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Report Date : |
28.05.2013 |
IDENTIFICATION DETAILS
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Name : |
NARJIS ABDULLAH ALI FOODSTUFF |
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Registered Office : |
Al Shabab Avenue PO Box 16006 Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
03.02.1993 |
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Com. Reg. No.: |
15282-3 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject operates several divisions like Foodstuff Division, Fruit & Vegetable Division, Supermarket Division |
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No. of Employees : |
25 |
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.
Source
: CIA
Company Name : NARJIS ABDULLAH ALI FOODSTUFF
Country of Origin : Bahrain
Legal Form : Sole Proprietorship
Registration Date : 3rd February 1993
Commercial Registration Number : 15282-3
Chamber Membership Number : 10810
Invested Capital : BD 60,000
Total Workforce : 25
Activities : Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
NARJIS ABDULLAH ALI FOODSTUFF
Location : Al Shabab
Avenue
PO Box : 16006
Town : Manama
Country : Bahrain
Telephone : (973-17) 717127
/ 256116 / 785271
Facsimile : (973-17)
786281
Mobile : (973-39)
464260
Email : isa_alawadhi_contracting@hotmail.com
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Central Business Area of Manama.
Name Position
· Narjis Abdullah
Ali Proprietor
· Abdulrahman Al
Awadhi General
Manager
· Issa Abdulrahman
Al Awadhi Assistant
General Manager
Date of
Establishment : 3rd
February 1993
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 15282-3
Chamber Member No. : 10810
Invested Capital : BD 60,000
Mr Narjis Abdullah Ali is the sole proprietor of the business.
Activities: Subject’s operations are performed through the following divisions:
· Foodstuff Division
Engaged
in the import and distribution of general foodstuffs.
· Fruit & Vegetable Division
Engaged
in the import and distribution of fresh fruit and vegetables.
· Supermarket Division
Engaged as operators of supermarkets.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 25 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
1,100,000 BD
1,250,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
· HSBC Bank of the
Middle East
93
Al Khalifa Avenue
PO
Box: 57
Manama
Tel:
(973-17) 224555
Fax:
(973-17) 226822
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.55.62 |
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|
1 |
Rs.84.18 |
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Euro |
1 |
Rs.71.96 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
-- |
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.