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Report Date : |
17.09.2013 |
IDENTIFICATION DETAILS
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Name : |
UNIVERSAL ENTERPRISES |
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Registered Office : |
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Country : |
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Date of Incorporation : |
17.01.1973 |
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Com. Reg. No.: |
12-4 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subjects
operations are performed through the following divisions: · Office Furniture Division Office
Equipment Division Wholesale
Division Distribution
and Ship Handling Division Baskin
Robbins Ice Cream Division Engineering
Division |
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No. of Employees : |
220 |
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 : UNIVERSAL ENTERPRISES
Country of Origin : Bahrain
Legal Form : Sole Proprietorship
Registration Date : 17th January 1973
Commercial Registration Number : 12-4
Chamber Membership Number : 848
Invested Capital : BD 150,000
Total Workforce : 220
Activities : Subject operates several divisions (see below for details)
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
UNIVERSAL
ENTERPRISES
Registered &
Physical Address
Location : Gudaibiya Avenue
PO Box : 1062
Town : Manama
Country : Bahrain
Telephone : (973-17) 290303
Facsimile : (973-17) 293818
Mobile : (973-39) 960555
Email : unienter@batelco.com.bh / unienter@unienter.com
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Manama.
Name Position
·
Fawaz
Mohamed Abdullah Proprietor
& General Manager
·
Khattab
Jallad Commercial
Manager (Food Division)
·
Allan
Roy Commercial
Manager (Office Equipment Division)
·
Yahya
Qassim Commercial
Manager (Office Furniture Division)
·
Chandra
Shaker Financial
Controller
Date of Establishment : 17th
January 1973
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 12-4
Chamber Member No. : 848
Invested Capital
: BD 150,000
Mr Fawaz Mohamed
Abdullah is the sole proprietor of the business.
Activities: Subjects operations are performed through
the following divisions:
· Office Furniture Division
Engaged
in the import and distribution of office furniture.
· Office Equipment Division
Engaged
in the import and distribution of office equipment
· Universal Food Center
Engaged in the operation of a supermarket
· Wholesale Division
Engaged in the import, wholesale and
distribution of frozen and fresh produce
· Distribution and Ship Handling Division
Engaged in the provision of shipping and
distribution services
· Baskin Robbins Ice Cream Division
Engaged in the import and distribution of
Baskin and Robbins Ice Cream
· Engineering Division
Engaged in the provision of
engineering services.
Import
Countries: Europe and the
Far East
Subject has a
workforce of approximately 220 employees.
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.
·
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
Email: gibmktg@batelco.com.bh
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 |
|
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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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
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NB |
New Business |
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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.