MIRA
INFORM REPORT
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Report Date : |
8th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
BUCHEN
IRM ABDULAAL WLL |
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Registered Office : |
Building No. 1124, Office No. 31, Block No. 333 Road No. 3322, 769 & 2214 Manama, Bahrain |
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Country : |
Bahrain |
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Date of Incorporation : |
7th December 2001 |
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Com. Reg. No.: |
46519, Manama |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Service and maintenance contractors. |
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$
150,000 |
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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 |
BUCHEN IRM ABDULAAL 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 |
7th December 2001 |
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Commercial Registration Number |
46519, Manama |
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Membership Number |
12581 |
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Issued Capital |
BD 150,000 |
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Paid up Capital |
BD 150,000 |
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Total Workforce |
300 |
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Line of Business |
Service and maintenance contractors. |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
BUCHEN
IRM ABDULAAL WLL
ADDRESS
Registered & Physical Address
Building : Building No. 1124, Office No. 31, Block No. 333
Street : Road No. 3322
PO Box : 769 & 2214
Town : Manama
Country : Bahrain
Telephone : (973-17) 731716
Facsimile : (973-17) 730366
Email : buchen@batelco.com.bh
Premises
Subject operates from a small suite of offices that are owned and located in the Central Business Area of Manama.
KEY PRINCIPALS
Majeed Abdul Karim Ali Abdulaal Managing Director
Maher Abdul Karim Ali Abdulaal Director
Kenith Wiring Operations Manager
Rahman Mohamed Business Development Manager
LEGAL FORM & OWNERS
Date of Establishment : 7th December 2001
Legal Form : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 46519, Manama
Membership No. : 12581
Issued Capital : BD 150,000
Paid up Capital : BD 150,000
Name of Shareholder (s)
Majeed Abdul Karim Ali Abdulaal
Maher Abdul Karim Ali Abdulaal
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.
AFFILIATED COMPANIES
Subject is a member of the Abdulaal group of companies that includes the following concerns:
Hussain Abdulaal Trading Contracting
Ascentech LLC
Abdulaal Cleaning & Maintenance
United Gulf Factories
H Abdulaal International Development
LINE OF BUSINESS
Operations :
Engaged as service and maintenance contractors, specialising in the oil and gas
industry.
Subject has a workforce of approximately 300 employees.
FINANCIAL HIGHLIGHTS
Companies registered in Bahrain are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.
BANKERS
Bank of Bahrain & Kuwait
43 Government Avenue
PO Box : 597
Manama
Tel : (973-17) 253388
Fax : (973-17) 275785
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 operates as service and maintenance contractors, specialising in the oil and gas industry.
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$ 150,000
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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