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Report Date : |
22.05.2014 |
IDENTIFICATION DETAILS
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Name : |
GENERAL ELECTRIC
BAHRAIN COMPANY WLL |
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Registered Office : |
Building No.
1503, Road 1161, Block 411, Al Musalla, P O Box 10252, Sitra 611 |
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Country : |
Bahrain |
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Date of Incorporation : |
28.01.2007 |
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Com. Reg. No.: |
63826-1, Manama |
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Legal Form : |
With Limited Liability |
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Line of Business : |
· Engaged in the import and distribution solar energy supplies, recycling units and energy conservation products. Subject also provides consultancy services specialising in
renewable energy, including wind power, solar energy, hydropower and wave
energy |
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No of Employees : |
06 |
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 |
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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.
|
Source
: CIA |
Company Name : GENERAL ELECTRIC BAHRAIN COMPANY WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Registration Date : 28th January 2007
Commercial Registration Number : 63826-1, Manama
Chamber Membership Number : 17578
Issued Capital : BD 50,000
Paid up Capital : BD 50,000
Total Workforce : 6
Activities : Import and distribution solar energy supplies, recycling units and energy
conservation products as well as renewable energy consultants.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
GENERAL ELECTRIC BAHRAIN COMPANY WLL
Registered &
Physical Address
Location : Building No. 1503, Road 1161,
Block 411, Al Musalla
PO Box : 10252
Town : Sitra 611
Country : Bahrain
Telephone : (973-17) 408666 / 408605
Facsimile : (973-17) 408691
Mobile : (973-39) 938000
Email : issam.hassan@ge.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Suburban
Business Area of Sitra.
Name Nationality Position
·
Nabil
Habayeb - President
·
Akram
Awni Mohammed Rabayah Bahraini Managing Director
·
Terry
John Knight British General Manager
·
Issam El
Cheikh Hassan Canadian Finance Manager
·
Jeft
Immet Sakaria - Administration
Manager
Date of Establishment : 28th
January 2007
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 63826-1,
Manama
Chamber Member No. : 17578
Issued Capital : BD 50,000
Paid up Capital : BD 50,000
Name of Shareholder
(s) Percentage
·
Bently
Nevada LLC 90%
United States of America
·
General
Electric Co 10%
United States of America
Activities: Engaged in the import and distribution
solar energy supplies, recycling units and energy conservation
products.
Subject also provides consultancy services specialising in renewable
energy, including wind power, solar energy, hydropower and wave energy
Import
Countries: United States of
America
Subject has a
workforce of 6 employees.
Companies registered
in Bahrain are not legally required to make their accounts public and no
financial information was released by the company or submitted by outside
sources.
·
Al Ahli
Commercial Bank
Government Avenue
PO Box: 5941
Manama
Tel: (973-17) 244333
Fax: (973-17) 241301
No complaints
regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
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.58.72 |
|
|
1 |
Rs.99.02 |
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Euro |
1 |
Rs.80.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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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 |
-- |
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.