MIRA
INFORM REPORT
|
Report Date : |
14.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
2001 |
|
|
|
|
Com. Reg. No.: |
39569-5 |
|
|
|
|
Legal Form : |
Sharikat Tadhamun (General Partnership) |
|
|
|
|
Line of Business : |
Engaged in the import and distribution of general foodstuff products.
Operators of a supermarket |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 175,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name :
Country of Origin :
Legal Form :
General Partnership
Registration Date :
2001
Commercial Registration Number :
39569-5
Partners Capital :
BD 100,000
Total Workforce :
15
Line of Business : Subject operates several divisions
(see below for
details).
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
ADDRESS
Registered & Physical Address
Location :
PO Box : 2181
Town :
Country :
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
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
Note to the Legal Form
Bahraini Company Law defines “Sharikat
Tadhamun” as a company established between two or more general artners 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 eneral 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
LINE OF BUSINESS
Operations :
Subject’s activities 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
Operating Trend :
Steady
Subject has a workforce of 15 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : Bahraini Dinar (BD)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue BD
945,000 BD
1,150,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Standard Chartered Bank
Government Road
PO Box : 29
Tel : (973-17) 223636
Bahraini Saudi Bank BSC
Al
Government Avenue
PO Box : 1159
Tel : (973-17) 211010
Fax : (973-17) 210989
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction November
2006
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency
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
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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)