MIRA
INFORM REPORT
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Report Date : |
20.07.2007 |
IDENTIFICATION DETAILS
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Name : |
SUN INTERNATIONAL
COMPANY WLL |
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Registered Office : |
Complex No. 139, Road No. 55, Area No. 543, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
19th June 2004 |
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Com. Reg. No.: |
53820, |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Engaged as general building contractors,
specialising in carpentry work. |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : SUN INTERNATIONAL COMPANY WLL
Country of Origin :
Legal Form : With Limited Liability - WLL
Registration Date : 19th June 2004
Commercial Registration Number :
53820,
Membership Number : 13020
Issued Capital : BD 50,000
Paid up Capital : BD 50,000
Total Workforce : 25
Line of Business : General building contractors.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
SUN INTERNATIONAL
COMPANY WLL
ADDRESS
Registered & Physical Address
Location : Complex No.
139
Street : Road No. 55
Area : Area No. 543
PO Box : 21551
Town :
Country :
Telephone : (973-17) 415191
Facsimile : (973-17) 415181
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Manama.
KEY PRINCIPALS
·
Abdul
Raouf Mohamed Gafaar Mohamed Managing
Director
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Ramesh
Chandaran Project
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 19th
June 2004
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 53820,
Membership No. : 13020
Issued Capital : BD 50,000
Paid up Capital : BD 50,000
Name of Shareholder
(s)
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Abdul Raouf Mohamed Gafaar Mohamed
· Members of Mr Abdul Raouf Mohamed Gafaar Mohamed’s family
Notes to the legal Form
Limited Liability Companies, which are known in
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 building contractors, specialising in carpentry
work.
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
950,000 BD
1,200,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Gulf
International Bank BSC
Al
PO Box : 1017
Tel : (973-17) 534000 / 534300
/ 530030
Fax : (973-17) 522633 / 522530
/ 522629
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
2004, subject is engaged as general building contractors, specialising in carpentry work.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
company is considered to be a fair trade risk.
Maximum suggested
credit figure: US$ 100,000
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%)