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Report Date : |
20.09.2013 |
IDENTIFICATION DETAILS
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Name : |
MADHAWDAS GOPALDAS & SONS (MGS) |
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Registered Office : |
Building 28,
Block 304, Road 366, Qassim Almehza Avenue, P O Box 165, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
28.01.1975 |
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Com. Reg. No.: |
463-1, Manama |
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Legal Form : |
General Partnership |
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Line of Business : |
importer and distributor of general foodstuff
products, as well as fabrics and textiles. |
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No. of Employees : |
16 |
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 : MADHAWDAS GOPALDAS & SONS (MGS)
Country of Origin : Bahrain
Legal Form : General Partnership
Registration Date : 28th January 1975
Commercial Registration Number : 463-1, Manama
Chamber Membership Number : 794
Partners Capital : BD 10,000
Total Workforce : 16
Activities : Distributors of general foodstuff products, as well as fabrics and textiles.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Vasdev Madhawdas Bhatia, Managing Partner
MADHAWDAS GOPALDAS
& SONS (MGS)
Registered &
Physical Address
Location : Building 28, Block 304, Road 366
Street : Qassim Almehza Avenue
PO Box : 165
Town : Manama
Country : Bahrain
Telephone : (973-17) 210828
Facsimile : (973-17) 212345 / 210828
Mobile : (973-39) 888504 / (973-36)
649501 / (973-38) 808434
Email : mgsons@batelco.com.bh
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Manama.
Name Position
·
Vasdev Madhawdas Bhatia Managing
Partner
·
Kiran Vasedev Bhatia Partner
·
Madhuri Vasdev Bhatia Partner
Date of Establishment : 28th
January 1975
Legal Form :
General Partnership
Commercial Reg. No. : 463-1,
Manama
Chamber Member No. : 794
Partners Capital : BD 10,000
Name of Partner (s) Percentage
·
Vasdev Madhawdas Bhatia 55.0%
·
Kiran Vasedev Bhatia 22.5%
·
Madhuri Vasdev Bhatia 22.5%
Activities: Engaged in the import and distribution of
general foodstuff products, as well as fabrics and textiles.
Import
Countries: Europe, India
and Dubai.
International Suppliers:
·
Hindustan Export India
·
Mayor Export India
·
Koohinor India
·
Glorex Trading Dubai
·
Malo Trading Dubai
Brand Names: RIYA, KESAR and HONEST
Operating Trend: Steady
Subject has a
workforce of 16 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 2,500,000 BD 2,850,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Vasdev Madhawdas Bhatia, Managing
Partner
·
Future
Bank BSCC
Government Avenue
PO Box: 785
Manama
Tel: (973-17) 505000
Fax: (973-17) 224402
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.61.75 |
|
UK Pound |
1 |
Rs.99.56 |
|
Euro |
1 |
Rs.83.55 |
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 |
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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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
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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.