MIRA INFORM REPORT

 

 

Report No. :

339684

Report Date :

08.09.2015

 

IDENTIFICATION DETAILS

 

Name :

ASDAL HOTEL WLL

 

 

Registered Office :

Al Moayeed Tower, 22nd Floor, Office No. 2228, Building 2504, Al Seef District, Manama

 

 

Country :

Bahrain

 

 

Date of Incorporation :

02.06.2014

 

 

Com. Reg. No.:

89813-1

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Engaged as owners of a four star hotel. Spread over four floors, the hotel has 94 rooms and suites, all equipped with interactive flat screen television, Internet, marble bathrooms with separate bathtub and shower and 24-hour room service.

 

 

No. of Employees :

25

 

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

 

--

NB

New Business

 

--

 

Status :

New Business

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 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

 

SUMMARY

 

Company Name                                    : ASDAL HOTEL WLL

Country of Origin                                   : Bahrain

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 2nd June 2014

Commercial Registration Number           : 89813-1

Issued Capital                                       : BD 20,000

Paid up Capital                                     : BD 20,000

Total Workforce                         : 25

Activities                                               : Operators of a hotel

Financial Condition                                : Undetermined

Payments                                             : Unknown

 

 

 

COMPANY NAME

 

ASDAL HOTEL WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Al Moayeed Tower, 22nd Floor, Office No. 2228, Building 2504

Area                 : Al Seef District

Town                : Manama

Country : Bahrain

Telephone         : (973-17) 568198 / 222318 / 222319

Facsimile          : (973-17) 567901

Email                : tmurad@kpmg.com

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Manama.

 

 

KEY PRINCIPALS

 

Name                                                               Nationality                    Position

 

Naser Mohammed N Al Jammaz             Saudi                            Managing Director

 

Abdulaziz Mohammed N Al Jammaz                   Saudi                            Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2nd June 2014

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 89813-1

 

Issued Capital              : BD 20,000

 

Paid up Capital            : BD 20,000

 

Name of Shareholder (s)                                          Percentage

 

Naser Mohammed N Al Jammaz                         50%

 

Abdulaziz Mohammed N Al Jammaz                               50%

 

 

OPERATIONS

 

Activities: Engaged as owners of a four star hotel.

Spread over four floors, the hotel has 94 rooms and suites, all equipped with interactive flat screen television, Internet, marble bathrooms with separate bathtub and shower and 24-hour room service.

 

It also features three restaurants, meeting rooms that can accommodate up to 50 guests and a boardroom.

Subject has a workforce of 25 employees.

 

 

FINANCIAL DATA

 

Subject is a newly formed business and as a result financial information is not currently available.

 

 

BANKERS

 

Al Ahli Commercial Bank

Government Avenue

PO Box: 5941

Manama

Tel: (973-17) 244333

Fax: (973-17) 241301

 

 

PAYMENT HISTORY

 

Unknown

 

 

GENERAL COMMENTS

 

In view of subject’s infancy, extensive payment and financial are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.74

UK Pound

1

Rs.101.36

Euro

1

Rs.74.27

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

               

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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