MIRA INFORM REPORT

 

 

Report Date :

2nd November 2006

 

IDENTIFICATION DETAILS

 

Name :

BAYMAIN FOOD STUFF

 

 

Registered Office :

Building No. 363, Shop No. 11

Road No. 1805, Area No. 318

2328, Manama, Bahrain

 

 

Country :

Bahrain

 

 

Financials (as on) :

31/12/2005

 

 

Date of Incorporation :

20th April 2003

 

 

Com. Reg. No.:

50608, Manama

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Wholesalers and retailers of general foodstuff products.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

SUMMARY

 

Company Name

BAYMAIN FOOD STUFF

Country of Origin

Bahrain

Legal Form

Sole Proprietorship

Registration Date

20th April 2003

Commercial Registration Number

50608, Manama

Membership Number

11385

Invested Capital

BD 60,000

Total Workforce

5

Line of Business

Wholesalers and retailers of general foodstuff products.

Financial Condition

Fair

Payments

Nothing detrimental uncovered

Operating Trend

Steady

 

 

 

 

COMPANY NAME

 

BAYMAIN FOOD STUFF

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Building No. 363, Shop No. 11

Street               : Road No. 1805

Area                 : Area No. 318

PO Box             : 2328

Town                 : Manama

Country             : Bahrain

Telephone         : (973-17) 490061

Facsimile          : (973-17) 490062

Mobile               : (973-39) 880983

 

Premises

 

Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Manama.

 

 

KEY PRINCIPALS

 

Mohamed Salem Awad Baymain                         Proprietor & General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 20th April 2003

 

Legal Form                  : Mouassasa Khassa (Sole Proprietorship)

 

Commercial Reg. No.  : 50608, Manama

 

Membership No.          : 11385

 

Invested Capital           : BD 60,000

 

Mr Mohamed Salem Awad Baymain 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 wholesale and retail of general foodstuff products.

 

Import Countries : Europe and the Far East.

 

Operating Trend : Steady

 

Subject has a workforce of 5 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 710,000                                           BD 740,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

British Bank of the Middle East

93 Al Khalifa Avenue

PO Box : 57

Manama

Tel : (973-17) 224555

Fax : (973-17) 226822

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

           

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000:

 

Established in 2003, subject is owned and managed by Mr Mohamed Salem Awad Baymain who is well respected in the local business community.

 

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$ 150,000

 

RATING EXPLANATIONS

 

 

RATING

STATUS

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

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