MIRA INFORM REPORT

 

 

Report No. :

314629

Report Date :

27.03.2015

 

IDENTIFICATION DETAILS

 

Name :

ALKAWTHAR SWEET WATER FACTORY

 

 

Registered Office :

Block 1009, Building 40, Road 17, Al Hamalah, PO Box : 37781, Manama

 

 

Country :

Bahrain

 

 

Date of Incorporation :

02.02.2010

 

 

Com. Reg. No.:

35900-2

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Subject is engaged in the provision of water sanitisation and distribution of drinking water.

 

 

No. of Employee :

125

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

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

 

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

 

 

SUMMARY

 

Company Name                                    : ALKAWTHAR SWEET WATER FACTORY

Country of Origin                                   : Bahrain

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 2nd February 2010

Commercial Registration Number           : 35900-2

Invested Capital                                    : BD 250,000

Total Workforce                                     : 125

Activities                                               : Provision of water sanitisation and distribution of drinking water.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

COMPANY NAME

 

ALKAWTHAR SWEET WATER FACTORY

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Block 1009, Building 40

Street               : Road 17

Area                 : Al Hamalah

 

PO Box            : 37781

 

Town                : Manama

Country             : Bahrain

 

Telephone         : (973-17) 763184 / 9465800

Facsimile          : (973-17) 776016

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Suburban Business Area of Manama.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       H E Shaikh Abdullah Khalid Alkhalifa                                                 Proprietor

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2nd February 2010

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 35900-2

 

Invested Capital           : BD 250,000

 

H E Shaikh Abdullah Khalid Alkhalifa is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the provision of water sanitisation and distribution of drinking water.

 

Import Countries: Europe and the Far East

 

Subject has a workforce of 125 employees.

 

 

FINANCIAL DATA

 

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.

 

 

BANKERS

 

·       Bahraini Saudi Bank BSC

Al Sadah Building

Government Avenue

PO Box: 1159

Manama

Tel: (973-17) 211010

Fax: (973-17) 210989

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

 

According to local sources, subject meets its payment obligations in a timely manner and the business is considered to be a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.67

UK Pound

1

Rs.93.26

Euro

1

Rs.68.85

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ASH

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.