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Report Date : |
08.05.2014 |
IDENTIFICATION DETAILS
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Name : |
BAHRAIN FERRO ALLOYS BSCC |
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Registered Office : |
Building 172, Avenue 17, Block 117, Hidd Industrial Area PO Box 10082 Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
17.02.2002 |
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Com. Reg. No.: |
48247-1, Manama |
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Legal Form : |
Bahrain Shareholding Company Closed - BSCC |
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Line of Business : |
Engaged in the manufacture of ferro alloys and steel products |
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No. of Employees : |
50 |
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 |
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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 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
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Source
: CIA |
Company Name : BAHRAIN FERRO ALLOYS BSCC
Country of Origin : Bahrain
Legal Form : Bahrain Shareholding Company Closed - BSCC
Registration Date : 17th February 2002
Commercial Registration Number : 48247-1, Manama
Chamber Membership Number : 10834
Issued Capital : US$ 2,200,000
Paid up Capital : US$ 2,200,000
Total Workforce : 50
Activities : Manufacture of ferro alloys and steel products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Zaher Hussain, Senior Accountant
BAHRAIN FERRO ALLOYS BSCC
Location : Building 172,
Avenue 17, Block 117, Hidd Industrial Area
PO Box :
10082
Town : Manama
Country : Bahrain
Telephone : (973-17) 464909
/ 467122 / 467121
Facsimile : (973-17)
464908 / 535501
Mobile : (973-39)
641774
Email : info@bafa.com.bh
/ purchases@bafa.com.bh
/ srinivas@bafa.com.bh
Subject operates from a suite of offices and a factory covering an area
of 75,000 square metres that are owned and located in the Industrial Area of
Manama.
Name Nationality Position
· Sayed Mohamed
Salhuddin Indian Managing
Director
· Ahmed Abdullah Al
Ghurair Emirati Director
· Habib Ahmed Qassim Bahraini Director
· Ahmed Sayed
Salhuddin Indian Director
· Mohamed Mahboob Indian Director
· Vijay Tandon Indian Director
· Zaher Hussain - Senior
Accountant
· Maneesh Tanogoay - Accounting
Manager
· R K Srinivas - Purchasing
Manager
Date of
Establishment : 17th
February 2002
Legal Form : Bahrain
Shareholding Company Closed - BSCC
Commercial Reg.
No. : 48247-1, Manama
Chamber Member No. : 10834
Issued Capital : US$ 2,200,000
Paid up Capital : US$ 2,200,000
· Emirates Trading
Agency Star Holding Ltd 50%
Dubai
United
Arab Emirates
· Sayed Mohamed
Salhuddin 50%
Activities: Engaged in the manufacture of ferro alloys and steel products.
Import Countries: India and Japan
Operating Trend: Steady
Subject has a workforce of 50 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
8,107,564 BD
8,769,727
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Zaher Hussain, Senior Accountant
·
Habib Bank
Government Avenue
PO Box: 566
Manama
Tel: (973-17)
254889 / 273285
Fax: (973-17)
276685
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 company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.04 |
|
|
1 |
Rs.101.97 |
|
Euro |
1 |
Rs.83.58 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIS |
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 |
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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.