MIRA INFORM REPORT

 

 

Report No. :

336761

Report Date :

20.08.2015

 

IDENTIFICATION DETAILS

 

Name :

KITCHEN MAGIC

 

 

Registered Office :

Fakhro Tower, 6th Floor, Office No. 63, Building No. 470,  Road 1010, Block 410, Sanabis, PO Box: 500 Manama

 

 

Country :

Bahrain

 

 

Date of Incorporation :

12.09.2004

 

 

Com. Reg. No.:

52538-3

 

 

Legal Form :

With Limited Liability – WLL

 

 

Line of Business :

Distributors of kitchen cabinets and furniture

 

 

No. of Employee :

18

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Bahrain

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

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 2013, petroleum production and refining accounted for 73% of Bahrain's export receipts, 88% of government revenues, and 21% of GDP. Other major economic activities are production of aluminum - Bahrain's second biggest export after oil - finance, and construction. Bahrain 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 2012-14, partly as a result of improved tourism. Lower oil prices in 2015 will likely exacerbate Bahrain’s budget deficit.

Source : CIA

 

 

 

SUMMARY

 

Company Name                                    : KITCHEN MAGIC

Country of Origin                                   : Bahrain

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 12th September 2004

Commercial Registration Number           : 52538-3

Chamber Membership Number               : 2803

Issued Capital                                       : BD 1,000,000

Paid up Capital                                     : BD 1,000,000

Total Workforce                                     : 18

Activities                                               : Distributors of kitchen cabinets and furniture

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

 

COMPANY NAME

 

KITCHEN MAGIC

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Fakhro Tower, 6th Floor, Office No. 63, Building No. 470

Street               : Road 1010

Area                 : Block 410, Sanabis

PO Box            : 500

Town                : Manama

Country             : Bahrain

 

Telephone         : (973-17) 402200

Facsimile          : (973-17) 402518

Mobile              : (973-38) 386872

Email                : kmsales@fakhro.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                                                                                       Position

 

Adel Abdulla Yousif Fakhro                                                       Chairman

 

Mona Yousuf Khalil Almoayyed                                                 Director

 

Mohamed Adel Abdulla Fakhro                                                  Director

 

Abdulla Adel Abdulla Fakhro                                                      Director

 

Lubna Adel Abdulla Fakhro                                                        Director

 

Summer Adel Abdulla Fakhro                                                     Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 12th September 2004

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 52538-3

 

Chamber Member No.  : 2803

 

Issued Capital              : BD 1,000,000

 

Paid up Capital            : BD 1,000,000

 

Name of Shareholder (s)                                          Percentage

 

Adel Abdulla Yousif Fakhro                                           40%

 

Mohamed Adel Abdulla Fakhro                                      20%

 

Abdulla Adel Abdulla Fakhro                                          20%

 

Lubna Adel Abdulla Fakhro                                            10%

 

Summer Adel Abdulla Fakhro                                         10%

 

 

AFFILIATED COMPANIES

 

Adel Fakhro & Sons Company WLL

CR No. 52538-1

 

Middle East Marine Services

CR No. 52538-2

 

Comma

CR No. 52538-5

 

Deco Vision

CR No. 52538-6

 

Tanmia Consulting

CR No. 52538-7

 

Fakhro Polymers

CR No. 52538-8

 

Fakhro E & V Real Estate Co WLL

CR No. 52538-9

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of kitchen cabinets and furniture.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 18 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Bahraini Dinar (BD)

 

                                                Year Ending 31/12/13:              Year Ending 31/12/14:

 

Total Sales                                BD 1,425,000                            BD 1,670,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

National Bank of Bahrain BSC

Government Road

PO Box: 106

Manama

Tel: (973-17) 258800

Fax: (973-17) 263876

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.65.25

UK Pound

1

Rs.102.25

Euro

1

Rs.72.20

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SDA

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.