MIRA
INFORM REPORT
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Report Date : |
16.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
KRAFT FOODS
(BAHRAIN) WLL |
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Registered Office : |
Bahrain International Investment Park, Hidd, P O Box 21701, Manama |
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Country : |
Bahrain |
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Date of Incorporation : |
26th September 2006 |
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Com. Reg. No.: |
62595, Manama |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Engaged in the production
of cheese and powdered beverages. Subject has yet to commence full
production. |
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
Company Name : KRAFT FOODS (BAHRAIN) WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Registration Date : 26th September 2006
Commercial Registration Number : 62595, Manama
Issued Capital : BD 1,200,000
Paid up Capital : BD 1,200,000
Total Workforce : 270
Line of Business : Producers of cheese and powdered beverages.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
KRAFT FOODS
(BAHRAIN) WLL
ADDRESS
Registered & Physical Address
Location : Bahrain
International Investment Park
Area : Hidd
PO Box : 21701
Town : Manama
Country : Bahrain
Telephone : (973-17) 582415
Facsimile : (973-17)
225151
Email : mpoolke@krafteurope.com
Premises
Subject operates
from a large suite of offices and a factory covering 60,000 square metres that
are rented and located in the Central Business Area of Manama.
KEY PRINCIPALS
Name Nationality Position
·
Amran
Nawaz
Luxembourg Managing
Director
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Patrik
Aran
Swiss Director
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Mohamed Ratib
Mohamed Jordanian Director
·
Hihsam
Marawan
Jordanian Director
LEGAL FORM &
OWNERS
Date of Establishment : 26th
September 2006
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 62595, Manama
Issued Capital : BD 1,200,000
Paid up Capital : BD 1,200,000
Name of Shareholder
(s) Percentage
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Kraft Holding
Europe 99%
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Kraft Foods
Shwartz Holding AG 1%
Switzerland
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 production of cheese and
powdered beverages. Subject has yet to commence full production.
Production Capacity : Expected to be 50,000 tonnes per year.
Import Countries
: Switzerland
Subject has a
workforce of approximately 270 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
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Citibank NA
Government Road
PO Box : 548
Manama
Tel : (973-17) 257124
Fax : (973-17) 250510
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Investigations undertaken
in Manama did not reveal any sign of payment defaults or delays during initial
trading stages, and subject is believed to meet its payment obligations in a
timely manner, nevertheless, and in view of the company’s infancy and the lack
of a more consistent payment and financial record, a measure of caution is
advisable and a close monitoring of subject’s business development is
recommended.
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%)