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Report Date : |
31.08.2014 |
IDENTIFICATION DETAILS
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Name : |
JASSIM PALACE BUILDING MATERIAL |
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Registered Office : |
Building 172, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
23.03.2010 |
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Com. Reg. No.: |
16261-9 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the import and distribution of building
materials, hardware and tools. |
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No of Employees : |
12 |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Bahrain |
B1 |
A2 |
|
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 made great
efforts to diversify its economy; 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. In 2012, petroleum production and refining accounted for 77% of
Bahrain's export receipts, 87% of government revenues, and 19% 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 recovered in 2012-13, partly as a result
of improved tourism. Some 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 :
JASSIM PALACE BUILDING MATERIAL
Country of Origin :
Bahrain
Legal Form :
Sole Proprietorship
Registration Date :
23rd March 2010
Commercial Registration Number :
16261-9
Invested Capital :
BD 10,000
Total Workforce :
12
Activities :
Distributors of building materials, hardware and tools
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
JASSIM PALACE BUILDING MATERIAL
Registered &
Physical Address
Building : Building 172
Street : Lulu Avenue,
Road 336
Area : Block 312
PO Box : 2931
Town : Manama
Country : Bahrain
Telephone : (973-17) 250846
Facsimile : (973-17)
250845
Mobile : (973-39)
456799
Email : jassimpalace@yahoo.com
Premises
Subject operates from a small suite of offices that are rented and located
in the Central Business Area of Manama.
Name Position
Jassim Sayed Mahdi Proprietor
& General Manager
Mojeeb Al Rahman Sales
Manager
Date of Establishment : 23rd
March 2010
Legal Form :
Sole
Proprietorship
Commercial Reg. No. : 16261-9
Invested Capital : BD 10,000
Mr Jassim Sayed Mahdi is the sole proprietor of the business.
Activities: Engaged in the import and distribution of building materials, hardware
and tools.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 12 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
680,000 BD
735,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Bahrain Islamic Bank
PO Box: 5240
Manama
Tel: (973-17) 231402
Fax: (973-17) 275734
No complaints regarding subject’s payments have been reported.
According to local sources, subject enjoys a good reputation for the quality
of its products with nothing detrimental uncovered regarding the manner in
which operations are conducted. As such the business is considered to be a fair
trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.47 |
|
|
1 |
Rs.100.35 |
|
Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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 |
|
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.