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Report Date : |
21.09.2013 |
IDENTIFICATION DETAILS
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Name : |
GULF AND ARAB WORLD REST COMPANY WLL |
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Registered Office : |
New Zing, Building
No. 392, Block 3300, Road 3009, P O Box 20464 & 292929, Manama |
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Country : |
Bahrain |
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Date of Incorporation : |
07.08.2004 |
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Com. Reg. No.: |
54271-1 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
importer and distributor of kitchen equipment,
readymade garments, foodstuffs, decoration materials and office equipment |
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No. of Employees : |
50 |
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 |
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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 |
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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 : GULF AND ARAB WORLD REST COMPANY WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Registration Date : 7th August 2004
Commercial Registration Number : 54271-1
Chamber Membership Number : 13343
Issued Capital : BD 2,000,000
Paid up Capital : BD 2,000,000
Total Workforce : 50
Activities : Distributors of kitchen equipment, readymade garments, foodstuffs,
decoration materials and office equipment
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
GULF AND ARAB WORLD
REST COMPANY WLL
Registered &
Physical Address
Building : New Zing, Building No. 392, Block
3300
Street : Road 3009
PO Box : 20464 & 292929
Town : Manama
Country : Bahrain
Telephone : (973-17) 262998 / 290659
Facsimile : (973-17) 272883
Mobile : (973-39) 025100
Email : ssaleh@americana.bh
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Manama.
Name Nationality Position
·
Ahmed
Mohamed El Komaishy Egyptian Managing Director
·
Emam
Anwar Abd Rabouh Egyptian Director
·
Marzouq
Nasser Mohd Abdulmohsen La Kharafi Kuwaiti Director
Date of Establishment : 7th
August 2004
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 54271-1
Chamber Member No. : 13343
Issued Capital : BD 2,000,000
Paid up Capital : BD 2,000,000
Name of Shareholder
(s) Percentage
·
Kuwaiti
Food Americana Co 85%
Kuwait
·
Bahrain
& Kuwait Restaurant Co WLL 10%
Bahraini
·
Arabian
Gulf Food Co KSCC 5%
Kuwaiti
Activities: Engaged in the import and distribution of kitchen
equipment, readymade garments, foodstuffs, decoration materials and office
equipment.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of 50 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.
·
Arab
Bank Plc
Government Avenue
PO Box: 395
Manama
Tel: (973-17) 229988
Fax: (973-17) 210443
No complaints regarding
subject’s payments have been reported.
According to local
sources, subject’s financial condition is satisfactory whilst payments are made
in a timely manner. The company’s operating history is reportedly clear.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.24 |
|
UK Pound |
1 |
Rs.99.90 |
|
Euro |
1 |
Rs.84.23 |
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 |
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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 |
|
---- |
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.