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Report Date : |
12.02.2014 |
IDENTIFICATION DETAILS
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Name : |
AWALI FOODSTUFF
CO WLL |
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Registered Office : |
Complex No. 277, Block No. 314, Road No. 1406, Central Market, 20128 |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.02.2001 |
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Com. Reg. No.: |
46569-1,
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Legal Form : |
With Limited
Liability - WLL |
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Line of Business : |
Engaged in the
import and distribution of general foodstuffs, confectionery, detergents and
cleaning products |
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No. of Employees : |
18 |
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 – December 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Bahrain |
A2 |
A2 |
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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 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 :
AWALI FOODSTUFF CO WLL
Country of Origin : Bahrain
Legal Form :
With Limited Liability - WLL
Registration Date : 1st
February 2001
Commercial
Registration Number : 46569-1, Manama
Chamber Membership
Number : 9799
Issued Capital : BD
250,000
Paid up Capital : BD 250,000
Total Workforce : 18
Activities :
Import and distribution of general foodstuffs, confectionery, detergents and
cleaning products.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Javid Iqbal, Sales Manager
AWALI FOODSTUFF CO
WLL
Building : Complex No.
277, Block No. 314
Street : Road No.
1406
Area : Central
Market
PO Box : 20128
Town : Manama
Country : Bahrain
Telephone : (973-17) 240012
Facsimile : (973-17)
261405
Email : awali@batelco.com.bh
Subject operates from
a medium sized suite of offices and a showroom that are rented and located in
the Central Business Area of Manama.
Name Nationality Position
·
Hassan Ali Haji
Bahraini Managing
Director
·
Hussain Ali Jan Baba Bahraini Director
·
Mahdi Hassan Ali Haji - General
Manager
·
Javid
Iqbal - Sales
Manager
·
Parasad
Kumar - Financial
Controller
Date of Establishment : 1st
February 2001
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 46569-1, Manama
Chamber Member No. : 9799
Issued Capital : BD 250,000
Paid up Capital : BD 250,000
·
Hassan Ali Haji 50%
·
Hussain Ali Jan Baba 50%
·
Al Raqeeb Foodstuff Packing WLL
Manama
·
Haji Markets WLL
Manama
Activities: Engaged in the import and distribution of
general foodstuffs, confectionery, detergents and cleaning
products.
Import
Countries: Europe and the
Far East.
Agencies Held:
·
Unilever Bahrain
·
BBMI Bahrain
Brand Names: AWALI
Operating Trend: Steady
Subject has a
workforce of 18 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 4,000,000 BD 4,650,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Javid Iqbal, Sales Manager
·
National
Bank of Bahrain BSC
Government Road
PO Box: 106
Manama
Tel: (973-17) 258800
Fax: (973-17) 263876
·
PNB
Paribas Bank
Commercial Area
PO Box: 5993
Manama
Tel: (973-17) 259272 / 253119
Acc No. 2103441001/43/BD
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.62.43 |
|
|
1 |
Rs.102.48 |
|
Euro |
1 |
Rs.85.28 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
|
<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.