MIRA
INFORM REPORT
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Report Date : |
14th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
MOIZ TRADING CO WLL |
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Registered Office : |
Al Ajajli Complex 728 Majlis Tawon Highway, Block 111 Sitra, 11295 Manama, Bahrain |
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Country : |
Bahrain |
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Financials (as on) : |
31/12/2005 |
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Date of Incorporation : |
1975 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Engaged in the business of import and
distribution of building materials, pipefittings and sanitary ware. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 200,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
MOIZ TRADING CO WLL |
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Country of Origin |
Bahrain |
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Legal Form |
With Limited Liability - WLL |
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Registration Date |
1975 |
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Issued Capital |
BD 50,000 |
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Paid up Capital |
BD 50,000 |
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Total Workforce |
25 |
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Line of Business |
Import and distribution of building materials, pipe fittings and sanitary ware. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
MOIZ TRADING CO WLL
ADDRESS
Registered & Physical Address
Building : Al Ajajli Complex
Street : 728 Majlis Tawon Highway, Block 111
Area : Sitra
PO Box : 11295
Town : Manama
Country : Bahrain
Telephone : (973-17) 735045 / 224153
Facsimile : (973-17) 732690
Email : mail@moiztrdco.com
Premises
Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Manama.
KEY PRINCIPALS
Moiz T. Khanshaheb Managing Director
Aziz T. Khanshaheb Director
LEGAL FORM & OWNERS
Date of Establishment : 1975
Legal Form : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)
Issued Capital : BD 50,000
Paid up Capital : BD 50,000
Name of Shareholder (s)
Moiz T. Khanshaheb
Aziz T. Khanshaheb
Notes to the legal Form
Limited Liability Companies, which are known in Bahrain as WLLs (“With Limited Liability”), are the most commonly used corporate entities in Bahrain. They are the equivalent of French SARLs, German GmbHs or private companies in the United Kingdom. The WLL is the most common form of company where 100 percent foreign ownership is permitted.
Under the Bahraini Commercial Companies Law a WLL may be formed by a minimum of 2 and a maximum of 50 natural or legal persons, whose liability is limited to their shares in the company’s capital. The minimum amount of paid-up capital required is BD 10,000. Contributions to capital may be made in cash of kind. With a normal renewable term of 25 years, equal shares must amount to at least BD 50 each. Public shares are not permitted nor is the negotiation of warrants. WLLs cannot conduct saving, banking or investment operations on behalf of others.
LINE OF BUSINESS
Operations :
Engaged in the import and distribution of building materials, pipe fittings and
sanitary ware.
Import Countries : United Kingdom, Germany, Japan and India.
Brand Names : TERRAIN, PEX, PEGLER, THERMEX, POLYPIPE, ZENITH, and CONEX
Operating Trend : Steady
Subject has a workforce of 25 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : Bahraini Dinars (BD)
Year Ending 31/12/04 Year Ending 31/12/05
Total Revenue BD 420,000 BD 495,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
HSBC Bank Middle East
93 Al Khalifa Avenue
PO Box : 57
Manama 304
Tel : (973-17) 224555 / 222158
Fax : (973-17) 226822
Email : bbmemnm@batelco.com.bh
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000
Moiz Trading Co WLL is well established in the local market with operations dating back over 30 years. It is engaged in the import and distribution of building materials, pipe fittings and sanitary ware, stocking many well known brand names.
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 company is considered to be a fair trade risk and the above credit figure is within subject’s financial means.
Maximum suggested credit figure: US$ 200,000
RATING EXPLANATIONS
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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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |