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Report Date : |
14.10.2014 |
IDENTIFICATION DETAILS
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Name : |
KUBRA AL QASEER FASHION |
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Registered Office : |
Building No. 24, Block No. 901 Road No. 101 Al Hunainya 901 PO Box
29177 East Riffa |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
24.09.2008 |
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Com. Reg. No.: |
11108-7, Manama |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the wholesale and retail of clothing as well as
the provision of tailoring, stitching and embroidery work. |
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No. of Employees : |
40 |
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 |
|
Low |
A2 |
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Moderate |
B1 |
|
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 : KUBRA AL QASEER FASHION
Country of Origin : Bahrain
Legal Form : Sole Proprietorship
Registration Date : 24th September 2008
Commercial Registration Number : 11108-7, Manama
Invested Capital : BD 50,000
Total Workforce : 40
Activities : Distributors of clothing as well as the provision of tailoring, stitching and
embroidery work.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Vinod Kariyathvella, Financial Manager
KUBRA AL QASEER FASHION
Building :
Building No. 24, Block No. 901
Street : Road No. 101
Area : Al Hunainya
901
PO Box : 29177
Town : East Riffa
Country : Bahrain
Telephone : (973-17) 666776
Facsimile : (973-17)
666779 / 105789
Mobile : (973-39)
428632 / 669339
Email : kalqaser@batelco.com.bh / kubraqsr@batelco.com.bh
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Central Business Area of East Riffa.
Branch Office (s)
Location Description
· Seef Mall, Shop 28 Showroom
premises
Seef District
Manama
Tel: (973-17)
583007
· Bahrain City
Centre Showroom
premises
Flat 2208,
Building 2758, Block 346
Road 4650
Manama
Tel: (973-17)
171813
Subject also has
showrooms in Saudi Arabia, Qatar and the United Arab Emirates.
Name Position
· Kubra Abdulreda
Mohamed Al Qaseer Proprietor
& General Manager
· Fatema Al Meer Assistant
General Manager
· Vinod
Kariyathvella Financial & Administration Manager
Date of
Establishment : 24th
September 2008
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 11108-7, Manama
Invested Capital : BD 50,000
Ms Kubra Abdulreda Mohamed Al Qaseer is the sole proprietor of the
business.
· Al Safa
Manama
· Kala Niketan
Sarees WLL
PO Box: 29177
Manama
Tel: (971-17)
666776
Fax: (971-17)
666779
CR No. 90497-1
· Kala Niketan
Sarees Trading LLC
PO Box: 128847
Dubai
United Arab
Emirates
Tel: (971-4)
3518350
Activities: Engaged in the wholesale and retail of clothing as well as the
provision of tailoring, stitching and
embroidery work.
Import Countries: Europe and the Far East
International
Suppliers:
·
Kalam Bika India
·
Kalani Niketan India
Operating Trend: Steady
Subject has a workforce of 40 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
1,120,000 BD
1,200,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Vinod Kariyathvella, Financial
Manager
·
HSBC Bank Middle East
93 Al Khalifa Avenue
PO Box: 57
Manama 304
Tel: (973-17) 224555 / 222158
Fax: (973-17) 226822
No complaints regarding subject’s payments have been reported.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.24 |
|
|
1 |
Rs.98.68 |
|
Euro |
1 |
Rs.77.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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|
Report Prepared by
: |
NIS |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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 |
|
|
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 |
|
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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.