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Report Date : |
18.04.2014 |
IDENTIFICATION DETAILS
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Name : |
BABASONS WLL |
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Formerly Known as : |
Babasons SPC |
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Registered Office : |
Building No. 123,
Lulu Road, Muharraq, P O Box
23599, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
25.01.1995 |
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Com. Reg. No.: |
40389-1, Manama |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Engaged in the operation
of a chain of supermarkets, specialising in the retail of general foodstuff,
readymade garments, textiles, household electrical appliances and lighting
fixtures as well as fittings. |
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No of Employees : |
370 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Bahrain |
B1 |
B1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
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 : BABASONS WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability
Start Date : 25th January 1995
Commercial Registration Number : 40389-1, Manama
Membership Number : 3963
Issued Capital : BD 250,000
Paid up Capital : BD 250,000
Total Workforce : 370
Activities : Operation of a chain of supermarkets.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Harish Apaya, Director
BABASONS WLL
Registered &
Physical Address
Building : Building No. 123
Street : Lulu Road
Area : Muharraq
PO Box : 23599
Town : Manama
Country : Bahrain
Telephone : (973-17) 341070
Facsimile : (973-17) 346010
Mobile : (973-34) 349088
Email : babasons@batelco.com.bh / megamart@batelco.com.bh
/ harish@babasons.com
Premises
Subject operates
from a large suite of offices and a showroom that are rented and located in the
Central Business Area of Manama.
Branch Office (s)
Location Description
·
Exhibition
Road Rented
supermarket premises
Hoora
Name Nationality Position
·
Ahmed
Ghuloom Jaafar Qali Bahraini Chairman
·
Raj Kumar Veshdev Waghnani Indian Managing
Director
·
Manoj Thanwani British Director
·
Harish Apaya - Director
·
Satheesh Babu Indian Director
·
Vaihundan Paramalingam Sri Lankan Director
·
Kartar
Hassanani - Marketing
Manager
·
Kushi
Gornani - Purchasing
Manager
Date of Establishment : 25th
January 1995
History : Subject was previously called “Babasons
WLL” but re-registered in November 2007 and
became “Babasons SPC”. In May 2012 it reverted back to a With Limited Liability
company, once again called “Babasons
WLL”.
Legal Form :
With Limited Liability
Commercial Reg. No. : 40389-1,
Manama
Membership
No. : 3963
Issued Capital : BD 250,000
Paid up Capital : BD 250,000
Name of Shareholder
(s) Percentage
·
Ahmed
Ghuloom Jaafar Qali 51%
·
Anima International Holding Co WLL 49%
Manama
·
Choithram
& Sons LLC (Choithram)
Dubai
United Arab Emirates
Activities: Engaged in the operation of a chain of supermarkets,
specialising in the retail of general foodstuff,
readymade garments, textiles,
household electrical appliances and lighting fixtures as well as fittings.
Import
Countries: Europe and Asia
International Suppliers:
·
Proctor
& Gamble United
Kingdom
·
Unilever United Kingdom
·
Danone Saudi Arabia
·
Al
Maari Saudi
Arabia
·
Karf
Industries Bahrain
·
Kohinoor India
· Pepsico India
Operating Trend: Steady
Subject has a
workforce of approximately 370 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 Revenue BD 29,363,000 BD 30,643,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Harish Apaya,
Director.
·
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.
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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.60.38 |
|
|
1 |
Rs.101.63 |
|
Euro |
1 |
Rs.83.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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Report Prepared
by : |
MNL |
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 |
|
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 |
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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 |
-- |
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.