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Report Date : |
12.06.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
218 Exhibition Avenue, Hoora Area 5034 Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
04.03.1973 |
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Com. Reg. No.: |
22554-1 |
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Legal Form : |
With Limited Liability |
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LINE OF BUSINESS : |
ENGAGED IN THE WHOLESALE AND RETAIL OF STATIONERY PRODUCTS,
PRINTING MATERIALS AND ADVERTISING MATERIALS |
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No of Employees : |
45 |
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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Bahrain |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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
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Source
: CIA |
Company Name : UNION STATIONERY CO WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability – WLL
Start Date : 4th March 1973
Registration Date : 15th January 1990
Commercial Registration Number : 22554-1
Chamber Membership Number : 1718
Issued Capital : BD 50,000
Paid up Capital : BD 50,000
Total Workforce : 45
Activities : Wholesalers and retailers of stationery products, printing materials and
advertising materials.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Dominic Thomas, Sales Manager
UNION STATIONERY CO
WLL
Street : 218
Exhibition Avenue
Area : Hoora Area
PO Box : 5034
Town : Manama
Country : Bahrain
Telephone : (973-17) 714461
Facsimile : (973-17)
714161
Mobile : (973-36)
060500 / 060520 / 066279 / 066271
Email : unigroup@batelco.com.bh / info@unionstationery.biz
Subject operates
from a medium sized suite of offices and a showroom that are rented and located
in the Central Business Area of Manama.
Branch Office
(s)
Location Description
·
Al Dana
Building Showroom
premises
Diplomatic Area
Manama
Tel: (973-17) 530305 / 530247
Fax: (973-17) 531645
·
Sitra
Industrial Area Warehouse
premises
Tel: (973-17) 737834
Name Position
·
Ahmed
Fahad Ahmed Al Kuwari Managing
Director
·
Yasser Fahad
Ahmed Al Kuwari Director
·
Fatem
Fahad Ahmed Al Kuwari Director
·
Muna
Fahad Ahmed Al Kuwari Director
·
Amal
Fahad Ahmed Al Kuwari Director
·
T C B
Nambiar General
Manager
·
Edwin
Amoncio Chief
Financial Officer
·
Dominic
Thomas Sales
Manager
Date of Establishment : 4th
March 1973, however subject was registered on 15th January 1990.
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 22554-1,
Manama
Chamber Member No. : 1718
Issued Capital : BD 50,000
Paid up Capital : BD 50,000
·
Ahmed
Fahad Ahmed Al Kuwari 41.60%
·
Yasser
Fahad Ahmed Al Kuwari 41.60%
·
Fatem
Fahad Ahmed Al Kuwari 5.60%
·
Muna
Fahad Ahmed Al Kuwari 5.60%
·
Amal
Fahad Ahmed Al Kuwari
5.60%
·
Union
Press
Manama
·
Union
Plastic
Manama
·
Union
Envelope
Manama
·
The
Warehouse Trading Co
Manama
Activities: Engaged in the wholesale and retail of stationery
products, printing materials and advertising materials.
Import
Countries: Europe, Japan,
Malaysia, United Kingdom, Germany and Singapore.
International
Suppliers:
·
Artline Japan
·
Fullmark Singapore
·
Metro Singapore
·
Shachita Japan
·
Esselte United Kingdom
·
Pap
Print United Kingdom
·
Lyra Germany
·
M Plus
R Germany
·
Grandluxee Singapore
·
Fema Malaysia
Operating Trend: Steady
Subject has a
workforce of 45 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 1,735,000 BD 1,920,000
Local sources
consider subject’s financial condition to be Fair.
The above figures were
provided by Mr Dominic Thomas, Sales Manager
·
HSBC
Bank of the Middle East
93 Al Khalifa Avenue
PO Box: 57
Manama
Tel: (973-17) 224555
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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs. 59.32 |
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|
1 |
Rs. 99.41 |
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Euro |
1 |
Rs. 80.32 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
DPT |
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 |
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<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.