MIRA
INFORM REPORT
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Report Date : |
8th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
AMMAR
STORE |
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Registered Office : |
Lulu
Road, PO Box : 10777, Manama, Bahrain |
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Country : |
Bahrain |
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Date of Incorporation : |
1973 |
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Com. Reg. No.: |
1469, Manama |
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Legal Form : |
Mouassasa
Khassa (Sole Proprietorship) |
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Line of Business : |
Wholesale and distribution of engineering equipment, welding apparatus, safety equipment and industrial machinery. |
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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Maximum Credit Limit : |
US$
200,000 |
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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 |
AMMAR STORE |
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Country of Origin |
Bahrain |
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Legal Form |
Sole Proprietorship |
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Registration Date |
1973 |
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Commercial Registration Number |
1469, Manama |
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Invested Capital |
BD 150,000 |
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Total Workforce |
17 |
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Line of Business |
Wholesale and distribution of engineering equipment, welding apparatus, safety equipment and industrial machinery. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
AMMAR
STORE
ADDRESS
Registered & Physical
Address
Location : Lulu Road
PO Box : 10777
Town : Manama
Country : Bahrain
Telephone : (973-17) 250394
Facsimile : (973-17) 257841
Premises
Subject
operates from a medium sized suite of offices that are rented and located in
the Central Business Area of Manama.
Branch Office (s)
Location Description
·
Sitra Showroom
& warehouse premises
Tel: (973-17) 731016
Fax: (973-17) 735348
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Salmabad
Industrial Area Showroom
& warehouse premises
Tel: (973-17) 785449
KEY PRINCIPALS
·
Ahmed
Jaffar Proprietor
& General Manager
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P.M.
Mathew Assistant
General Manager
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Mohamed
Omar Marketing
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1973
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 1469, Manama
Invested
Capital : BD 150,000
Mr Ahmed
Jaffar 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 distribution of engineering equipment, welding
apparatus, safety
equipment and industrial machinery.
Import
Countries :
Germany, France, Italy and the United Kingdom.
Operating
Trend : Steady
Subject
has a workforce of 17 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
1,150,000 BD
1,275,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Bank
of Bahrain & Kuwait
43 Government Avenue
PO Box : 597
Manama
Tel :
(973-17) 253388
Fax :
(973-17) 275785
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Standard
Chartered Bank
Standard Chartered Bank Building
Government Road
PO Box : 29
Manama
Bahrain
Tel :
(973-17) 223636 / 255946
Fax :
(973-17) 230503
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000
Ammar
Store specialises in the wholesale and distribution of engineering equipment,
welding apparatus, safety equipment and industrial machinery. Subject is a Sole
Proprietorship owned by Mr Ahmed Jaffar, who has many years experience in the
industry.
During
the course of this investigation nothing detrimental was uncovered regarding
the manner in which payment obligations are fulfilled. The operating history is
clear and the financial situation is satisfactory. As such we are of the
opinion that the subject is a fair trade risk and the above credit figure is admissible.
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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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