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Report No. : |
314862 |
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Report Date : |
01.04.2015 |
IDENTIFICATION DETAILS
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Name : |
SEL MIDDLE EAST
BSC (C) |
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Registered Office : |
Al Moayyed Tower, 10th Floor, Suite No. 1004, Road No. 2831, Al Seef District 428, P O Box: 11973, Manama |
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Country : |
Bahrain |
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Date of Incorporation : |
17.08.2004 |
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Com. Reg. No.: |
54371-1 |
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Legal Form : |
Bahraini Shareholding Company Closed BSC (C) |
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Line of Business : |
Subject is engaged
in the provision of instrumentation and control equipment repair, maintenance
and installation services. |
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No. of Employees : |
25 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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.
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Source
: CIA |
Company Name : SEL MIDDLE
EAST BSC (C)
Country of Origin : Bahrain
Legal Form :
Bahraini Shareholding Company Closed BSC (C)
Registration Date : 17th
August 2004
Commercial Registration
Number : 54371-1
Issued Capital : BD
250,000
Paid up Capital : BD
250,000
Total Workforce : 25
Activities :
Providers of instrumentation and control equipment repair, maintenance
and installation services
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
SEL MIDDLE EAST BSC
(C)
Building : Al Moayyed Tower, 10th
Floor, Suite No. 1004
Street : Road No. 2831
Area : Al Seef District 428
PO Box : 11973
Town : Manama
Country : Bahrain
Telephone : (973-17) 587007
Facsimile : (973-17) 587078 / 580088
Mobile : (973-39) 477792
Email : info@selinc.com / jassim_alhamad@selinc.com / jassim_alhamad@selinc.com
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Manama.
Name Nationality Position
·
Edmund
Schweitzer American Managing
Director
·
Carlos
Arturo Quecan American Director
·
Robert
Edward Morris Armenian Director
·
Luis
Alberto Alfaredo D’acosta Anezin Uruguayan Director
·
David Edward
Whitehead American Director
·
Joseph
Peter Nestegard American Director
Date of Establishment : 17th
August 2004
Legal Form :
Bahraini Shareholding
Company Closed BSC (C)
Commercial Reg. No. : 54371-1
Issued Capital : BD 250,000
Paid up Capital : BD 250,000
·
Schweitzer
Engineering Laboratories 99.9960%
United States of America
·
Edmund
Schweitzer 0.0040%
Activities: Engaged in the provision of instrumentation
and control equipment repair, maintenance and installation services.
Subject has a
workforce of 25 employees.
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.
·
ANZ
Grindlays Bank
Government Avenue
PO Box: 793
Manama
Tel: (973-17) 257687
Fax: (973-17) 272708
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.62.59 |
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|
1 |
Rs.92.46 |
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Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIT |
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.