MIRA INFORM REPORT
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Report Date : |
19th May 2006 |
IDENTIFICATION DETAILS
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Name : |
DIPLOMAT
ELECTRICALS |
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Registered Office : |
Al Zubara Road 26009, Manama Bahrain |
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Date of Incorporation : |
22nd
July 1989 |
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Com. Reg. No.: |
13780,
Manama |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors
of refrigeration, measuring, testing and telecommunication equipment,
batteries, cables, isolators and light fittings |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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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Maximum Credit Limit : |
US$ 180,000 |
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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 |
DIPLOMAT ELECTRICALS |
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Country of Origin |
Bahrain |
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Legal Form |
Sole Proprietorship |
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Registration Date |
22nd July 1989 |
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Commercial Registration Number |
13780, Manama |
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Membership Number |
4299 |
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Invested Capital |
BD 50,000 |
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Total Workforce |
10 |
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Line of Business |
Distributors of refrigeration, measuring, testing and telecommunication equipment, batteries, cables, isolators and light fittings. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
DIPLOMAT ELECTRICALS
ADDRESS
Registered & Physical Address
Location : Al Zubara Road
PO Box : 26009
Town : Manama
Country : Bahrain
Telephone : (973-17) 294939 / 294057
Facsimile : (973-17) 290433
Email : diplomat@batelco.com.bh
Premises
Subject operates from a small suite of offices and a warehouse that are owned and located in the Central Business Area of Manama.
KEY PRINCIPALS
Aminaa Abdul Rasoul Mohamed Proprietor
P K Raju General Manager
Suresh Mathew Sales Manager
LEGAL FORM & OWNERS
Date of Establishment : 22nd July 1989
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 13780, Manama
Membership No. : 4299
Invested Capital : BD 50,000
Mrs Aminaa Abdul Rasoul Mohamed is the sole proprietor of the business.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
refrigeration, measuring, testing and telecommunication equipment, batteries,
cables, isolators and light fittings.
Import Countries : Europe and the Far East.
Brand Names : GE,
OSRAM and PHILLIPS.
Operating Trend : Steady
Subject has a workforce of 10 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : Bahraini Dinar (BD)
Year Ending 31/12/04 : Year Ending 31/12/05 :
Total Revenue BD 275,000 BD 291,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Bank Muscat International
43 Government Avenue
PO Box : 597
Manama
Tel : (973-17) 223388
Fax : (973-17) 229822
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 1989, subject is involved in the import and
distribution of refrigeration, measuring, testing and telecommunication
equipment, batteries, cables, isolators and light fittings.
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 and the above credit figure is deemed to be within subject’s financial means.
Maximum suggested credit figure: US$ 180,000
RATING EXPLANATIONS
RATING
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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 |