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Report Date : |
21.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
KAZEROONI
BUILDING PRODUCTS WLL |
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|
|
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Registered Office : |
Kazerooni Center,
Gudaibiya Avenue, Block 321, Building No. 13, Road No. 333, P O Box 5385,
Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
05.04.1986 |
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Com. Reg. No.: |
74557-1, Manama |
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Legal Form : |
With Limited Liability |
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Line of Business : |
importer and distributor of general
building materials and ironmongery products. |
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No of Employees : |
18 |
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 |
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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 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate 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 |
Company Name : KAZEROONI BUILDING PRODUCTS WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Registration Date : 5th April 1986
Commercial Registration Number : 74557-1, Manama
Issued Capital : BD 75,000
Paid up Capital : BD 75,000
Total Workforce : 18
Activities : Distributors of general building materials and ironmongery products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Prince Jose, Administration Executive
KAZEROONI BUILDING
PRODUCTS WLL
Registered &
Physical Address
Building : Kazerooni Center
Street : Gudaibiya Avenue, Block 321,
Building No. 13, Road No. 333
PO Box : 5385
Town : Manama
Country : Bahrain
Telephone : (973-17) 716466 / 742595
Facsimile : (973-17) 715010 / 712184
Email : infokbp@batelco.com.bh
Premises
Subject operates
from a small suite of offices and a showroom with storage facilities that are
owned and located in the Central Business Area of Manama.
Name Position
·
Sirus Abdul Hamid Ghulam Ridha Kazerooni Managing
Director
·
Abdulrahman Mohamed Khalil Ramadhan Kazerooni Director
·
Mahmoud Mohamed Sadeq Kazerooni Director
·
Ihsan
Kazerooni Commercial
Manager
·
Joben Elias Financial
Controller
·
Prince
Jose Administration
Executive
·
Wilson
Siri Store
Keeper
Date of Establishment : 5th
April 1986
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 74557-1, Manama
Issued Capital : BD 75,000
Paid up Capital : BD 75,000
Name of Shareholder
(s) Percentage
·
Kazerooni
Contracting WLL 33.4%
·
Sirus Abdul Hamid Ghulam Ridha Kazerooni 33.3%
·
Mahmoud Mohamed Sadeq Kazerooni 33.3%
·
Kazerooni
Mansions & Kazerooni Contracting WLL
Building 2208, Road
5718
Block 257, Amwaj Island
PO Box: 5385
Tel: (973-16) 010691
Fax: (973-16) 010691
·
Kazerooni Carpentry Workshop
Bahrain
Activities: Engaged in the import and distribution of general building
materials and ironmongery products.
Import
Countries: Europe, India,
China, New Zealand and Australia.
International
Suppliers:
· Claypave Australia
· Coba Spain
· Regutti Italy
· DND Italy
· Mangnum Overseas
Ltd India
· Tegas Borja Spain
· Abet Laminate Italy
· OMB Poro Italy
· Chemet New Zealand
Operating Trend: Steady
Subject has a
workforce of 18 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 2,670,000 BD 2,800,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Al Ahli
Commercial Bank
Government Avenue
PO Box: 5941
Manama
Tel: (973-17) 244333
Fax: (973-17) 241301
·
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 company
is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.75 |
|
|
1 |
Rs.98.77 |
|
Euro |
1 |
Rs.80.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.