MIRA
INFORM REPORT
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Report Date : |
16.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
THE NATIONAL
TRADING HOUSE WLL |
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Registered Office : |
Sita Industrial
Area, P O Box 372, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1975 |
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Com. Reg. No.: |
7018, Manama |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Import, distribution
and retail of office stationery and products |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 350,000 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
SUMMARY
Company Name : THE NATIONAL TRADING HOUSE WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Registration Date : 1975
Commercial Registration Number : 7018, Manama
Issued Capital : BD 300,000
Paid up Capital : BD 300,000
Total Workforce : 25
Line of Business : Import, distribution and retail of office stationery and products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
THE NATIONAL
TRADING HOUSE WLL
ADDRESS
Registered & Physical Address
Location : Sita Industrial Area
PO Box : 372
Town : Manama
Country : Bahrain
Telephone : (973-17) 736363
Facsimile : (973-17) 736262
Email : nattrad@nattrad.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Manama.
Branch Office (s)
Location Description
·
Kanoo Building Rented
showroom premises
Bab Al Bahrain Street
Manama
Tel: (973-17) 215215
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Diplomatic
Area Rented
showroom premises
Manama
KEY PRINCIPALS
Name Nationality Position
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Chalaram
Thaker Indian Managing
Director
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Bob Chalaram
Thaker Indian Director
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Dlib Chalaram
Thaker Indian Director
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Yousef Amin Bahraini Director
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C.N. Rajan Indian General
Manager
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Anil
Gulwani - Accounts
Manager
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Arun Naiker - Warehouse
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1975
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 7018, Manama
Issued Capital : BD 300,000
Paid up Capital : BD 300,000
Name of Shareholder
(s)
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Chalaram
Thaker
·
Bob Chalaram
Thaker
·
Dlib Chalaram
Thaker
·
Yousef Amin
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 in the import, distribution and
retail of office stationery and products, such as shredding machines, photo
copiers, paper, pens, filing systems, and laminating machines, as well as offering
gift and promotional items and photocopying services.
Import Countries
: Germany, Spain, France,
Sweden, India, Japan, and the United States of America.
International
Suppliers :
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Elba Germany
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BLS Germany
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Apli Labels Spain
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Esselte France
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Data Copy Sweden
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Pilot Japan
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3M United States of
America
Operating Trend
: Steady
Subject has a
workforce of 25 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Bahraini
Dinars (BD)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue BD 1,250,000 BD 1,370,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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HSBC Bank
Middle East
93 Al Khalifa Avenue
PO Box : 57
Manama 304
Tel : (973-17) 224555 / 222158
Fax : (973-17) 226822
Email : bbmemnm@batelco.com.bh
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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
The National Trading
House WLL is a leading concern in the Bahrain office supplies market with
operations dating back over 30 years. The company deals with many well known
international suppliers and enjoys a good reputation for the quality of its
products and services.
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 within subject’s
financial means.
Maximum suggested
credit figure: US$ 350,000
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%)