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Report No. : |
312502 |
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Report Date : |
17.03.2015 |
IDENTIFICATION DETAILS
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Name : |
UNITED ABRASIVES
FOR MANUFACTURING OF ABRASIVE MATERIAL
WLL |
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Registered Office : |
Building 830, Block 128, 102 Al Shabab Avenue, Hidd Area, P O Box: 75273, Manama |
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Country : |
Bahrain |
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Date of Incorporation : |
31.01.2010 |
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Com. Reg. No.: |
73985-1 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Manufacture and
Packaging of Chemical Detergents and Abrasive Materials. |
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No. of Employees : |
130 |
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
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 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 :
UNITED ABRASIVES FOR MANUFACTURING OF ABRASIVE
MATERIAL WLL
Trade Name :
UNITED ABRASIVES WLL
Country of Origin : Bahrain
Legal Form : With
Limited Liability - WLL
Registration Date : 31st
January 2010
Commercial
Registration Number : 73985-1
Chamber Membership
Number : 24091
Issued Capital : BD
240,000
Paid up Capital : BD
240,000
Total Workforce : 130
Activities :
Manufacture and packaging of chemical detergents and abrasive
Materials
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
UNITED ABRASIVES
FOR MANUFACTURING OF ABRASIVE MATERIAL WLL
UNITED
ABRASIVES WLL
Building : Building 830, Block 128
Street : 102 Al Shabab Avenue
Area : Hidd Area
PO Box : 75273
Town : Manama
Country : Bahrain
Telephone : (973-17) 723772
Facsimile : (973-17) 723330
Email : info@mannaiholding.com
Subject operates
from a medium sized suite of offices and a manufacturing plant that are rented
and located in the Industrial Area of Manama.
Name Position
·
Salem
Ahmed Abdulla Al Mannai Managing
Director
·
Kolliyil
Kocho Mohamed Abdul Razak Director
Date of Establishment : 31st
January 2010
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 73985-1
Chamber Member No. : 24091
Issued Capital : BD 240,000
Paid up Capital : BD 240,000
·
Mannai
Holding Co SPC 50%
Bahrain
·
Oman
Abrasives LLC 50%
Oman
Activities: Engaged in the manufacture and packaging of
chemical detergents and abrasive materials.
Import
Countries: Europe and the
Far East
Production Capacity: 140,000 tonnes of blasting grit per year.
Brand Names: OMGRIT
Subject has a
workforce of 130 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
PO Box: 5240
Manama
Tel: (973-17) 231402
Fax: (973-17) 275734
No complaints
regarding subject’s payments have been reported.
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.62.82 |
|
|
1 |
Rs.92.83 |
|
Euro |
1 |
Rs.66.17 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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.