MIRA
INFORM REPORT
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Report Date : |
11.05.2007 |
IDENTIFICATION DETAILS
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Name : |
AL MEABAD
ELECTRICAL SERVICES |
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Registered Office : |
Muharaq
Industrial Area, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
11th August 1984 |
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Com. Reg. No.: |
1945-1, |
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Legal Form : |
General Partnership |
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Line of Business : |
Engaged in the import
and distribution of electrical equipment and related accessories. |
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$ 220,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : AL MEABAD ELECTRICAL SERVICES
Country of Origin :
Legal Form : General Partnership
Registration Date : 11th August 1984
Commercial Registration Number :
1945-1,
Partners Capital : BD 70,000
Total Workforce : 30
Line of Business : Distributors of electrical equipment and related accessories.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL MEABAD
ELECTRICAL SERVICES
ADDRESS
Registered & Physical Address
Location : Muharaq Industrial Area
PO Box : 50340
Town :
Country : Bahrain
Telephone : (973-17) 341162
Facsimile : (973-17) 341978
Email : almeabadelectricalservice@yahoo.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Manama.
Branch Office (s)
Location Description
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Building
No. 99 Rented
showroom premises
Complex No. 905
Street 83
Tel : (973-17) 779651
Fax : (973-17) 772850
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Tel
: (973-17) 258898
Fax : (973-17) 250089
KEY PRINCIPALS
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Abdul
Reda Jaffar Ali Al Meabad Managing
Partner
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Hassan
Jaffar Ali Al Meabad Partner
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Issa
Jaffar Ali Al Meabad Partner
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Ali
Jaffar Ali Al Meabad Partner
LEGAL FORM &
OWNERS
Date of Establishment : 11th
August 1984
Legal Form :
Sharikat Tadhamun (General
Partnership)
Commercial Reg. No. : 1945-1,
Manama
Partners Capital : BD 70,000
Name of Partner (s)
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Abdul
Reda Jaffar Ali Al Meabad
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Hassan
Jaffar Ali Al Meabad
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Issa
Jaffar Ali Al Meabad
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Ali
Jaffar Ali Al Meabad
Note to the Legal Form
Bahraini Company Law defines “Sharikat Tadhamun” as a company established between two or more general partners who will jointly and unlimitedly, to the extent of their personal assets, be responsible for the liabilities of the company. Creditors may claim the debts from either the company as a separate legal entity or from the general partners.
Notwithstanding the English translation of its name, this type of company should not be compared to the partnership concept under English Law. A Sharikat Tadhamun is considered a company and has the attributes of a corporation similar to that of a partnership under Scottish Law or to the “Societe en Nom Collectif” under French Law.
There are no legal requirements concerning the amount of capital of a general partnership. The shares of each partner, presented in cash, kind or rights, must not be issued in the form of negotiable instruments, nor can they be transferred or assigned without the unanimous approval of the partners unless the memorandum specifically provides otherwise.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
electrical equipment and related accessories.
Import Countries
: Europe and GCC countries.
Operating Trend
: Steady
Subject has a
workforce of 30 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 1,800,000 BD 2,050,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Bahrain
Development Bank
PO Box : 20501
Manama
Tel : (973-17) 537007
Fax : (973-17) 534005
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
1984, subject is involved in the import and distribution of electrical
equipment and related accessories.
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$ 220,000
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%)