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MIRA INFORM REPORT
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Report No. : |
492465 |
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Report Date : |
16.02.2018 |
IDENTIFICATION DETAILS
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Name : |
DP BAHMAN TRADING CORPORATION TURKMENISTAN |
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Formerly Known As : |
BAHMAN TRADING
ESTABLISHMENT BAHMAN TRADING
CORPORATION – ASHGABAT BRANCH BAHMAN GENERAL TRADING
AND CONTRACTING CO WLL -ASHGABAT BRANCH |
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Registered Office : |
Turkmenbashi Shaely 13A, 744000 Ashgabat |
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Country : |
Turkmenistan |
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Financials (as on) : |
31.12.2015 |
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Date of Incorporation : |
10.09.1999 |
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Com. Reg. No.: |
INN 102341002059 |
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Legal Form : |
Subsidiary Company |
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Line of Business : |
·
Trading as importers, wholesalers and retailers of foodstuff, detergents,
tissues, cleaning and polishing products. ·
Exporters of cotton, garment and textiles. ·
Operators of a supermarket styled “Bahman”. |
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No. of Employees : |
20 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Maximum Credit Limit : |
120,000 MANAT |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Turkmenistan |
C1 |
C1 |
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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
TURKMENISTAN - ECONOMIC OVERVIEW
Turkmenistan is largely a desert country with intensive agriculture in irrigated
oases and significant natural gas and oil resources. The two largest crops are
cotton, most of which is produced for export, and wheat, which is domestically
consumed. Although agriculture accounts for almost 8% of GDP, it continues to
employ nearly half of the country's workforce. Hydrocarbon exports, the bulk of
which is natural gas going to China, make up 25% of Turkmenistan’s GDP.
Ashgabat has explored two initiatives to bring gas to new markets: a
trans-Caspian pipeline that would carry gas to Europe and the
Turkmenistan-Afghanistan-Pakistan-India gas pipeline. Both face major financing
and security hurdles and are unlikely to be completed soon.
Turkmenistan’s autocratic governments under presidents NIYAZOW
(1991-2006) and BERDIMUHAMEDOW (since 2007) have made little progress improving
the business climate, privatizing state-owned industries, and combatting
corruption, limiting economic development outside the energy sector. High
energy prices in the mid-2000s allowed the government to undertake extensive
development and social spending, including providing heavy utility subsidies.
Low energy prices since mid-2014 are hampering Turkmenistan’s economic
growth and reducing government revenues. The government has cut subsidies in several
areas, and wage arrears have increased. In January 2014, the Central Bank of
Turkmenistan devalued the manat by 19%, and downward pressure on the currency
continues. There is a widening spread between the official exchange rate (4.1
TMM per US dollar) and the black market exchange rate (approximately 7 TMM per
US dollar). Currency depreciation, corruption, isolationist policies, and
limited spending on public services has resulted in a stagnate economy that is
nearing crisis. Turkmenistan claims substantial foreign currency reserves, but
non-transparent data limit international institutions’ ability to verify this
information.
