manama
Country : Bahrain
Telephone : (973-17) 710163
Facsimile : (973-17)
715501
Mobile : (973-39)
465687 / 819004 / 469813
Email : carpethouse@carpethouse.net
/ houseofcarpet@hotmail.com
Premises
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Manama.
Name Position
Abdul Taher Abdul Taher Hassan Proprietor
& General Manager
Mohamed Abdul Taher Assistant
General Manager
Ali Abdul Taher Sales
Manager
Date of
Establishment : Subject’s operations
date back to 1960, however it was registered on 14th September 1996
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 36142-1, Manama
Chamber Member No. : 7233
Invested Capital : BD 50,000
Mr Abdul Taher Abdul Taher Hassan is the sole proprietor of the
business.
Activities: Engaged in the
wholesale and retail of carpets and upholstery.
Import Countries: Iran,
Pakistan, Afghanistan, Turkey and India.
Export Countries: United
States of America
Operating Trend: Steady
Subject has a workforce of 8 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
1,415,000 BD
1,480,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Arab Bank Plc
Government Avenue
PO Box: 395
Manama
Tel: (973-17) 229988
Fax: (973-17) 210443
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.54.91 |
|
|
1 |
Rs.84.44 |
|
Euro |
1 |
Rs.71.31 |
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 |
|
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.