MIRA INFORM REPORT

 

 

Report Date :

17.05.2013

 

IDENTIFICATION DETAILS

 

Name :

ADNAN & ALAWI TRADING EST

 

 

Registered Office :

Sheikh Hamad Street, P O Box 20001, Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

13.05.1978

 

 

Com. Reg. No.:

8749, Manama

 

 

Legal Form :

General Partnership

 

 

Line of Business :

Wholesale and retail of building materials, doors, gates and sanitary Ware products

 

 

No. of Employees :

20

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory 

 

 

Payment Behaviour :

No  Complaints

 

 

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

Moderate

 

B1

High

 

B2

Very High

 

C1

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

 

SUMMARY

 

Company Name                                    : ADNAN & ALAWI TRADING EST

Also Known As                                     : ADNAN & ALAWI SAYED MAHFOOD AL SAARI EST

Country of Origin                                   : Bahrain

Legal Form                                           : General Partnership

Registration Date                                  : 13th May 1978

Commercial Registration Number           : 8749, Manama

Chamber Membership Number               : 2441

Partners Capital                                     : BD 100,000

Total Workforce                                     : 20

Activities                                               : Wholesale and retail of building materials, doors, gates and sanitary

  Ware products

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Adnan Sayed Mahfood Al Saari, Managing Partner

 

COMPANY NAME

 

ADNAN & ALAWI TRADING EST

 

 

ALSO KNOWN AS

 

ADNAN & ALAWI SAYED MAHFOOD AL SAARI EST

 

 

Company ADDRESS

 

Registered & Physical Address

Location           : Sheikh Hamad Street

PO Box            : 20001

Town                : Manama

Country             : Bahrain

Telephone         : (973-17) 224065

Facsimile          : (973-17) 224041

Mobile              : (973-39) 666137

 

Premises

 

Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Manama.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Jeddaf Area                                                                                     Showroom premises

Tel: (973-17) 551489

 

·       Hamd City                                                                                        Showroom premises

Tel: (973-17) 410039

 

·       Al Budai Street                                                                                 Showroom premises

Al Makasa Area

Tel: (973-17) 300515

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Adnan Sayed Mahfood Al Saari                                                        Managing Partner

 

·       Alawi Sayed Mahfood Al Saari                                                          Partner

 

·       Sayed Jaffar Alawi                                                                           Commercial Manager

 

·       Sayed Mohamed                                                                              Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 13th May 1978

 

Legal Form                  : General Partnership

 

Commercial Reg. No.   : 8749, Manama

 

Chamber Member No.  : 2441

 

Partners Capital           : BD 100,000

 

Name of Partner (s)

·       Adnan Sayed Mahfood Al Saari

·       Alawi Sayed Mahfood Al Saari

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of building materials, doors, gates and sanitary ware products.

 

Import Countries: Italy and the United Kingdom

 

International Suppliers:

 

·       Simat                       Italy

·       Auton Meloda           Italy

·       Polypipe                  United Kingdom

·       Pegler                      United Kingdom

·       Makita                      United Kingdom           

 

Operating Trend: Steady

 

Subject has a workforce of 20 employees.

 

 

FINANCIAL DATA

 

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 2,500,000                            BD 2,815,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Bahraini Saudi Bank BSC

Al Sadah Building

Government Avenue

PO Box: 1159

Manama

Tel: (973-17) 211010

     Fax: (973-17) 210989

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.54.77

UK Pound

1

Rs.83.31

Euro

1

Rs.70.46

 

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

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

----

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.