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Report Date : |
18.06.2014 |
IDENTIFICATION DETAILS
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Name : |
MANNAI TECHNICAL
SERVICES WLL |
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Registered Office : |
Bahrain Tower, Building
No. 20, Al Khalifa Avenue, Block 305, P O Box 2055, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2013 (Estimated) |
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Date of Incorporation : |
12.08.1990 |
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Com. Reg. No.: |
23607-1 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Engaged in the
Import and Distribution of Detergents, Disinfectants, Mechanical Engineering
Products, Instrumentation and Control Equipment. |
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No of Employees : |
08 |
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
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Bahrain |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
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 |
|
Very High Risk |
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 |
Company Name : MANNAI TECHNICAL SERVICES WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Registration Date : 12th August 1990
Commercial Registration Number : 23607-1
Chamber Membership Number : 3445
Issued Capital : BD 20,000
Paid up Capital : BD 20,000
Total Workforce : 8
Activities : Distributors of detergents, disinfectants, mechanical engineering
products, instrumentation and control equipment
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
MANNAI TECHNICAL SERVICES WLL
Registered &
Physical Address
Building : Bahrain Tower,
Building No. 20
Street : Al Khalifa Avenue, Block 305
PO Box : 2055
Town : Manama
Country : Bahrain
Telephone : (973-17) 212260
Facsimile : (973-17) 211921 / 212062
Mobile : (973-39) 666144
Email : mts@mannaitech.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Manama.
Name Nationality Position
·
Isa
Abdulla Isa Al Mannai Bahraini Managing Director
·
Ahmed
Mohamed Salem Alsari Saudi Director
·
Nuamen
Abdulla Ahmed Alnoaimi Bahraini Director
·
Sami
Mohamed Rashad Abdulghani Saudi Director
Date of Establishment : 12th August
1990
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 23607-1
Chamber Member No. : 3445
Issued Capital : BD 20,000
Paid up Capital : BD 20,000
Name of Shareholder
(s)
·
Isa
Abdulla Isa Al Mannai
·
Ahmed
Mohamed Salem Alsari
·
Nuamen
Abdulla Ahmed Alnoaimi
·
Sami
Mohamed Rashad Abdulghani
Activities: Engaged in the import and distribution of
detergents, disinfectants, mechanical engineering products,
instrumentation and control equipment.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a workforce
of 8 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 Revenue BD 690,000 BD 735,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Arab
Bank Plc
Government Avenue
PO Box: 395
Manama
Tel: (973-17) 229988
Fax: (973-17) 210443
No complaints regarding
subject’s payments have been reported.
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.60.37 |
|
|
1 |
Rs.102.48 |
|
Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
|
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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.