.                                                                                               MIRA INFORM REPORT

 

 

Report Date :

24.01.2014

 

IDENTIFICATION DETAILS

 

Name :

MASKATI GROUP FOR TRADING AND MEDICAL SUPPLIES BSCC

 

 

Registered Office :

House No. 1271, Road No. 3227, Mahooz 332, PO Box : 189, Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

03.02.2011

 

 

Com. Reg. No.:

288-5

 

 

Legal Form :

Bahraini Shareholding Company Closed BSC

 

 

Line of Business :

Subject is engaged in the import and distribution of healthcare products.

 

 

No. of Employees :

30

 

 

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 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

SUMMARY

 

Company Name                                     : MASKATI GROUP FOR TRADING AND MEDICAL SUPPLIES BSCC

Country of Origin                                    : Bahrain

Legal Form                                            : Bahraini Shareholding Company Closed BSC (C)

Registration Date                                   : 3rd February 2011

Commercial Registration Number            : 288-5

Issued Capital                                        : BD 400,000

Paid up Capital                                      : BD 400,000

Total Workforce                                     : 30

Activities                                               : Distributors of healthcare products

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

COMPANY NAME

 

MASKATI GROUP FOR TRADING AND MEDICAL SUPPLIES BSCC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : House No. 1271

Street               : Road No. 3227

Area                 : Mahooz 332

PO Box             : 189

Town                 : Manama

Country             : Bahrain

 

Telephone         : (973-17) 226116

Facsimile          : (973-17) 227117

Email                : maskati@maskatimedicalgroup.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Anwar Ali Ebrahim Al Maskati                                                     Managing Director

 

Fuad Ali Ebrahim Al Maskati                                                       Director

 

Fareed Ali Ebrahim Al Maskati                                                    Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  :           3rd February 2011

 

Legal Form      :                       Bahraini Shareholding Company Closed BSC (C)

 

Commercial Reg. No.  :           288-5

 

Issued Capital              :           BD 400,000

 

Paid up Capital            :           BD 400,000

 

Name of Shareholder (s)                                             Percentage

 

Anwar Ali Ebrahim Al Maskati                                         33.335%                                              

 

Fuad Ali Ebrahim Al Maskati                                           33.325%                      

 

Fareed Ali Ebrahim Al Maskati                                        33.325%

 

 

OPERATIONS

 

Activities:                     Engaged in the import and distribution of healthcare products.

 

Import Countries:         Europe and the Far East

 

Agencies Held:

 

Alcon

Cusi

Ego Pharma

Fresenius Kabi

Sankyo

Rowa

Madaus

Hikma

Trisa

 

Subject has a workforce of 30 employees.

 

 

FINANCIAL DATA

 

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 870,000                               BD 985,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

BANKERS

 

Bahrain Islamic Bank

PO Box: 5240

Manama

Tel: (973-17) 231402

Fax: (973-17) 275734

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.61.99

UK Pound

1

Rs.102.67

Euro

1

Rs.83.98

 

 

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.