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Source
: CIA |
BRIEF
SUMMARY
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COMPANY NAME |
DP BAHMAN TRADING CORPORATION TURKMENISTAN |
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ADDRESS |
Building |
Street |
Area |
PO Box |
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N/A |
Turkmenbashi Shaely 13A |
next to OSCE Turkmenistan |
744000 Ashgabat |
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TEL/FAX |
Verified Phones: (+993 12) 945 082
/ (+993 65) 880 230 / (+993 12) 946 087 |
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EMAIL/WEBSITE |
Email: bahman@online.tm / alsafattm@gmail.com / Website: N/A |
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ACTIVITY |
NACE 4619 - Agents involved in the sale of a variety of goods; NACE
4617 - Agents involved in the sale of food, beverages and tobacco; |
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PRINCIPAL |
Abbas Hayati |
Workforce |
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Managing Director |
20 |
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LEGAL INFO |
Date Of Est. |
Reg. No. |
Legal Form |
Status |
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10/09/1999 |
INN 102341002059 |
Subsidiary
Company |
Active |
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CAPITAL |
CURRENCY |
AMOUNT |
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USD |
52,000 |
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OPINION ON MAX CREDIT |
CURRENCY |
AMOUNT |
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MANAT (TMT) |
120,000 |
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IDENTIFICATION
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CO. NAME |
DP BAHMAN
TRADING CORPORATION TURKMENISTAN |
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ENQUIRED NAME |
DP BAHMAN TRADING
CORPORATION TURKMENISTAN |
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TRADEMARK |
BAHMAN |
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ALSO KNOWN NAME
(S) |
BAHMAN TRADING CORPORATION TURKMENISTAN DOCHERNIE
PREDRIYATIE / SUBSIDIARY COMPANY
BAHMAN TRADING CORPORATION TURKMENISTAN |
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FORMER NAME |
BAHMAN TRADING ESTABLISHMENT / BAHMAN TRADING
CORPORATION – ASHGABAT BRANCH / BAHMAN GENERAL TRADING AND CONTRACTING CO WLL
-ASHGABAT BRANCH |
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STREET |
Turkmenbashi
Shaely 13A |
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AREA |
next to OSCE
Turkmenistan |
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POSTAL ADDRESS |
744000 Ashgabat |
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CITY |
Ashgabat |
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COUNTRY |
Turkmenistan |
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TELEPHONE |
(+993 12) 945 082 / Mobile (+993 65) 880 230
(Abbas Hayati) / (+993 65) 857 385
(Sadegh Hayati) / (+993 66) 308 396 / (+965) 6629 9010 (Abbas Hayati) |
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FAX |
(+993 12) 946 087 |
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VERIFIED EMAIL |
bahman@online.tm / alsafattm@gmail.com / orlovictory@yandex.ru |
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BUSINESS HOURS |
DAYS |
OFFICE HOURS |
BREAK TIME |
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Mon-Fri |
09:00-18:00 |
13:00-14:00 |
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REGISTERED
ADDRESS |
Turkmenbashi
Shaely 13A, 744000 Ashgabat,
Turkmenistan |
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FORMER ADDRESS |
Until 2012,
subject’s administrative offices was located at: Turkmenbashi Street 15A Ashgabat 744000 Telephone: (+993 12) 391 082 / 391 087 / Mobile (+993 67) 356 786 Fax : (+993 12) 391 087 |
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SENIOR
PERSONNEL
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MANAGEMENT |
NAME |
POSITION |
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Abbas Hayati Nationality: Kuwaiti |
Managing
Director |
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Sadegh Hayati Didar Mammadov Farida Musayeva |
Export & Import Manager Marketing Manager Chief Accountant |
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WORKFORCE |
NO. OF EMPLOYEES
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PERIOD |
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20 |
01.2018 |
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16 |
03.2017 |
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FINANCIAL
SUMMARY
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REVENUE |
31/12/2017 |
31/12/2015 |
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MANAT 2,200,000 |
MANAT 2,465,316 |
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NET PROFIT /
(LOSS) |
31/12/2017 |
31/12/2015 |
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MANAT 350,000 |
MANAT 538,628 |
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PROFIT BEFORE
TAX |
MANAT 97,256 as of 30/06/2015 |
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LEGAL
STATUS
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INCORPORATION |
10/09/1999 |
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REGISTRATION
NO. |
C.R. NUMBER |
ISSUED BY |
