|
Report Date : |
17.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
ROYAL CARPETS |
|
|
|
|
Registered Office : |
Al Shahab Street,
Al Juffair Area, P O Box 15563, Manama |
|
|
|
|
Country : |
Bahrain |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
29.09.2003 |
|
|
|
|
Com. Reg. No.: |
48536-2 |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
importer and distributor of handmade carpets and
rugs. |
|
|
|
|
No. of Employees : |
02 |
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 |
Company Name : ROYAL CARPETS
Country of Origin : Bahrain
Legal Form : Sole Proprietorship
Registration Date : 29th September 2003
Commercial Registration Number : 48536-2
Chamber Membership Number : 10296
Invested Capital : BD 10,000
Total Workforce : 2
Activities : Distributors of handmade carpets and rugs
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
ROYAL CARPETS
Registered &
Physical Address
Street : Al Shahab Street
Area : Al Juffair Area
PO Box : 15563
Town : Manama
Country : Bahrain
Telephone : (973-17) 713600
Facsimile : (973-17) 713600 / 715344
Mobile : (973-39) 666735
Email : royalcarpetsbahrain@hotmail.com
Please note that
subject’s previous address was, Osman Bin Zayed Road, Adliya, Manama
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Manama.
Name Position
·
Jassim
Ali Ahmed Dabwan Proprietor
& General Manager
·
Wassim
Mohamed Sales
Manager
Date of Establishment : 29th
September 2003
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 48536-2
Chamber Member No. : 10296
Invested Capital
: BD 10,000
Mr Jassim Ali Ahmed
Dabwan is the sole proprietor of the business.
Activities: Engaged in the import and distribution of
handmade carpets and rugs.
Import
Countries: Iran, India,
Afghanistan and Turkey.
Operating Trend: Steady
Subject has a
workforce of 2 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 550,000 BD 610,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Bank of
Bahrain & Kuwait
43 Government Avenue
PO Box: 597
Manama
Tel: (973-17) 253388
Fax: (973-17) 275785
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.62.48 |
|
UK Pound |
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.83.50 |
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.