MIRA
INFORM REPORT
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Report Date : |
13.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
SALEH
AL SALEH COMPANY WLL |
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Registered Office : |
Al
Mutanabi Avenue, P O Box 176, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1935 |
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Com. Reg. No.: |
90 |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Engaged
in the import and distribution of general foodstuff products, including rice,
sugar, flour, edible oils, milk and canned foods. |
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$
200,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : SALEH AL SALEH COMPANY WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Registration Date : 1935
Commercial Registration Number : 90, Manama
Issued Capital : BD 300,000
Paid up Capital : BD 300,000
Total Workforce : 23
Line of Business : Import & distribution of general foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
SALEH AL
SALEH COMPANY WLL
ADDRESS
Registered & Physical Address
Location : Al Mutanabi Avenue
PO Box : 176
Town : Manama
Country : Bahrain
Telephone : (973-17) 274411 / 253441
Facsimile : (973-17) 231671
Email : saleh90@batelco.com.bh
Premises
Subject
operates from a medium size suite of offices and a warehouse that are rented
and located in the Central Business Area of Manama.
KEY PRINCIPALS
· Yousef Al Saleh Managing
Director
· Kamel Al Saleh Director
· Raouf Al Saleh Director
· Nazim Al Saleh Director
· P. Batia Commercial
Manager
· Ms Josi Lawrence Administration
Executive
LEGAL FORM &
OWNERS
Date of Establishment : 1935
Legal Form : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 90, Manama
Issued
Capital : BD 300,000
Paid
up Capital : BD 300,000
Name of Shareholder
(s)
· Yousef Al Saleh
· Kamel Al Saleh
· Raouf Al Saleh
· Nazim Al Saleh
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
· Atlas Hotel
PO Box : 534
Manama
Tel : (973-17) 275500 / 272212
Fax : (973-17) 271736
LINE OF BUSINESS
Operations
: Engaged in the
import and distribution of general foodstuff products, including rice, sugar,
flour, edible oils, milk and canned foods.
Import
Countries :
Germany, France, Denmark and the United Kingdom.
International
Suppliers :
· Louis Dreyfus United Kingdom
· MD Food Denmark
Brand
Names : ROSE
Operating
Trend : Steady
Subject
has a workforce of 23 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: Bahraini Dinars (BD)
Year
Ending 31/12/04: Year Ending
31/12/05:
Total
Revenue BD
1,790,000 BD
1,875,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
National
Bank of Bahrain BSC
Government Avenue
PO Box : 106
Manama
Tel : (973-17) 258800
Fax : (973-17) 263876
·
Al
Ahli Commercial Bank
Government Avenue
PO Box : 5941
Manama
Tel : (973-17) 244333
Fax : (973-17) 241301
·
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 1935, subject is owned and managed by members of the Al Saleh family who are
well respected in the local business community.
Local
sources report that the business enjoys a good reputation for the quality of
its products and it is deemed a fair trade risk.
Maximum
suggested credit figure: US$ 200,000
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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