MIRA
INFORM REPORT
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Report Date : |
27.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
LARISA SWEET |
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Registered Office : |
Building No. 44,
Complex No. 914, Street No. 13, P O Box 38360 & 1581, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
5th March 1994 |
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Com. Reg. No.: |
31457, Manama |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the manufacture
of sweets and the distribution of bakery 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$ 250,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : LARISA SWEET
Country of Origin : Bahrain
Legal Form : Sole Proprietorship
Registration Date : 5th March 1994
Commercial Registration Number : 31457, Manama
Membership Number : 1985
Invested Capital : BD 100,000
Total Workforce : 50
Line of Business : Manufacturers of sweets and the distribution of bakery products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
LARISA SWEET
ADDRESS
Registered & Physical Address
Building : Building No. 44, Complex No. 914
Street : Street No. 13
PO Box : 38360 & 1581
Town : Manama
Country : Bahrain
Telephone : (973-17) 662231
Facsimile : (973-17) 661722
Premises
Subject operates
from a medium sized suite of offices and a factory that are owned and located
in the Central Business Area of Manama.
KEY PRINCIPALS
·
Suhair
Mohamed Shareef Proprietor
& General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 5th
March 1994
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 31457, Manama
Membership No. : 1985
Invested Capital
: BD 100,000
Mr Suhair Mohamed Shareef
is the sole proprietor of the business.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines
Mouassasa Khassa as the business of an individual where liability for all debts
is unlimited. The business is the entire responsibility of its proprietor, who
is liable for all its debts to the extent of his entire wealth. There are no
legal requirements concerning the amount of capital of a sole proprietor.
LINE OF BUSINESS
Operations : Engaged in the manufacture of sweets and
the distribution of bakery products.
Import Countries
: Europe and GCC countries.
Operating Trend
: Steady
Subject has a
workforce of 50 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Bahraini
Dinar (BD)
Year Ending
31/12/05: Year
Ending 31/12/06:
Total Revenue BD 2,780,000 BD
2,910,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Shamil Bank of
Bahrain
Seef Tower, Ground Floor
PO Box : 3005
Manama
Tel : (973-17) 585000
Fax
: (973-17) 585151
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
Established in
1994, subject is owned and managed by Mr Suhair
Mohamed Shareef who is well respected in the local business community.
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
business is considered to be a fair trade risk and the above credit figure is
deemed to be within subject’s financial means.
Maximum suggested
credit figure: US$ 250,000
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%)