|
Report Date : |
04.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
IPP TECHNOLOGIES
WLL |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 (Estimated) |
|
|
|
|
Date of Incorporation : |
17.09.2009 |
|
|
|
|
Com. Reg. No.: |
728311 |
|
|
|
|
Legal Form : |
With Limited Liability |
|
|
|
|
Line of Business : |
Engaged in the provision
of computer hardware, software, design, development and maintenance services. |
|
|
|
|
No of Employees : |
11 |
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 |
|
Maximum Credit Limit : |
US$ 100,000 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Bahrain |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
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 : IPP TECHNOLOGIES WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Registration Date : 17th September 2009
Commercial Registration Number : 728311
Issued Capital : BD 20,000
Paid up Capital : BD 20,000
Total Workforce : 11
Activities : Providers of computer services
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 100,000
IPP TECHNOLOGIES
WLL
Registered &
Physical Address
Building : Suite 33, Building 1144, Block
330
Street : Road 3020
Area : Al Bughazal
PO Box : 65052
Town : Manama
Country : Bahrain
Telephone : (973-17) 111055 / 111066
Facsimile : (973-17) 111088
Mobile : (973-39) 119648
Email : subbarao@ippcs.com.au
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Manama.
Name Nationality Position
·
Subba
Rao Varigonda Australian Managing
Director
·
Saryu
Rao Varigonda Indian Director
Date of Establishment : 17th
September 2009
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 728311
Issued Capital : BD 20,000
Paid up Capital : BD 20,000
Name of Shareholder
(s) Percentage
·
Subba
Rao Varigonda 95%
·
Saryu
Rao Varigonda 5%
·
IPP
Technologies Pty Ltd
Australia
·
IPP
Global Technologies Pvt Ltd
India
·
IPP
Technologies
Philippines
Activities: Engaged in the provision of computer
hardware, software, design, development and maintenance
services.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 11 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 940,000 BD 1,080,000
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.
Local sources report
that the subject’s operating history is clear with payment obligations met in a
generally timely manner. The financial position is satisfactory and the company
is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.89 |
|
|
1 |
Rs.96.83 |
|
Euro |
1 |
Rs.76.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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 |
|
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.