MIRA
INFORM REPORT
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Report Date : |
28th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
BABASONS WLL |
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Registered Office : |
Building No. 123, Lulu Road, Muharraq 23599, 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 : |
1993 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Operation of a chain of mini
supermarkets. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable
to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
BABASONS 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 |
1993 |
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Issued Capital |
BD 250,000 |
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Paid up Capital |
BD 250,000 |
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Total Workforce |
35 |
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Line of Business |
Operation of a chain of mini supermarkets. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
BABASONS WLL
ADDRESS
Registered & Physical Address
Building : Building No. 123
Street : Lulu Road
Area : Muharraq
PO Box : 23599
Town : Manama
Country : Bahrain
Telephone : (973-17) 341070 / 259611 / 715301
Facsimile : (973-17) 258226 / 346010
Email : babasons@batelco.com.bh
Premises
Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Manama.
Branch Office (s)
Location Description
Exhibition Road Rented showroom premises
Hoora
KEY PRINCIPALS
Manoj Kalwani Managing Director
Mohamed Hassan Baluchi Director
LEGAL FORM & OWNERS
Date of Establishment : 1993
Legal Form : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)
Issued Capital : BD 250,000
Paid up Capital : BD 250,000
Name of Shareholder (s)
Manoj Kalwani
Mohamed Hassan Baluchi
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 operation of a chain of mini supermarkets.
Import Countries : Europe and Asia
Operating Trend : Steady
Subject has a workforce of 35 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 1,060,000 BD 1,110,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Arab Bank Plc
Government Avenue
PO Box : 395
Manama
Tel : (973-17) 229988
Fax : (973-17) 210443
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1993, Babasons WLL is engaged in the operation of a chain of mini supermarkets.
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.
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 |