MIRA INFORM REPORT
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Report Date : |
21.05.2013 |
IDENTIFICATION DETAILS
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Name : |
AL MURJAN PLUMBING EQUIPMENT WLL |
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Registered Office : |
Shop 190, Block 422, Road 2227, Jidhaffs, PO Box: 21108, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.08.1987 |
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Com. Reg. No.: |
18589-1 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Distributors of plumbing products and materials |
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No. of Employees : |
10 |
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 :
AL MURJAN PLUMBING EQUIPMENT WLL
Country of Origin :
Bahrain
Legal Form :
With Limited Liability - WLL
Registration Date :
1st August 1987
Commercial Registration Number : 18589-1, Manama
Chamber Membership Number :
2152
Issued Capital :
BD 10,000
Paid up Capital :
BD 10,000
Total Workforce :
10
Activities :
Distributors of plumbing products and materials
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed :
Hussain Ahmed Ali Abdullah, Commercial Manager
AL MURJAN PLUMBING EQUIPMENT WLL
Registered &
Physical Address
Building :
Shop 190, Block 422
Street : Road 2227
Area : Jidhaffs
PO Box :
21108
Town : Manama
Country : Bahrain
Telephone : (973-17) 552114
Facsimile : (973-17)
555416
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
Ahmed Ali Abdullah Managing
Director
Jameel Ahmed Ali Abdullah Director
Hussain Ahmed Ali Abdullah Commercial
Manager
Date of Establishment : 1st
August 1987
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 18589-1, Manama
Chamber Member No. : 2152
Issued Capital : BD 10,000
Paid up Capital : BD 10,000
Name of
Shareholder (s)
Ahmed Ali Abdullah
Jameel Ahmed Ali Abdullah
Activities: Engaged in the
import and distribution of plumbing products and materials.
Import Countries: Europe
and the Far East.
Operating Trend: Steady
Subject has a workforce of 10 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
820,000 BD
875,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Bahrain Islamic Bank
PO Box: 5240
Manama
Tel: (973-17) 231402
Fax: (973-17) 275734
No complaints regarding subject’s payments have been reported.
Local sources report that subject meets its payments in a timely manner
and 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.55.04 |
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|
1 |
Rs.83.61 |
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Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.