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MIRA INFORM REPORT
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Report No. : |
508110 |
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Report Date : |
12.05.2018 |
IDENTIFICATION DETAILS
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Name : |
STAR PAPER TRADING |
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Registered Office : |
Building No. 2823, Road No. 1448, Alhamala 1014 |
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Country : |
Bahrain |
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Date of Incorporation : |
14.06.2010 |
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Com. Reg. No.: |
43277-2 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the import and distribution of stationery, novelty
products, plastic cups and plates, tissue paper, cling film and aluminium
foil. |
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No. of Employees : |
150 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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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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 |
BAHRAIN - ECONOMIC OVERVIEW
Low oil prices have generated a budget deficit of at least a $3.5 billion deficit in 2017, nearly 10% of GDP. Bahrain has few options for covering this deficit, with low foreign assets and fewer oil resources compared to its GCC neighbors. In 2016 the three major US credit agencies downgraded Bahrain’s sovereign debt rating to “junk” status, citing persistently low oil prices and the government’s high debt levels. Nevertheless, Bahrain in 2017 was able to raise about $4 billion by issuing international debt.
Oil comprises 85% of Bahraini budget revenues, despite past efforts to diversify its economy, build communication and transport facilities for multinational firms with business in the Gulf, and expand infrastructure development. 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. It plans to introduce a Value Added Tax (VAT) by the end of 2018.
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 April 2018 Bahrain announced it had found a significant oil field off the country’s west coast, but is still assessing how much of the oil can be extracted profitably.
In 2011, Bahrain experienced economic setbacks as a result of domestic unrest driven by the majority Shia population; however, the economy recovered in 2012-15, partly as a result of improved tourism. In addition to addressing its current fiscal woes, Bahraini authorities face the long-term challenge of boosting Bahrain’s regional competitiveness — especially regarding industry, finance, and tourism — and reconciling revenue constraints with popular pressure to maintain generous state subsidies and a large public sector. Since 2015, the government lifted subsidies on meat, diesel, kerosene, and gasoline and has begun to phase in higher prices for electricity and water.
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Source
: CIA |
SUMMARY
Company Name :
STAR PAPER TRADING
Country of Origin :
Bahrain
Legal Form : Sole Proprietorship
Registration Date :
14th June 2010
Commercial Registration Number :
43277-2
Invested Capital :
BD 5,000
Total Workforce :
150
Activities :
Distributors of stationery, novelty products, plastic cups
and plates,
tissue paper, cling film and aluminium foil
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
COMPANY
NAME
STAR PAPER TRADING
ADDRESS
Registered & Physical Address
Building :
Building No. 2823
Street : Road No.
1448
Area : Alhamala
1014
Town : Manama
Country : Bahrain
Telephone : (973-17) 245531
Facsimile : (973-17)
245531
Mobile : (973-38)
385536 / 385534 / (973-33) 204928
Email : sptcups@gmail.com
Premises
Subject operates from a large suite of offices and a warehouse that are
rented and located in the Industrial Area of Manama.
KEY
PRINCIPALS
Name Nationality Position
Narjis H Molina Cabiao Bahraini Proprietor
& General Manager
Shafjaz Abu Baker - Purchasing
Manager
Noshad Mohamed - Sales
Executive
Abdul Salaam - Sales
Executive
LEGAL
FORM & OWNERS
Date of Establishment : 14th
June 2010
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 43277-2
Invested Capital : BD 5,000
Mr Narjis H Molina Cabiao is the sole proprietor of the business.
OPERATIONS
Activities: Engaged in the import and distribution of stationery, novelty products,
plastic cups and plates, tissue
paper, cling film and aluminium
foil.
Import Countries: Saudi Arabia and
Kuwait
International
Suppliers:
Wataniya Plastic Saudi Arabia
Boubyan Co Kuwait
Subject has a workforce of 150 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
Al Ahli Commercial Bank
Government Avenue
PO Box: 5941
Manama
Tel: (973-17) 244333
Fax: (973-17) 241301
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
The subject and its shareholders/owners have been searched in the
following databases; Office of Foreign Assets Control (OFAC), United Nations
Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
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 business 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 |
INR 67.22 |
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1 |
INR 90.88 |
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Euro |
1 |
INR 80.99 |
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BHD |
1 |
INR 178.68 |
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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DIV |
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Report Prepared
by : |
KET |
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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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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.