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Report Date : |
29.10.2014 |
IDENTIFICATION DETAILS
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Name : |
AL AJMI CONTRACTING & TRADING |
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Registered Office : |
Building No. 355, Block No. 721 Ajwad Al Jabri Highway PO Box 33075
Isa Town |
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Country : |
Bahrain |
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Financials (as on) : |
31.112.2013 |
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Date of Incorporation : |
31.05.1992 |
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Com. Reg. No.: |
24374-2 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the import and distribution of building
materials and sanitary ware |
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No. of Employees : |
14 |
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 – 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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 : AL AJMI CONTRACTING & TRADING
Country of Origin : Bahrain
Legal Form : Sole Proprietorship
Registration Date : 31st May 1992
Commercial Registration Number : 24374-2
Chamber Membership Number : 6445
Invested Capital : BD 25,000
Total Workforce : 14
Activities : Distributors of building materials and sanitary ware
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
AL AJMI CONTRACTING & TRADING
Building :
Building No. 355, Block No. 721
Street : Ajwad Al
Jabri Highway
PO Box : 33075
Town : Isa Town
Country : Bahrain
Telephone : (973-17) 680751
Facsimile : (973-17)
680483
Mobile : (973-39)
647414
Email : alajmi143@yahoo.com
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Isa Town.
Name Nationality Position
· Abdullah Ali Saif
Al Ajmi Bahraini Proprietor & General
Manager
Date of
Establishment : 31st
May 1992
Legal Form : Sole Proprietorship
Commercial Reg.
No. : 24374-2
Chamber Member No. : 6445
Invested Capital : BD 25,000
Mr Abdullah Ali Saif Al Ajmi is the sole proprietor of the business.
Activities: Engaged in the import and distribution of building materials and
sanitary ware.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 14 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
1,075,000 BD
1,120,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
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 business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.25 |
|
|
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.77.92 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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|
Report Prepared
by : |
NIS |
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 |
|
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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 |
|
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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 |
|
|
<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.