MIRA INFORM REPORT

 

 

Report Date :

28.02.2014

 

IDENTIFICATION DETAILS

 

Name :

AMEERI INDUSTRIES WLL

 

 

Registered Office :

Building No. 1723, Road No. 579, Block No. 605, PO Box : 657, Manama

 

 

Country :

Bahrain

 

 

Date of Incorporation :

09.04.2001

 

 

Com. Reg. No.:

46795-1

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Subject is engaged in the manufacture of electrical switchgear, lighting, industrial vents and road safety equipment.

 

 

No. of Employees :

70

 

 

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

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Bahrain

B1

B1

 

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 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

SUMMARY

 

Company Name                         : AMEERI INDUSTRIES WLL

Country of Origin                                    : Bahrain

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 9th April 2001

Commercial Registration Number            : 46795-1

Chamber Membership Number                : 11765

Issued Capital                                        : BD 1,000,000

Paid up Capital                                      : BD 1,000,000

Total Workforce                                     : 70

Activities                                               : Manufacturers of electrical switchgear, lighting, industrial vents and road safety equipment.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

COMPANY NAME

 

AMEERI INDUSTRIES WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Building No. 1723, Road No. 579, Block No. 605

PO Box             : 657

Town                 : Manama

Country             : Bahrain

 

Telephone         : (973-17) 456161

Facsimile          : (973-17) 456161

Mobile               : (973-39) 456780

Email                : abuahmed808@hotmail.com

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Suburban Business Area of Manama.

 

Branch Office (s)

 

Location                                                                                                          Description

 

Sitra                                                                                                                 Showroom premises

Tel: (973-17) 456111

Fax: (973-17) 456161

 

Gudaibiya                                                                                                          Showroom premises

Tel: (973-17) 264000

Fax: (973-17) 241114

 

Sh Hamad                                                                                                         Showroom premises

Tel: (973-17) 257007

Fax: (973-17) 274817

 

Sh Abdulla                                                                                                        Showroom premises

Tel: (973-17) 254649

 

 

KEY PRINCIPALS

 

Name                                                               Nationality                               Position

 

Mohamed Ali Abdulrahman Ameeri                      Bahraini                                    Managing Director

 

Adel Mohamed Ali Ameeri                                  Bahraini                                    Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  :           9th April 2001

 

Legal Form      :                       With Limited Liability - WLL

 

Commercial Reg. No.  :           46795-1

 

Chamber Member No. :           11765

 

Issued Capital              :           BD 1,000,000

 

Paid up Capital            :           BD 1,000,000

 

Name of Shareholder (s)                                                                      Percentage

 

Mohamed Ali Abdulrahman Ameeri                                                          50%                             

 

Adel Mohamed Ali Ameeri                                                                      50%

 

 

AFFILIATED COMPANIES

 

Ameeri Electrical Services

 

Ameeri Stores

 

 

OPERATIONS

 

Activities:         Engaged in the manufacture of electrical switchgear, lighting, industrial vents and road safety equipment.

 

Subject has a workforce of 70 employees.

 

 

FINANCIAL DATA

 

Companies registered in Bahrain are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

British Bank of the Middle East

93 Al Khalifa Avenue

PO Box: 57

Manama

Tel: (973-17) 224555

Fax: (973-17) 226822

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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 company is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.94

UK Pound

1

Rs.103.31

Euro

1

Rs.85.11

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.