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Report Date : |
05.04.2014 |
IDENTIFICATION DETAILS
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Name : |
AL JASMIS WLL |
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Registered Office : |
Building No. 1023 Road No. 3621 Area 436 PO Box 668 & 2415 Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
20.03.1986 |
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Com. Reg. No.: |
17174-1, Manama |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Subject Operators of a chain of fast food and fine dining restaurants. |
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No. of Employees : |
450 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Bahrain |
B1 |
B1 |
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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 Bahrain experienced economic setbacks as a result of domestic unrest, however, the economy is recovered in 2012-13, partly as a result of improved tourism. 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 long-term economic challenges - youth unemployment and the growth of government debt - more difficult to address
|
Source
: CIA |
Company Name : AL JASMIS WLL
Trading As : AL JASMIS CORPORATION
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Registration Date : 20th March 1986
Commercial Registration Number : 17174-1, Manama
Chamber Membership Number : 806
Issued Capital : BD 1,000,000
Paid up Capital : BD 1,000,000
Total Workforce : 450
Activities : Operators of a chain of fast food and fine dining restaurants.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mahandra Mehra, Finance Manager
AL JASMIS WLL
AL
JASMIS CORPORATION
Building : Building No.
1023
Street : Road No.
3621
Area : Area 436
PO Box : 668 & 2415
Town : Manama
Country : Bahrain
Telephone : (973-17) 588787
/ 727887
Facsimile : (973-17)
587748
Mobile : (973-39) 607118
/ 3662345
Email : info@jasmiscorporation.com
/ info@jasmis.com
/ jasmis@batelco.com.bh
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Manama.
Branch Office (s)
Location Description
· Building No. 2102,
Shop No. 1285 Showroom
premises
Street No. 2825
Al Seef District
Manama
Name Nationality Position
· Jassem Mohamed
Ameen Mohamed Al Ameen Bahraini Managing
Director
· Adnan Mohamed
Ameen Mohamed Al Ameen Bahraini Director
· Mohamed Shareef - Commercial
Manager
· Mahandra Mehra - Finance
Manager
· Ayat Ismaii - Human
Resources Manager
Date of
Establishment : 20th
March 1986
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 17174-1, Manama
Chamber Member No. : 806
Issued Capital : BD 1,000,000
Paid up Capital : BD 1,000,000
· Jassem Mohamed
Ameen Mohamed Al Ameen 45.25%
· Adnan Mohamed
Ameen Mohamed Al Ameen 20.25%
· Abdulrahman
Mohamed Ameen Mohamed Al Ameen 5.25%
· Abdulsalam
Mohammad Amin 5.25%
· Fatema Mohamed
Nooralla Mohamed 2.81%
· Cheryl Ann Melvyn
Haslam 2.81%
· Raeda Mohamed Amin
Mohamed Al Ameen 2.63%
· Miymouneh Amini
Mohammad Amin 2.63%
· Aysha Mohamed
Ameen Al Ameen 2.63%
· Sofia Mohamed
Ameen Al Ameen 2.63%
· Roaya Mohamed
Ameen Mohamed Al Ameen 2.62%
· Alya Mohamed Ameen
Al Ameen 2.62%
· Fatemah Amini
Mohammad Amin 2.62%
Activities: Subject operates a chain of 14 fast food and hamburger restaurants
operating under the name Al Jasmi’s Restaurants also fine dining at La Chocola
and Tony Romas.
Import Countries: India, Australia, United States of America and
Europe
International
Suppliers:
·
Corn Group Australia
·
Lamb Weston United States of America
Operating Trend: Steady
Subject has a workforce of approximately 450 employees.
Financial highlights provided by local sources are given below:
Currency: Bahraini Dinar (BD)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Sales BD
11,300,000 BD
12,280,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Mahandra Mehra, Finance Manager
·
Habib Bank
Government Avenue
PO Box: 566
Manama
Tel: (973-17)
254889 / 273285
Fax: (973-17)
276685
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 company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.32 |
|
|
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
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Analysis Done by
: |
SUM |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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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 |
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<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.