MIRA
INFORM REPORT
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Report Date : |
22nd
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
BU MAJED FOR FOODSTUFF |
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Registered Office : |
Building
No. 585, Road No. 1905, Area No. 605, PO Box : 70204, Sitra, Bahrain |
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Country : |
Bahrain |
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Date of Incorporation : |
10.07.2005 |
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Com. Reg. No.: |
52526 |
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Legal Form : |
Mouassasa
Khassa (Sole Proprietorship) |
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Line of Business : |
Wholesalers and retailers of general
foodstuff products. |
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$
75,000 |
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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 |
BU MAJED FOR FOODSTUFF |
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Country of Origin |
Bahrain |
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Legal Form |
Sole Proprietorship |
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Registration Date |
10th July 2005 |
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Commercial Registration Number |
52526 |
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Membership Number |
14793 |
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Invested Capital |
BD 50,000 |
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Total Workforce |
4 |
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Line of Business |
Wholesalers and retailers of general foodstuff products. |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
BU MAJED
FOR FOODSTUFF
ADDRESS
Registered & Physical Address
Building : Building No. 585
Street : Road No. 1905
Area : Area No. 605
PO Box : 70204
Town : Sitra
Country : Bahrain
Telephone : (973-17) 456597
Facsimile : (973-17) 456597
Mobile : (973-39) 334069
Email : bumajed2005@yahoo.com
Premises
Subject
operates from a small suite of offices and a showroom that are rented and
located in the Central Business Area of Sitra.
KEY PRINCIPALS
·
Moheer
Jan Hussain Proprietor
& General Manager
LEGAL FORM & OWNERS
Date of Establishment : 10th July 2005
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 52526
Membership No. : 14793
Invested
Capital : BD 50,000
Mr
Moheer Jan Hussain 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 GCC countries.
Subject
has a workforce of 4 employees.
FINANCIAL HIGHLIGHTS
Subject
is a newly formed business and as a result financial information is not
currently available.
BANKERS
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Bahrain
Islamic Bank
PO Box : 5240
Manama
Tel :
(973-17) 231402
Fax :
(973-17) 275734
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000:
Investigations
undertaken in Sitra did not reveal any sign of payment defaults or delays
during initial trading stages, and subject is believed to meet its payment
obligations in a timely manner, nevertheless, and in view of the company’s
infancy and the lack of a more consistent payment and financial record, a
measure of caution is advisable and a close monitoring of subject’s business development
is recommended.
Maximum
suggested credit figure: US$ 75,000
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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