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Report No. : |
353545 |
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Report Date : |
12.12.2015 |
IDENTIFICATION DETAILS
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Name : |
AMEERI STORES WLL |
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Registered Office : |
Ameeri Building Gudaibeya Area 657 Manama |
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Country : |
Bahrain |
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Date of Incorporation : |
1954 |
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Legal Form : |
With Limited
Liability - WLL |
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Line of Business : |
Engaged in the wholesale
and retail of electrical products, lighting fixtures, switchgear products and
related accessories. |
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No. of Employee : |
20 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 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 |
Company Name : AMEERI
STORES WLL
Country of Origin : Bahrain
Legal Form :
With Limited Liability - WLL
Registration Date : 1954
Commercial
Registration Number : 473-3,
Manama
Issued Capital : BD
1,100,000
Paid up Capital : BD
1,100,000
Total Workforce : 20
Activities :
Wholesalers and retailers of electrical products, lighting fixtures, switchgear
products and related accessories.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
AMEERI STORES WLL
Building : Ameeri Building
Area : Gudaibeya Area
PO Box : 657
Town : Manama
Country : Bahrain
Telephone : (973-17) 456111 / 243744
Facsimile : (973-17) 456161 / 241114
Mobile : (973-39) 456780
Email : ameeri@batelco.com.bh / ameeri@ameeri.com.bh
Subject operates
from a medium sized suite of offices and a warehouse that are owned and located
in the Central Business Area of Manama.
Branch Office
(s)
Location Description
·
Sheikh
Abdullah Road Showroom
premises
Manama
Tel: (973-17) 254649
·
Sheikh
Hamad Avenue Showroom
premises
Manama
Tel: (973-17) 257007
Name Nationality Position
·
Adel
Mohamed Ali Ameeri Bahraini Director
·
Farzana
Mohamed Ali Ameeri Bahraini Director
·
Fatema
Mohamed Ali Ameeri Bahraini Director
·
Hajar
Mohamed Ali Ameeri Bahraini Director
·
Zahraa
Mohamed Ali Ameeri Bahraini Director
·
Jaffar
Khalid Ibrahim - Commercial
Manager
·
Vijay
Kumar - Financial
Controller
·
Jai
Tangarge - Administration
Manager
Date of Establishment : 1954
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 473-3,
Manama
Issued Capital : BD 1,100,000
Paid up Capital : BD 1,100,000
Name of Shareholder (s) Percentage
·
Adel
Mohamed Ali Ameeri 80%
·
Farzana
Mohamed Ali Ameeri 5%
·
Fatema
Mohamed Ali Ameeri 5%
·
Hajar
Mohamed Ali Ameeri 5%
·
Zahraa
Mohamed Ali Ameeri 5%
·
Ameeri
Industries Co WLL
·
Ameeri
Electrical Services
Activities: Engaged in the wholesale and retail of
electrical products, lighting fixtures, switchgear products and related
accessories.
Import
Countries: Italy and the
United Kingdom
International
Suppliers:
·
Moel Italy
·
Copper
Lighting United Kingdom
Brand Names: AMETECH, AMELITE, ABB, HIMEL, SOLAR &
PALAU, BRITISH GENERAL, WESTING HOUSE,
MOEL, INDALUX, AMADORI,
TIBOX, SLOZ and CROMPTON GREAVES
Operating Trend: Steady
Subject has a
workforce of 20 employees.
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 1,120,000 BD 1,190,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Bahrain BSC
Government Road
PO Box: 106
Manama
Tel: (973-17) 258800
Fax:
(973-17) 263876
·
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.
Please note that
the correct name of the subject is “Ameeri Stores WLL” and not “Ameri Stores
Electrical Traders Engineers”.
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.66.79 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.73.10 |
|
BD |
1 |
Rs.178.07 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
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Report Prepared
by : |
ANK |
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 |
|
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 |
|
-- |
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.