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INN 102341002059 |
Main State Tax
Service of Turkmenistan |
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OTHER
REGISTRATION NO. |
24536883 |
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AUTHORISED
CAPITAL |
AMOUNT |
CURRENCY |
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52,000 |
USD |
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PAID-UP
CAPITAL |
AMOUNT |
CURRENCY |
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52,000 |
USD |
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LEGAL FORM |
Subsidiary Company |
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BUSINESS
HISTORY |
The Subject was established on 10 September 1999 as the Ashgabat Branch
of Bahman General Trading and Contracting Co WLL, Kuwait which was
established in Kuwait in 1953 as a proprietorship owned by Abdul Hussain Haji
Mohammed Bahman. In April 2003, the company has changed its legal status into
a Limited Liability Company and its name to the present style. In 2015,
subject was converted into a subsidiary company with the present name and
ownership. |
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STATUS |
Active |
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SHAREHOLDERS |
NAME |
PERCENTAGE |
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Bahman General
Trading and Contracting Co WLL
Bahman Building Canada Dry
Street Near Hadidco
& Ma, Shuwaikh Industrial Area P.O. Box 327
Safat 13004 Shuwaikh 13004 Kuwait Telephone:
(+965) 2481 3901 Fax : (+965) 2481 3873 E-Mail : bahman@qualitynet.net Shortform Name :
Bahman Formerly Known
As : Bahman Trading Establishment Also Known As :
Bahman Trading Corporation / Bahman Gen. Trading & Cont. Co. Est.: 1953 The above
company was established in 1953 as a Proprietorship under the name Bahman
Trading Establishment owned by Abdul Hussain Haji Mohammed Bahman. In October
2003, the company became a limited liability company styled “Bahman General
Trading and Contracting Co WLL”. C.R. No. : 5512 KCCI Membership
No. : 334 Capital : KD
17,000,000 Shareholders : - Bahtco Holding
Co. KSCC - 95%
PO Box 327 Safat 13004 Telephone: (+965) 2481 3055 Fax
: (+965) 2481 0981 Chairman : Abdul Hussain Haji Mohammed Bahman KCCI Membership No. : 84136 Est.: 7 September 2003 - Abdul Hussain
Haji Mohammed - 5% Bahman Nationality:
Kuwaiti |
100.00% |
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OPERATION
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BANKERS |
The State Bank
For Foreign Economic Affairs Of Turkmenistan
(Vneshekonombank) Asudalyk Street
22 Ashgabat
744000 Telephone: (+993
12) 350 117 Fax : (+993 12) 397 982 |
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ACTIVITY CODE
(NACE) |
4619 - Agents
involved in the sale of a variety of goods; 4617 - Agents involved in the
sale of food, beverages and tobacco; |
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LINE OF
BUSINESS |
Trading as importers,
wholesalers and retailers of foodstuff, detergents, tissues, cleaning and
polishing products. Exporters of cotton,
garment and textiles. Operators of a supermarket
styled “Bahman”. |
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IMPORT FROM |
Germany, Poland, France, Italy, Austria, China,
Malaysia, UAE, Russia, South Korea, USA, India, Singapore, Thailand and
Vietnam. |
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EXPORT TO |
Kuwait |
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FACILITIES |
Owned premises comprising administrative and storage
facilities (180 sq. m.) located at the heading address as well as rented
“Bahman” supermarket located elsewhere in Ashgabat (see 'Branch Offices'
below). |
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BRANCH OFFICES |
“Bahman” Supermarket Turkmenbashi Street 15A Ashgabat 744000 |
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RELATED COMPANIES
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Associates Subject is a member of Bahman group, which is headed by : Bahtco Holding Co. KSCC PO Box 327 Safat 13004 Telephone: (+965) 2481 3055 Fax : (+965) 2481 0981 KCCI Membership No. : 84136 Est. : 7 September 2003 Chairman : Abdul Hussain Haji Mohammed Bahman The group also includes the following : 1. Arab Building Material Co PO Box 697 Safat 13007 Telephone: (+965) 2481 0240 Fax : (+965) 2484 1755 2. Hadidco Steel PO Box 327 Safat 13004 Kuwait Telephone: (+965) 2481 3055 /
2481 3901 Fax : (+965) 2481 3873 3. Gulf Supply Co. PO Box 24410 Safat 13105 Telephone: (+965) 2484 4257 Fax : (+965) 2484 0540 4. Bahman Al Omraniah General Trading & Contracting Co PO Box 23368 Safat 13094 Kuwait Telephone: (+965) 2483 5547 /
2483 5688 Fax : (+965) 2484 2944 5. Bahman Shipping & Marine Contracting Co PO Box 327 Safat 13004 Kuwait Telephone: (+965) 2481 3055 /
2481 3901 Fax : (+965) 2481 3873 Email : bahman@qualitynet.net 6. Bahman International Cargo PO Box 21575 Safat 13076 Kuwait Telephone: (+965) 2241 6798 /
2240 3938 7. Bahman International Travel Co. WLL Al Naqi Building, Shop No. 4 Ali Al Salem Street Sharq P.O.Box No.: 21575 Safat 13076 Kuwait Telephone : (+965) 2242 2330 Fax : (+965) 2241 2536 Chairman: Abdul Hussain Haji Mohammed
Bahman Est.: 24 September 1977 C.R. No.: 16230 KCCI Membership No.: 3666 Capital : KD 250,000 Shareholders: - Bahtco Holding Co.
