MIRA
INFORM REPORT
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Report Date : |
8th
November 2006 |
IDENTIFICATION
DETAILS
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Name : |
ATHENS TRADING HOUSE |
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Registered Office : |
Sheikh Hamad Road, 2181, 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 : |
2001 |
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Com. Reg. No.: |
39569-5 |
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Legal Form : |
General Partnership |
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Line of Business : |
Operations are performed through
subject’s divisions (see below for details). |
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$ 175,000 |
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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 |
ATHENS TRADING HOUSE |
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Country of Origin |
Bahrain |
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Legal Form |
General Partnership |
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Registration Date |
2001 |
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Commercial Registration Number |
39569-5 |
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Partners Capital |
BD 100,000 |
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Total Workforce |
12 |
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Line of Business |
Operations are performed through subject’s divisions (see below for details). |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
ATHENS TRADING HOUSE
ADDRESS
Registered & Physical Address
Location : Sheikh Hamad Road
PO Box : 2181
Town : Manama
Country : Bahrain
Telephone : (973-17) 252700
Facsimile : (973-17) 276100
Email : info@athensgroupwll.com
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
Name Nationality Position
K L Wilson Indian Managing Partner
Ameer Al Matook Bahraini Partner
Prakash Kumar - Commercial Manager
LEGAL FORM & OWNERS
Date of Establishment : 2001
Legal Form : Sharikat Tadhamun (General Partnership)
Commercial Reg. No. : 39569-5
Partners Capital : BD 100,000
Name of Partner (s) Percentage
Ameer Al Matook 51%
K L Wilson 49%
Note to the Legal Form
Bahraini Company Law defines “Sharikat Tadhamun” as a company established between two or more general partners who will jointly and unlimitedly, to the extent of their personal assets, be responsible for the liabilities of the company. Creditors may claim the debts from either the company as a separate legal entity or from the general partners.
Notwithstanding the English translation of its name, this type of company should not be compared to the partnership concept under English Law. A Sharikat Tadhamun is considered a company and has the attributes of a corporation similar to that of a partnership under Scottish Law or to the “Societe en Nom Collectif” under French Law.
There are no legal requirements concerning the amount of capital of a general partnership. The shares of each partner, presented in cash, kind or rights, must not be issued in the form of negotiable instruments, nor can they be transferred or assigned without the unanimous approval of the partners unless the memorandum specifically provides otherwise.
AFFILIATED COMPANIES
Athens Food Court WLL Manama
LINE OF BUSINESS
Operations :
Subject’s operations are performed through the following divisions:
General
Trading Division
Engaged in the import and distribution of general foodstuff products.
Supermarket
Division
Operators of a supermarket.
Import Countries : Europe and the Far East.
Operating Trend : Steady
Subject has a workforce of 12 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 890,000 BD 945,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Standard Chartered Bank
Government Road
PO Box : 29
Manama
Bahrain
Tel : (973-17) 223636
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 2001, subject is owned and managed by Mr K L Wilson, an Indian national who operates in Bahrain under the local sponsorship of Mr Ameer Al Matook.
Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.
Maximum suggested credit figure: US$ 175,000
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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