MIRA
INFORM REPORT
|
Report Date : |
27.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
SIMPLE
TRADING CO WLL |
|
|
|
|
Registered Office : |
Building
No. 304, Road No. 326, Complex No. 311, Salmiya Area, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
15th November 2006 |
|
|
|
|
Com. Reg. No.: |
63116 |
|
|
|
|
Legal Form : |
With Limited Liability – WLL |
|
|
|
|
Line of Business : |
Engaged as
traders of construction materials, ceramic, sanitaryware, plumping and
carpentry materials. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
Maximum Credit Limit : |
US$ 50,000 |
|
|
|
|
Status : |
New Company |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : SIMPLE TRADING CO WLL
Country of Origin :
Legal Form : With Limited Liability - WLL
Registration Date : 15th November 2006
Commercial Registration Number : 63116
Issued Capital : BD 200,000
Paid up Capital : BD 200,000
Total Workforce : 12
Line of Business :
Import and distribution of construction
materials, ceramic, sanitaryware,
plumping and carpentry materials.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
SIMPLE
TRADING CO WLL
ADDRESS
Registered & Physical Address
Location : Building No. 304, Road No. 326, Complex No. 311
Area : Salmiya Area
PO Box : 15790
Town : Adliya
Country :
Telephone : (973-17) 277445
Facsimile : (973-17) 272656
Email : simplewll@yahoo.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Suburban
Business Area of Adliya.
KEY PRINCIPALS
Name Nationality Position
·
Hussain
Yousef Jassim Nemaa Bahraini Managing Director
·
Vento
Parapel Davsi Johnsons Indian Director
·
Arato
Sidran Shameer Indian Director
LEGAL FORM &
OWNERS
Date of Establishment : 15th
November 2006
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 63116
Issued Capital : BD 200,000
Paid up Capital : BD 200,000
Name of Shareholder
(s)
·
Hussain
Yousef Jassim Nemaa
·
Vento
Parapel Davsi Johnsons
·
Arato
Sidran Shameer
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 traders of construction materials, ceramic,
sanitaryware, plumping and carpentry materials.
Import Countries
:
Subject has a workforce
of 12 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
·
Bank of
PO Box : 597
Adliya
Tel: (973-17) 714853 / 714852
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Simple
Trading Co WLL is a newly
established business with operations commencing in November 2006. It is engaged
in the import and distribution of construction materials, ceramic, sanitaryware, plumping and
carpentry materials.
According to local
sources subject is making steady progress in the local business market and
nothing detrimental has been reported regarding the manner in which payments
are fulfilled. As such the business is considered to be a fair trade risk,
however a measure of caution would be prudent given the lack of financial and
payment due to the short operating history.
Maximum suggested
credit figure: US$ 50,000
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/normal. |
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%)