MIRA
INFORM REPORT
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Report Date : |
27.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
ATLANTA JEWELLERS
CO WLL |
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Registered Office : |
Building No. 303, Road No. 383, P O Box 2128, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
24th June 2003 |
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Com. Reg. No.: |
51062-1, Manama |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Engaged in the import
and distribution of jewellery and gold. |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : ATLANTA JEWELLERS CO WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Registration Date : 24th June 2003
Commercial Registration Number : 51062-1, Manama
Issued Capital : BD 100,000
Paid up Capital : BD 100,000
Total Workforce : 15
Line of Business : Distributors of jewellery and gold.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ATLANTA JEWELLERS
CO WLL
ADDRESS
Registered & Physical Address
Building : Building No.
303
Street : Road No. 383
PO Box : 2128
Town : Manama
Country : Bahrain
Telephone : (973-17) 216314
Facsimile : (973-17)
216318
Mobile : (973-39)
044678
Email : atlanta1@batelco.com.bh
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Manama.
KEY PRINCIPALS
Name Nationality Position
·
Antony
Blantagal
Indian Managing Director
·
Manuel Cruz
Darwin Indian Director
·
Baiju Paul
Thomas
Indian Director
LEGAL FORM &
OWNERS
Date of Establishment : 24th
June 2003
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 51062-1,
Manama
Issued Capital : BD 100,000
Paid up Capital : BD 100,000
Name of Shareholder
(s)
· Antony Blantagal
· Manuel Cruz Darwin
· Baiju Paul Thomas
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
jewellery and gold.
Import Countries
: Europe and the Far East.
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 31/12/05: Year Ending
31/12/06:
Total Revenue BD
780,000 BD
900,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Bank of
Bahrain & Kuwait
43 Government Avenue
PO Box : 597
Manama
Tel : (973-17) 253388
Fax : (973-17) 275785
Acc No. 100000150472
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
Established in
2003, subject is involved in the import and distribution of jewellery and gold.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk and
the above credit figure is considered to be within subject’s financial means.
Maximum suggested
credit figure: US$ 150,000
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%)