MIRA
INFORM REPORT
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Report Date : |
16.05.2007 |
IDENTIFICATION DETAILS
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Name : |
AL SHEHAB CERAMICA |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1987 |
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Com. Reg. No.: |
11287, |
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Legal Form : |
General Partnership |
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Line of Business : |
Distribution of general
merchandise, specialising in ceramic tiles, sanitary ware, bathroom
accessories, mirrors and ceramic adhesive mixers. |
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 : AL SHEHAB CERAMICA
Country of Origin :
Legal Form : General Partnership
Registration Date : 1987
Commercial Registration Number :
11287,
Partners Capital : BD 100,000
Total Workforce : 14
Line of Business : Distribution of general merchandise.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL SHEHAB CERAMICA
ADDRESS
Registered & Physical Address
Location : Sheikh Hamad Road
PO Box : 30006
Town :
Country : Bahrain
Telephone : (973-17) 232256 / 261247
Facsimile : (973-17) 274706 / 230418
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Manama.
Branch Office (s)
Location Description
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Hamad
Town Rented
showroom premises
Tel : (973-17) 413641
KEY PRINCIPALS
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Yaseen
Ahmad Shehab Managing
Partner
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Mohamed
Baqer Ahmed Shehab Partner
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Amir
Wali Al Khabeer Sales
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1987
History : Subject was established in 1987 under the
name of “Yaseen &
Taha Trading Est”.
However in May 2000 subject
changed its name to the current style
of “Al Shehab Ceramica”.
Legal Form :
Sharikat Tadhamun (General
Partnership)
Commercial Reg. No. : 11287, Manama
Partners Capital : BD 100,000
Name of Partner (s)
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Yaseen
Ahmad Shehab
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Mohamed
Baqer Ahmed Shehab
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 distribution of general
merchandise, specialising in ceramic tiles, sanitary ware, bathroom
accessories, mirrors and ceramic adhesive mixers.
Import Countries
: Italy and Spain.
International Suppliers
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Italqres Spain
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Venus
Dos Spain
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Griferia
Marti Spain
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Tres Spain
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Royo Spain
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Kerasan Italy
Operating Trend
: Steady
Subject has a
workforce of 25 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 2,850,000 BD 2,975,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Standard
Chartered Bank
Government Road
PO Box : 29
Manama
Bahrain
Tel : (973-17) 223636
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Bahrain
Islamic Bank
Main Branch
PO Box : 5240
Manama
Tel : (973-17) 231402
Fax : (973-17) 275734
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HSBC
Middle East
Al Khalifa Avenue
PO Box : 57
Manama
Tel : (973-17) 255933
Fax : (973-17) 226822
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction April 1999
Credit amount 100,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
Established in
1987, subject is engaged in the distribution of general merchandise,
specialising in ceramics and sanitary ware products.
Al Shehab Ceramica is
owned by Mr Yaseen Ahmad Shehab and Mr Mohamed Baqer Ahmed Shehab who are
respected Bahraini businessmen.
Local informants
report that the business deals with a number of reputable international
suppliers and is considered to be a fair trade risk. As such the above credit
figure is deemed to be within subject’s financial means.
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%)