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Report Date : |
09.09.2014 |
IDENTIFICATION DETAILS
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Name : |
CHUNILAL PURSHOTTAM & CO |
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Registered Office : |
Building No. 3746, Block No. 304, Road No. 473, PO Box: 4 |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1948 |
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Com. Reg. No.: |
249-1, |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Import and distribution of general foodstuff products. |
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No. of Employees |
12 |
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) |
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Bahrain |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 :
CHUNILAL PURSHOTTAM & CO
Country of Origin :
Bahrain
Legal Form :
With Limited Liability - WLL
Start Date :
1948
Registration Date :
4th April 1961
Commercial Registration Number :
249-1, Manama
Chamber Membership Number :
119
Issued Capital :
BD 50,000
Paid up Capital :
BD 50,000
Total Workforce :
12
Activities :
Import and distribution of general foodstuff products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Mohamed Ghayas Eddine, Sales Manager
CHUNILAL PURSHOTTAM & CO
Registered &
Physical Address
Building : Building No.
3746, Block No. 304
Street : Road No. 473
PO Box : 4
Town : Manama
Country : Bahrain
Telephone : (973-17) 210738
/ 382999 / 382444
Facsimile : (973-17)
210750 / 382792
Mobile : (973-39)
641412
Email : cpco@batelco.com.bh
Please note that subject’s previous address was, Door No. 154, Building No. 1872, 15th Floor, Avare Tower,
Road No. 5134, Block 351, Sanabis Area, Manama.
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Central Business Area of Manama.
Name Nationality Position
Chandrakant Vithal Bhai Patel Indian Managing Director
Urvashi Chandrakant Patel Indian Director
Chirag Chandrakant Patel British Director
Kinal Zinazurvadiya - Finance
Manager
Mohamed Ghayas Eddine - Sales
Manager
Murali Ayar - Accountant
Date of Establishment : Subject’s
operations date back to 1948, however it was registered on 4th April
1961
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 249-1, Manama
Chamber Member No. : 119
Issued Capital : BD 50,000
Paid up Capital : BD 50,000
Name of
Shareholder (s) Percentage
Chandrakant Vithal Bhai Patel 50%
Louts P I Events WLL
Manama
Patel Construction WLL
Manama
Activities: Engaged in the import and
distribution of general foodstuff products, specialising in dairy products from
India. Subject is the exclusive distributor of Amul Dairy Products in Bahrain.
Import Countries: Europe,
Asia and the Far East
International Suppliers:
C Patel &
Co India
Anopam
International India
DRD Commodities India
Gujarat Co Operative Society Ltd India
Asia & Africa General Trading United Arab Emirates
Operating Trend: Steady
Subject has a workforce of 12 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
845,000 BD
910,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
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 company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.26 |
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UK Pound |
1 |
Rs.97.51 |
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Euro |
1 |
Rs.77.94 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
SDA |
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 |
-- |
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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.