KSCC - Abdul Hussain Haji
Mohammed Bahman 8. Mousa Abdul Hussain Bahman Est
PO Box 24218 Safat 13103 Kuwait Telephone: (+965) 2484 1864 /
2484 0862 Fax : (+965) 2481 0982 Email : mbte@qualitynet.net 9. Bahman General Trading Co LLC
Albonian Real Estate Bldg. Naif Street PO Box 86362 Dubai United Arab Emirates Telephone: (+971 4) 224
9492 Fax : (+971 4) 221 6162 10.Discovery Marine Services Co PO Box 327 Safat 13004 Kuwait Telephone: (+965) 2481 3055 /
2481 3901 Fax : (+965) 2481 3873 11.Bahman & Moujaes Av. Brigadeiro Luiz Antonio
2367 Conj.40 Sao Paulo Brazil 01402--002 12.Hansa Ueberseehandel Becker Gmbh Post street 17-19 D-20354 Hamburg Germany Telephone: (+49 40) 355 4450 Fax : (+49 40) 355 44520 13.Sarcome Trad. & Investments S.A. Romania 14.Bahman Coh Co Iran 15.Bahman Foundation Lebanon 16.Bahman Group FZCO Jebel Ali Freezone Area PO Box 17874 Dubai United Arab Emirates Telephone: (+971 4) 887 1472 /
887 1473 Fax : (+971 4) 887 2623 17.Bahtco Forest Romania 18.Bahtco Agency Romania 19.Al Borz Kooh Ariya Co Iran 20.Abdul Hussain Bahman Real Estate Co. WLL PO Box 327 Safat 13004 Kuwait Telephone: (965) 2481 3055 /
2481 3901 Fax : (965) 2481 3873 |
FINANCIAL
INFORMATION
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CURRENCY |
MANAT |
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NOTES |
The following Balance Sheet as at 31 December 2015
showed (latest available): 31/12/2015 31/12/2014 (in MANAT) Assets Long-Term Assets 158,831 168,424 Current Assets 2,284,274 1,622,402 Total Assets 2,443,105 1,792,826 Equity and Liabilities Equity 1,993,286 1,426,721 Long-Term Assets 411,765 335,294 Current Liabilities 38,054 30,811 Total Liabilities 449,819 366,105 Total Equity and Liabilities 2,443,105 1,792,826 Income Statement as at 30 June 2015 showed (latest
available):: 30/06/2015 30/06/2014 (in MANAT) Revenue from the sale of products (goods, works and services) 827,770 1,462,538 Cost of goods sold (goods, works and services) (446,251) (916,897) Gross profit 381,519 545,641 Distribution expanses (161,202) (102,543) Administrative expenses (33,239) (77,715) Other operating expenses (10,993) - Profit (loss) from operations 176,085 365,383 Other expenses (78,829)
(4,008) Income (loss) from non- operating activities (78,829) (4,008) Interest income 809 - Profit (loss) before taxation 97,256 361,375 Income tax (8,084) (29,977) Net profit (loss) for the reporting period 89,172 331,398 The following financial information applies to subject’s
affiliated company, Bahman International Travel Co. WLL (latest available): Sales Turnover
: KD 3,500,000 - 2014 - exact
: KD 3,500,000 - 2015 - exact Financial year ends 31 December. |
PAYMENT
RECORDS
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CREDIT OPINION |
We consider it is acceptable to deal with subject
for SMALL amounts |
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CREDIT LIMIT
RECOMMENDATION |
CURRENCY |
AMOUNT |
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MANAT |
120,000 (association inspire confidence for higher amounts if required) |
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FINANCIAL
STRENGTH |
Normal |
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SPECIAL
REMARKS
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INTERVIEWED |
Abbas Hayati (Managing Director). |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.92 |
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1 |
INR 89.55 |
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Euro |
1 |
INR 79.68 |
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TMT (MANAT) |
1 |
INR 18.28 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VAR |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.