MIRA
INFORM REPORT
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Report Date : |
10.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
ABDUL HADI AL
AFOO WLL |
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Registered Office : |
Salmabad Industrial Area, P O Box 611, Manama |
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Country : |
Bahrain |
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Date of Incorporation : |
1961 |
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Com. Reg. No.: |
627, Manama |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Engaged as
general construction contractors and providers of road making services. |
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
Company Name : ABDUL HADI AL AFOO WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Registration Date : 1961
Commercial Registration Number : 627, Manama
Issued Capital : BD 100,000
Paid up Capital : BD 100,000
Total Workforce : 100
Line of Business : General construction contractors and providers of
road making services.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
ABDUL HADI AL AFOO
WLL
ADDRESS
Registered & Physical Address
Location : Salmabad
Industrial Area
PO Box : 611
Town : Manama
Country : Bahrain
Telephone : (973-17) 874756
Facsimile : (973-17)
874754
Email : alafoo@batelco.com.bh
Premises
Subject operates
from a small suite of offices and a warehouse that are owned and located in the
Industrial Area of Manama.
KEY PRINCIPALS
·
Ibrahim Abdul
Hadi Al Afoo Managing
Director
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Abdul Reda
Abdul Hadi Al Afoo Director
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Francis
Sequeira Operations
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1961
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 627, Manama
Issued Capital : BD 100,000
Paid up Capital : BD 100,000
Name of Shareholder
(s)
·
Ibrahim Abdul
Hadi Al Afoo
·
Abdul Reda
Abdul Hadi Al Afoo
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.
LINE OF BUSINESS
Operations : Engaged as general construction contractors
and providers of road making services.
Subject also
distributes building materials, towers and sanitary fittings.
Import Countries
: Europe and GCC countries.
Subject has a
workforce of 100 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
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Ahli United
Bank BSC
PO Box : 2424
Manama
Tel : (973-17) 585858
Fax
: (973-17) 580569
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in 1961, subject is owned and managed by Mr Ibrahim Abdul
Hadi Al Afoo and Mr Abdul Reda Abdul Hadi Al Afoo who are both well respected
in the local business community.
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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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)