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Report Date : |
08.01.2014 |
IDENTIFICATION DETAILS
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Name : |
RETAIL GLOBAL FASHION WLL |
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Registered Office : |
Building No. 13,
Avenue 56, Block 756, P O Box 30021,
Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
09.02.1994 |
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Com. Reg. No.: |
31325-1 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
importer and distributor of telecommunication
equipment and general merchandise |
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No. of Employees : |
20 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – 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 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 : RETAIL GLOBAL FASHION WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Registration Date : 9th February 1994
Commercial Registration Number : 31325-1
Chamber Membership Number : 4832
Issued Capital : BD 200,000
Paid up Capital : BD 200,000
Total Workforce : 20
Activities : Distributors of telecommunication equipment and general merchandise
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
RETAIL GLOBAL
FASHION WLL
Registered &
Physical Address
Building : Building No. 13
Street : Avenue 56, Block 756
PO Box : 30021
Town : Manama
Country : Bahrain
Telephone : (973-17) 644110
Facsimile : (973-17) 644177
Mobile : (973-39) 408277
Email : admin.bah@redtag.ae
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Manama.
Name Position
·
Bhurhanudeen
Mohamed Bai Abdulhusain Managing
Director
·
Waleed
Mohamed Yaqoob Kamal Director
Date of Establishment : 9th
February 1994
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 31325-1
Chamber Member No. : 4832
Issued Capital : BD 200,000
Paid up Capital : BD 200,000
Name of Shareholder
(s) Percentage
·
Bhurhanudeen
Mohamed Bai Abdulhusain 90%
·
Waleed
Mohamed Yaqoob Kamal 10%
Activities: Engaged in the import and distribution of
telecommunication equipment and general merchandise.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 20 employees.
Financial
highlights provided by local sources are given below:
Currency: Bahraini
Dinar (BD)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Revenue BD 1,010,000 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.
·
HSBC
Bank Middle East
93 Al Khalifa Avenue
PO Box: 57
Manama 304
Tel: (973-17) 224555 / 222158
Fax: (973-17) 226822
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.62.38 |
|
|
1 |
Rs.102.25 |
|
Euro |
1 |
Rs.84.97 |
INFORMATION DETAILS
|
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.