MIRA INFORM REPORT

 

 

Report Date :

07.11.2013

 

IDENTIFICATION DETAILS

 

Name :

ALSTOM MIDDLE EAST FZE

 

 

Registered Office :

Building 378, Road 2617, Block 326, Adliya, PO Box: 54282, Manama

 

 

Country :

Bahrain

 

 

Date of Incorporation :

08.02.1998

 

 

Com. Reg. No.:

40025-1

 

 

Legal Form :

Branch of a Foreign Registered Corporation

 

 

Line of Business :

Subject is engaged as mechanical contractors

 

 

No. of Employees :

25

 

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                                    : ALSTOM MIDDLE EAST FZE

Country of Origin                                   : Switzerland

Legal Form                                           : Branch of a Foreign Registered Corporation

Registration Date                                  : 8th February 1998

Commercial Registration Number           : 40025-1

Chamber Membership Number               : 7511

Total Workforce                                     : 25

Activities                                               : Mechanical contractors

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

COMPANY NAME

 

ALSTOM MIDDLE EAST FZE

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Building 378

Street               : Road 2617, Block 326

Area                 : Adliya

PO Box            : 54282

Town                : Manama

Country             : Bahrain

 

Telephone         : (973-17) 728690

Facsimile          : (973-17) 725332 / 715152

Mobile              : (973-39) 600418

Email                : jagadeesan.bhaskaran@power.alstom.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

Name                                                   Nationality                                Position

 

Premjith Valiyavalappil Narayanan          Indian                                       Managing Director

 

Viswanathan Ganapathy Raman             Indian                                       Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 8th February 1998

 

Legal Form                  : Subject is the Bahrain registered branch of Alstom Middle East FZE, a Limited  Liability  Company incorporated in Dubai, United Arab Emirates

 

Alstom Middle East FZE in Bahrain, operates as a Branch of a Foreign Registered Corporation with its registered office located at the following address:

 

Alstom Middle East FZE

  Sheikh Zayed Road

  Jebel Ali Free Zone

  PO Box: 17108

  Dubai

  United Arab Emirates

  Tel: (971-4) 8046400 / 8838008

  Fax: (971-4) 8838500 / 8838055

 

A Branch of a Foreign Registered Corporation is not a legal entity in its own right.  

Responsibility for payments lays in the hands of the company where it is originally registered. It is basically an extension of an existing company abroad and does not require a local partner or sponsor.

 

Under these circumstances, we strongly advise that any international trade credit should only be written under the name of the main company where the subject holds its registered office, in this case Switzerland.

 

Commercial Reg. No.   : 40025-1

 

Chamber Member No.  : 7511

 

 

OPERATIONS

 

Activities: Engaged as mechanical contractors.

 

Subject has a workforce of 25 employees.

 

 

FINANCIAL DATA

 

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.

 

 

BANKERS

 

Arab Bank Plc

Government Avenue

PO Box: 395

Manama

Tel: (973-17) 229988

Fax: (973-17) 210443

 

 

 

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.6192

UK Pound

1

Rs.99.60

Euro

1

Rs.83.74

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.