|
Report No. : |
303273 |
|
Report Date : |
15.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
ABDUL AZIZ HAMED AL SALEH SPC |
|
|
|
|
Registered Office : |
Shop No. 7027, Block No. 307 Road No. 164, Zubara Avenue Ghudibya PO Box 725 Manama |
|
|
|
|
Country : |
Bahrain |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
07.02.1987 |
|
|
|
|
Com. Reg. No.: |
790-1, Manama |
|
|
|
|
Legal Form : |
Single Person Company - SPC |
|
|
|
|
Line of Business : |
Subject is engaged in the import, wholesale and retail of pipefittings
and plumbing materials |
|
|
|
|
No. of Employees : |
16 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 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 : ABDUL AZIZ HAMED AL SALEH SPC
Country of Origin : Bahrain
Legal Form : Single Person Company - SPC
Registration Date : 7th February 1987
Commercial Registration Number : 790-1, Manama
Chamber Membership Number : 374
Issued Capital : BD 850,000
Paid up Capital : BD 850,000
Total Workforce : 16
Activities : Import, wholesale and retail of pipe fittings and plumbing materials.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Hamed Abdul Aziz Al Saleh, Managing Director
ABDUL AZIZ HAMED AL SALEH SPC
Location : Shop No. 7027,
Block No. 307
Street : Road No.
164, Zubara Avenue
Area : Ghudibya
PO Box : 725
Town : Manama
Country : Bahrain
Telephone : (973-17) 250520
/ 256552
Facsimile : (973-17)
276652
Mobile : (973-39) 459015
Email : alsaleh@batelco.com.bh
Please note that subject’s previous address was, Shop No. 176, Road 318,
Block 307, Zubara Avenue, Ghudibya Area, Manama.
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Manama.
Branch Offices
Location Description
· Mameer Area Warehouse
premises
Manama
Tel: (973-17) 703194
Name Position
· Hamed Abdul Aziz
Al Saleh Managing
Director
· Mishal Hamed Abdul
Aziz Al Saleh General
Manager
· Temoty D’Souza Commercial
Manager
· Abdul Rasheed Moosa Financial
Controller
Date of Establishment : 7th February 1987
Legal Form : Single Person
Company - SPC
Commercial Reg.
No. : 790-1, Manama
Chamber Member No. : 374
Issued Capital : BD 850,000
Paid up Capital : BD 850,000
· Hamed Abdul Aziz Al
Saleh 100%
Activities: Engaged in the import, wholesale and retail of pipefittings and
plumbing materials.
Import Countries: India, Australia, Turkey, Germany, Italy, United
Kingdom and the United Arab Emirates.
International Suppliers:
· Crane & Field Australia
· Iplex Ltd Australia
· Conex Universal Ltd United
Kingdom
· Pegler United Kingdom
· Modern Plastic United
Arab Emirates
· Westco Turkey
· Poloplast Germany
· Remar Italy
Operating Trend: Steady
Subject has a workforce of 16 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
1,617,000 BD
1,250,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Hamed Abdul Aziz Al Saleh,
Managing Director
·
Al Ahli Commercial Bank
Government Avenue
PO Box: 5941
Manama
Tel: (973-17)
244333
Fax: (973-17)
241301
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.62.15 |
|
|
1 |
Rs.94.24 |
|
Euro |
1 |
Rs.73.30 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIS |
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.