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Report No. : |
310912 |
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Report Date : |
10.03.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Building No. 521, Block No. 302, Sheikh Abdullah Avenue 497, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
15.02.2004 |
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Com. Reg. No.: |
52878-1, Manama |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Engaged in the import and distribution of stationery, cosmetics, personal hygiene products, toys and novelty items. |
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No of Employees : |
13 |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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.
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Source
: CIA |
Company Name : NOBLE TRADERS WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Registration Date : 15th February 2004
Commercial Registration Number : 52878-1, Manama
Chamber Membership Number : 1247
Issued Capital : BD 65,000
Paid up Capital : BD 65,000
Total Workforce : 13
Activities : Distributors of stationery, cosmetics, personal hygiene products, toys
and novelty items.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Anthony Varghese, Financial Controller
NOBLE TRADERS WLL
Location : Building No. 521, Block No. 302,
Sheikh Abdullah Avenue
PO Box : 497
Town : Manama
Country : Bahrain
Telephone : (973-17) 231752
Facsimile : (973-17) 234040
Mobile : (973-39) 622347
Email : abd11@rediffmail.com / abbasnoble@hotmail.com
Subject operates from
a small suite of offices and a warehouse that are rented and located in the
Central Business Area of Manama.
Name Nationality Position
·
Ghulam
Abbas Ali Mohamed Bahraini Managing Director
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Rayieka
Ghulam Abbas Noble Indian Director
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Rifka
Zulfikarali Bahrainwala Tasneem Indian Director
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Rumana
Abdulla Mohamed Hameed Indian Director
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Farah
Ghulam Abbas Noble Indian Director
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Alifiya
Ghulam Abbas Noble Indian Director
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Adam
Abdulla Mohamed Hameed Indian Director
·
Abdullah
Hamid - Finance
Manager
·
Anthony
Varghese - Financial
Controller
·
Thomas
Jacoub - Commercial
Manager
Date of Establishment : 15th
February 2004
History : Subject was originally a Sole
Proprietorship bur re-registered as a With Limited Liability
company in 2007.
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 52878-1,
Manama
Chamber Member No. : 1247
Issued Capital : BD 65,000
Paid up Capital : BD 65,000
·
Ghulam
Abbas Ali Mohamed 52%
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Rayieka
Ghulam Abbas Noble 8%
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Rifka
Zulfikarali Bahrainwala Tasneem 8%
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Rumana
Abdulla Mohamed Hameed 8%
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Farah
Ghulam Abbas Noble 8%
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Alifiya
Ghulam Abbas Noble 8%
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Adam
Abdulla Mohamed Hameed 8%
Activities: Engaged in the import and distribution of
stationery, cosmetics, personal hygiene products, toys and
novelty items.
Import
Countries: United Arab Emirates,
India, China and Malaysia.
International Suppliers:
·
TAN Eng
Hong Malaysia
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VASA
International India
·
Champs
Corporation India
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S
Dautramm Export China
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Al
Fahidi Trading Co Dubai,
United Arab Emirates
Operating Trend: Steady
Subject has a workforce
of 13 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 695,000 BD 736,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Anthony Varghese, Financial Controller
·
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.
Please note that
the correct name of the subject is “Noble Traders WLL” and not “Noble Trading
WLL”.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 62.61 |
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1 |
Rs. 94.39 |
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Euro |
1 |
Rs. 67.96 |
INFORMATION DETAILS
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Analysis Done by
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KRN |
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Report Prepared
by : |
DPT |
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.