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Report No. : |
331698 |
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Report Date : |
29.07.2015 |
IDENTIFICATION DETAILS
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Name : |
AL MEER GROUP BSCC |
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Registered Office : |
Al Meer Building No. 1223, Flat No. 11, Block No. 215, Road No. 1535,
Muharraq, PO Box 512 & 22782, Manama |
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Country : |
Bahrain |
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Date of Incorporation : |
05.01.1984 |
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Com. Reg. No.: |
438-4 |
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Legal Form : |
Bahraini Shareholding Company Closed |
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Line of Business : |
Subject’s
operations are performed through the following divisions: ·
Al Muntazah Market Division ·
Trading Centre Division ·
Sanitary Ware Division ·
Herfy Restaurants Division ·
Training Centre Division |
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No. of Employees : |
700 |
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) |
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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 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.
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Source
: CIA |
Company Name :
AL MEER GROUP BSCC
Country of Origin :
Bahrain
Legal Form :
Bahraini Shareholding Company Closed - BSCC
Registration Date :
5th January 1984
Commercial Registration Number :
438-4, Manama
Issued Capital :
BD 2,000,000
Paid up Capital :
BD 2,000,000
Total Workforce : 700
Activities :
Subject operates several divisions (see below for details)
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Mohamed Noufal, Financial Controller
AL MEER GROUP BSCC
Registered &
Physical Address
Building :
Al Meer Building No. 1223, Flat No. 11, Block No. 215
Street : Road No.
1535
Area : Muharraq
PO Box : 512 & 22782
Town : Manama
Country : Bahrain
Telephone : (973-17) 346000
Facsimile : (973-17)
343757
Mobile : (973-39)
455968
Email : almeer@almeer.com.bh
/ finance@almeer.com.bh
Premises
Subject operates from a large suite of offices that are owned and
located in the Central Business Area of Manama.
Name Position
Abdulaziz Jalal Qutubaddine Al Meer Managing
Director
Abdul Moniem Jalal Qutubaddine Al Meer Director
Abdul Hameed Jalal Qutubaddine Al Meer Director
Jalal Abdulaziz Jalal Al Meer General
Manager
Wafa Al Salama Commercial
Manager
Ahmed Ibrahim Finance
Manager
Asghar Mohamed Marketing
Manager
Mohamed Noufal Financial
Controller
Date of Establishment : 5th
January 1984
Legal Form : Bahraini
Shareholding Company Closed - BSCC
Commercial Reg. No. : 438-4, Manama
Chamber Member No. : 1821
Issued Capital : BD 2,000,000
Paid up Capital : BD 2,000,000
Name of
Shareholder (s) Percentage
Abdulaziz Jalal Qutubaddine Al Meer 33.3%
Abdul Moniem Jalal Qutubaddine Al Meer 33.3%
Abdul Hameed Jalal Qutubaddine Al Meer 33.3%
Activities: Subject’s operations are performed through the following divisions:
Al Muntazah Market Division
Wholesalers and retailers of ready made
garments, textiles and clothing accessories.
Trading Centre Division
Wholesalers and retailers of household products,
cutlery and stationery.
Sanitary Ware Division
Wholesalers and retailers of sanitary ware,
ceramics, tiles and related fittings.
Herfy Restaurants Division
Operators of fast food restaurants.
Training Centre Division
Providers of training and courses.
Import Countries: Europe and the Far East.
Subject has a workforce of approximately 700 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.
Bahrain Islamic Bank BSC
PO Box: 5240
Manama
Tel: (973-17) 231402
Fax: (973-17) 275734
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.64.03 |
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|
1 |
Rs.99.72 |
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Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
TPT |
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.