MIRA INFORM REPORT

 

 

Report Date :

13.05.2014

 

IDENTIFICATION DETAILS

 

Name :

MIDDLE EAST FOOD TRADING EST

 

 

Registered Office :

Building No. 891, Road No. 115, Block 601, Sitra Industrial Area, PO Box : 1139, Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

08.07.1980

 

 

Com. Reg. No.:

10734-1, Manama

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Subject is engaged in the import and distribution of fresh and frozen meat, poultry, vegetables, fish and general foodstuff products.

 

 

No. of Employees :

95

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Bahrain

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

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

 

SUMMARY

 

Company Name                                     : MIDDLE EAST FOOD TRADING EST

Country of Origin                                    : Bahrain

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 8th July 1980

Commercial Registration Number                        : 10734-1, Manama

Chamber Membership Number                : 1216

Invested Capital                                     : BD 100,000

Total Workforce                                     : 95

Activities                                               : Distributors of fresh and frozen meat, poultry, vegetables, fish and general foodstuff products.                                  

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Hisham Ibrahim Khamis, Marketing Manager

 

COMPANY NAME

 

MIDDLE EAST FOOD TRADING EST

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Building No. 891, Road No. 115, Block 601

Area                 : Sitra Industrial Area

PO Box             : 1139

Town                 : Manama

Country             : Bahrain

 

Telephone         : (973-17) 738008 / 243392

Facsimile          : (973-17) 732470

Mobile               : (973-39) 933319

Email                : hisham@mefood.net / mefood@batelco.com.bh / nasser@mfood.net

 

Premises

 

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

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Ibrahim Khamis Ahmed Juma                                                      Proprietor & General Manager    

 

Nasser Hassan                                                                          Assistant General Manager

 

Hisham Ibrahim Khamis                                                              Marketing Manager

 

Mehar Iynas                                                                              Sales Manager

 

Anil Kumar                                                                                Accountant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  :           8th July 1980

 

Legal Form      :                       Sole Proprietorship

 

Commercial Reg. No.  :           10734-1, Manama

 

Chamber Member No. :           1216

 

Invested Capital           :           BD 100,000

 

Mr Ibrahim Khamis Ahmed Juma is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities:                     Engaged in the import and distribution of fresh and frozen meat, poultry, vegetables, fish and general foodstuff products.

 

Import Countries:         United Arab Emirates, Kuwait, France, Netherlands, Brazil, Egypt, Pakistan, India, Saudi Arabia and Austria

 

International Suppliers:

 

Cochin                          India

M K Overseas                India

Taj Frozen Food India

 

Brand Names:              CO-OP ISLAMI, KHAZAN, MALABAR, FRANGOSUL, BASMA, SUPREME, FRIDOR and AL KHANJAR

 

Operating Trend:         Steady

 

Subject has a workforce of 95 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 4,020,000                            BD 4,110,000

 

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

 

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

 

 

BANKERS

 

Al Ahli Commercial Bank

Government Avenue

PO Box: 5941

Manama

Tel: (973-17) 244333

Fax: (973-17) 241301

 

Bank of Bahrain & Kuwait

43 Government Avenue

PO Box: 597

Manama

Tel: (973-17) 253388

Fax: (973-17) 275785

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.59.73

UK Pound

1

Rs.100.82

Euro

1

Rs.82.22

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.