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Report No. : |
328393 |
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Report Date : |
24.06.2015 |
IDENTIFICATION DETAILS
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Name : |
BABASONS WLL |
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Registered Office : |
Building No. 123 Lulu Road Muharraq 23599 Manama |
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Country : |
Bahrain |
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Date of Incorporation : |
25.01.1995 |
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Com. Reg. No.: |
40389-1,
Manama |
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Legal Form : |
With Limited
Liability |
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Line of Business : |
Engaged in the
operation of a chain of supermarkets, specialising in the retail of general foodstuff,
readymade garments, textiles, household electrical appliances and lighting
fixtures and fittings. |
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No. of Employee : |
370 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 : BABASONS
WLL
Country of Origin : Bahrain
Legal Form : With
Limited Liability
Start Date :
25th January 1995
Commercial
Registration Number : 40389-1, Manama
Membership
Number : 3963
Issued Capital : BD
250,000
Paid up Capital : BD
250,000
Total Workforce : 370
Activities :
Operation of a chain of supermarkets
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Harish Apaya, Director
BABASONS WLL
Building : Building No. 123
Street : Lulu Road
Area : Muharraq
PO Box : 23599
Town : Manama
Country : Bahrain
Telephone : (973-17) 341070 / 456475
Facsimile : (973-17) 346010 / 456471
Mobile : (973-34) 349088
Email : babasons@batelco.com.bh / megamart@batelco.com.bh
/ harish@babasons.com
Subject operates
from a large suite of offices and a showroom that are rented and located in the
Central Business Area of Manama.
Branch Office
(s)
Location Description
·
Exhibition
Road Rented
supermarket premises
Hoora
Name Nationality Position
·
Ahmed
Ghuloom Jaafar Qali Bahraini Chairman
·
Raj Kumar Veshdev Waghnani Indian Managing
Director
·
Manoj Thanwani British Director
·
Harish Apaya - Director
·
Satheesh Babu Indian Director
·
Vaihundan Paramalingam Sri Lankan Director
·
Kartar
Hassanani - Marketing
Manager
·
Kushi
Gornani - Purchasing
Manager
Date of Establishment : 25th
January 1995
History : Subject was previously called “Babasons WLL”
but re-registered in November 2007 and
became “Babasons SPC”. In May 2012 it reverted back to a With Limited
Liability company,
once again called “Babasons WLL”.
Legal Form :
With Limited Liability
Commercial Reg. No. : 40389-1,
Manama
Membership
No. : 3963
Issued Capital : BD 250,000
Paid up Capital : BD 250,000
·
Ahmed
Ghuloom Jaafar Qali 51%
·
Anima International Holding Co WLL 49%
Manama
·
Choithram
& Sons LLC (Choithram)
Dubai
United Arab Emirates
Activities: Engaged in the operation of a chain of
supermarkets, specialising in the retail of general foodstuff,
readymade garments, textiles,
household electrical appliances and lighting fixtures and fittings.
Import
Countries: Europe and Asia
International Suppliers:
·
Proctor
& Gamble United
Kingdom
·
Unilever United Kingdom
·
Danone Saudi Arabia
·
Al
Maari Saudi
Arabia
·
Karf
Industries Bahrain
·
Kohinoor India
· Pepsico India
Operating Trend: Steady
Subject has a
workforce of approximately 370 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 30,643,000 BD 31,820,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Harish Apaya,
Director.
·
Arab Bank Plc
Government Avenue
PO Box: 395
Manama
Tel: (973-17)
229988
Fax: (973-17)
210443
No complaints
regarding subject’s payments have been reported.
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No Complaints
Currency US
Dollars
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.63.64 |
|
|
1 |
Rs.100.41 |
|
Euro |
1 |
Rs.71.63 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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|
|
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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 |
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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 |
-- |
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.