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Report Date : |
28.03.2014 |
IDENTIFICATION DETAILS
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Name : |
MORRELLS INTERNATIONAL GENERAL TRADING |
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Registered Office : |
Building No.
2357, Block No. 704, Road No. 437, P O Box 2627, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
21.03.2007 |
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Com. Reg. No.: |
45033-5 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
import and distributor of gas and oilfield equipment,
vessels, valves, building materials, gypsum, plywood and MDF. |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Bahrain |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
Concern Name : MORRELLS INTERNATIONAL GENERAL TRADING
Country of Origin : Bahrain
Legal Form : Sole Proprietorship
Registration Date : 21st March 2007
Commercial Registration Number : 45033-5
Invested Capital : BD 25,000
Total Workforce : 8
Activities : Distributors of gas and oilfield equipment, vessels, valves, building
materials, gypsum, plywood and MDF.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Tahir Abdul Hameed Shafee, Proprietor & General Manager
MORRELLS
INTERNATIONAL GENERAL TRADING
Registered &
Physical Address
Building : Building No. 2357,
Block No. 704
Street : Road No. 437
PO Box : 2627
Town : Manama
Country : Bahrain
Telephone : (973-17) 280049 / 256800
Facsimile : (973-17) 230425 / 280420
Mobile : (973-39) 660750
Email : tahirhameed57@hotmail.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Manama.
Name Position
·
Tahir
Abdul Hameed Shafee Proprietor
& General Manager
·
Mian
Ihsan Assistant
General Manager
Date of Establishment : 21st
March 2007
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 45033-5
Invested Capital
: BD 25,000
Mr. Tahir Abdul
Hameed Shafee is the sole proprietor of the business.
Activities: Engaged in the import and distribution of gas
and oilfield equipment, vessels, valves, building materials, gypsum, plywood
and MDF.
Import
Countries: France and China
International Suppliers:
· Floor Well France
· Sheng Mang Import
and Export China
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 754,000 BD 773,000
Local sources consider
subject’s financial condition to be Fair.
The above figures
were provided by Mr Tahir Abdul Hameed Shafee, Proprietor & General Manager
·
Bank of
Bahrain & Kuwait
43 Government Avenue
PO Box: 597
Manama
Tel: (973-17) 253388
Fax: (973-17) 275785
·
National
Bank of Bahrain BSC
Government Road
PO Box: 106
Manama
Tel: (973-17) 258800
Fax: (973-17) 263876
No complaints
regarding subject’s payments have been reported.
During the course of
this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.13 |
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UK Pound |
1 |
Rs.99.65 |
|
Euro |
1 |
Rs.82.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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 |
-- |
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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.