MIRA
INFORM REPORT
|
Report Date : |
12.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
STEELMARK MIDDLE |
|
|
|
|
Registered Office : |
Flat 12, Building
16, Road 365, Block 305, 10064 |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
03.08.2008 |
|
|
|
|
Com. Reg. No.: |
69503-1 |
|
|
|
|
Legal Form : |
With Limited Liability - WLL |
|
|
|
|
Line of Business : |
Distributors of
steel pipes and components |
|
|
|
|
No. of Employees : |
10 |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No complaints |
|
|
|
|
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Bahrain
|
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
SUMMARY
Company Name STEELMARK
MIDDLE
Country of Origin : Bahrain
Legal Form :
With Limited Liability - WLL
Registration Date : 3rd
August 2008
Commercial
Registration Number : 69503-1
Chamber Membership
Number : 19680
Issued Capital : BD
20,000
Paid up Capital : BD
20,000
Total Workforce : 10
Activities :
Distributors of steel pipes and components
Financial Condition : Undetermined
Payments : Nothing
detrimental uncovered
COMPANY NAME
STEELMARK MIDDLE
EAST WLL
ADDRESS
Registered & Physical Address
Building : Flat 12, Building 16
Street : Road 365, Block 305
PO Box : 10064
Town : Manama
Country : Bahrain
Telephone : (973-17) 223470 / 223470
Facsimile : (973-17) 223471 / 223471
Email : vinod@steelmarkgroup.com / info@steelmarkgroup.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Manama.
KEY PRINCIPALS
Name Nationality Position
·
Melepurath
Vinod Das Indian Managing
Director
·
Hasan
Yahya Isa Alnooh Bahraini Director
LEGAL FORM & OWNERS
Date of Establishment : 3rd
August 2008
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 69503-1
Chamber Member No. : 19680
Issued Capital : BD 20,000
Paid up Capital : BD 20,000
Name of Shareholder (s) Percentage
·
Hasan Yahya Isa Alnooh 51%
·
Melepurath
Vinod Das 49%
OPERATIONS
Activities: Engaged in the import and distribution of
steel pipes and components.
Import
Countries: Europe and the
Far East
Subject has a
workforce of 10 employees.
FINANCIAL DATA
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.
BANKERS
·
Bahraini
Saudi Bank BSC
Al Sadah Building
Government Avenue
PO Box: 1159
Manama
Tel: (973-17) 211010
Fax: (973-17) 210989
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
According to local
sources, subject enjoys a good reputation for the quality of its products with
nothing detrimental uncovered regarding the manner in which operations are
conducted. As such the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.19 |
|
|
1 |
Rs.98.65 |
|
Euro |
1 |
Rs.78.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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 |
|
|
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 |
|
|
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 |
|
|
-- |
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.