MIRA
INFORM REPORT
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Report Date : |
12th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
CHUNILAL PURSHOTTAM & CO |
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Registered Office : |
Al Tiijar Road, PO Box: 4, Manama, Bahrain. |
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Country : |
Bahrain |
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Date of Incorporation : |
04.04.1961 |
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Com. Reg. No.: |
249, Manama |
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Legal Form : |
Sharikat Thet
Massouliya Mahdoudeh (With Limited Liability - WLL) |
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Line of Business : |
Engaged in the import
and distribution of general foodstuff products. |
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 : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
CHUNILAL PURSHOTTAM & CO |
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Country of Origin |
Bahrain |
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Legal Form |
With Limited Liability - WLL |
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Registration Date |
4th April 1961 |
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Commercial
Registration Number |
249, Manama |
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Membership Number |
119 |
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Issued Capital |
BD 50,000 |
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Paid up Capital |
BD 50,000 |
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Total Workforce |
15 |
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Line of Business |
Distributors of general foodstuff products. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
CHUNILAL PURSHOTTAM & CO
ADDRESS
Registered & Physical Address
Location : Al Tiijar
Road
PO Box : 4
Town : Manama
Country : Bahrain
Telephone : (973-17) 210738
/ 210739
Facsimile : (973-17)
210750
Email : cpco@batelco.com.bh
Premises
Subject operates from
a small suite of offices and a warehouse that are rented and located in the
Central Business Area of Manama.
KEY PRINCIPALS
·
Chandra Khan
Patel Managing
Director
·
Urvashi Patel Director
·
Chirag Patel Director
LEGAL FORM & OWNERS
Date of Establishment : 4th
April 1961
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 249, Manama
Membership No. : 119
Issued Capital : BD 50,000
Paid up Capital : BD 50,000
Name of Shareholder (s)
·
Chandra Khan
Patel
·
Urvashi Patel
·
Chirag Patel
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 and distribution of
general foodstuff products.
Import Countries
: Europe and the Far East.
Agencies Held :
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Amul Dairy India
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Amul Ghee India
Operating Trend
: Steady
Subject has a workforce
of 15 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
1,300,000 BD
1,550,000
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
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Established in
1961, subject is owned and managed by members of the Patel family who are well
respected in the local business community.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the business 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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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%)