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Report Date : |
09.10.2014 |
IDENTIFICATION DETAILS
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Name : |
SALEH AL SALEH COMPANY WLL |
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Registered Office : |
Al Saleh Building No. 1091, Office No. 11, Block No. 302, Al Mutanabi
Avenue, Road No. 219, PO Box 176, Manama |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.01.1900 |
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Com. Reg. No.: |
90 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Subject is engaged in the import and distribution of general foodstuff
products, including rice, sugar, flour, edible oils, milk and canned foods. |
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No of Employees : |
35 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Bahrain |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 made great efforts
to diversify its economy; 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. In 2012, petroleum production and refining accounted for 77% of Bahrain's
export receipts, 87% of government revenues, and 19% 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 recovered in 2012-13, partly as a result
of improved tourism. Some 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 : SALEH AL SALEH COMPANY WLL
Country of Origin :
Bahrain
Legal Form :
With Limited Liability - WLL
Registration Date :
1st January 1900
Commercial Registration Number :
90, Manama
Chamber Membership Number :
2352
Issued Capital :
BD 1,500,000
Paid up Capital :
BD 1,500,000
Total Workforce :
35
Activities :
Distributors of general foodstuff products
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
SALEH AL SALEH COMPANY WLL
Registered &
Physical Address
Building : Al Saleh
Building No. 1091, Office No. 11, Block No. 302
Street : Al Mutanabi
Avenue, Road No. 219
PO Box : 176
Town : Manama
Country : Bahrain
Telephone : (973-17) 274411
/ 253441 / 253100
Facsimile : (973-17)
231671
Mobile : (973-39)
677933
Email : saleh90@batelco.com.bh
/ mainoffice@salehsaleh.com
Premises
Subject operates from a medium sized suite of offices that are owned and
located in the Central Business Area of Manama.
Name Position
Yousef Saleh Abdullah Al Saleh Managing
Director
Kamel Saleh Abdullah Al Saleh Director
Raouf Saleh Abdullah Al Saleh Director
Nazim Saleh Abdullah Al Saleh Director
Adel Saleh Abdullah Al Saleh Director
Pradeep Bhatia Commercial
Manager
Ms Josi Lawrence Administration
Executive
Basil Al Saleh Business
Development Manager
Date of Establishment : 1st
January 1900
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 90, Manama
Chamber Member No. : 2352
Issued Capital : BD 1,500,000
Paid up Capital : BD 1,500,000
Name of
Shareholder (s) Percentage
Yousef Saleh Abdullah Al Saleh 45%
Kamel Saleh Abdullah Al Saleh 15%
Raouf Saleh Abdullah Al Saleh 15%
Adel Saleh Abdullah Al Saleh 15%
Nazim Saleh Abdullah Al Saleh 10%
Atlas Hotel
PO Box: 534
Manama
Tel: (973-17) 275500 / 272212
Fax: (973-17) 271736
Activities: Engaged in the import and distribution of general foodstuff products, including
rice, sugar, flour, edible oils, milk and canned foods.
Import Countries: Germany, France, Denmark and the United Kingdom.
International Suppliers:
Louis Dreyfus United Kingdom
MD Food Denmark
Brand Names: ROSE
Operating Trend: Steady
Subject has a workforce of 35 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
2,250,000 BD
2,340,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
National Bank of Bahrain BSC
Government Avenue
PO Box: 106
Manama
Tel: (973-17) 258800
Fax: (973-17) 263876
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
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.61.35 |
|
|
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.77.47 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
|
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 |
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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.