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Report Date : |
13.09.2013 |
IDENTIFICATION DETAILS
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Name : |
SIT ALSHAM RESTAURANT SHOP MANAGEMENT |
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Registered Office : |
Office 27, Building 52, Road 1, Block 204, Muharraq, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
2002 |
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Com. Reg. No.: |
49149-9 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subjects operations are performed through the following divisions: Catering Division, Restaurant Division, Cafeteria Division |
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No. of Employees : |
110 |
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 |
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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 :
SIT ALSHAM RESTAURANT SHOP MANAGEMENT
Country of Origin :
Bahrain
Legal Form :
Sole Proprietorship
Start Date :
2002
Registration Date :
24th December 2012
Commercial Registration Number :
49149-9
Invested Capital :
BD 100,000
Total Workforce :
110
Activities :
Subject operates several divisions (see below for details)
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Anas El Sayed, Financial Controller
SIT ALSHAM RESTAURANT SHOP MANAGEMENT
Registered &
Physical Address
Building : Office 27,
Building 52
Street : Road 1,
Block 204
Area : Muharraq
Town : Manama
Country : Bahrain
Telephone : (973-17) 671318
Mobile : (973-34)
112966 / (973-33) 933899
Email : info@sitalsham.com
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Manama.
Name Position
Mrs Lolwa Khalifa Abdullah Al Mannie Proprietor
Ahmed Adnan Al Boqai General
Manager
Anas El Sayed Financial
Controller
Date of
Establishment : Subject’s
operations date back to 2002, however it was registered on 24th
December 2012
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 49149-9
Invested Capital : BD 100,000
Mrs Lolwa Khalifa Abdullah Al Mannie is the sole proprietor of the
business.
Activities: Subjects operations are performed through the following divisions:
Catering Division
Engaged in the import and distribution of
general foodstuff
Restaurant Division
Engaged in the operation of 5 restaurants in
Manama
Cafeteria Division
Engaged in the operation of a cafeteria.
Import Countries: Europe and the Far East
Subject has a workforce of 110 employees.
Financial highlights provided by local sources are given below:
Currency: Bahraini Dinar (BD)
Year
Ending 31/12/12:
Total Sales BD
900,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Anas El Sayed, Financial
Controller
Bahrain Islamic Bank
PO Box: 5240
Manama
Tel: (973-17) 231402
Fax: (973-17) 275734
No complaints regarding subject’s payments have been reported.
According to local sources, subject meets its payment obligations in a
timely manner and the business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.67 |
|
|
1 |
Rs.100.71 |
|
Euro |
1 |
Rs.84.72 |
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 |
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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 |
|
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 |
|
---- |
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.