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Report Date : |
05.09.2013 |
IDENTIFICATION DETAILS
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Name : |
COLLECTIBLE FURNITURE |
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Registered Office : |
Flat No. 159,
Building No. 20, Block No. 316, Road No. 383, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
04.02.2003 |
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Com. Reg. No.: |
50160-1 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
importer and distributor of household furniture,
fabrics and textiles |
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No. of Employees : |
04 |
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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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 |
Company Name : COLLECTIBLE FURNITURE
Country of Origin : Bahrain
Legal Form : Sole Proprietorship
Registration Date : 4th February 2003
Commercial Registration Number : 50160-1
Chamber Membership Number : 11153
Invested Capital : BD 20,000
Total Workforce : 4
Activities : Distributors of household furniture, fabrics and textiles
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COLLECTIBLE
FURNITURE
Registered &
Physical Address
Building : Flat No. 159, Building No. 20,
Block No. 316
Street : Road No. 383
Town : Manama
Country : Bahrain
Telephone : (973-17) 532010
Facsimile : (973-17) 531569 / 790932
Mobile : (973-39) 698878
Email : jeelajawahery@yahoo.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Manama.
Name Position
·
Jeela
Ahmed Jawahery Proprietor
& General Manager
Date of Establishment : 4th
February 2003
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 50160-1
Chamber Member No. : 11153
Invested Capital
: BD 20,000
Mr. Jeela Ahmed
Jawahery is the sole proprietor of the business.
Activities: Engaged in the import and distribution of
household furniture, fabrics and textiles.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 4 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 Revenue BD 725,000 BD 800,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Gulf
International Bank BSC
Al Dowali Building
3 Palace Avenue
PO Box: 1017
Manama
Tel: (973-17) 534000 / 534300
/ 530030
Fax: (973-17) 522633 / 522530
/ 522629
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.67.03 |
|
UK Pound |
1 |
Rs.104.32 |
|
Euro |
1 |
Rs.88.24 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.