MIRA INFORM REPORT

 

 

Report Date :

09.10.2007

 

IDENTIFICATION DETAILS

 

Name :

ABDUL AZIZ ALI FOOD STUFF STORE WLL

 

 

Registered Office :

Central Market, Shop No. 129, P O Box 2905, Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

30th March 1986

 

 

Com. Reg. No.:

17202, Manama

 

 

Legal Form :

With Limited Liability – WLL

 

 

Line of Business :

Wholesale and retail of general foodstuff products, including fruit.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 150,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : ABDUL AZIZ ALI FOOD STUFF STORE WLL

Country of Origin                                    : Bahrain

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 30th March 1986

Commercial Registration Number            : 17202, Manama

Membership Number                              : 740

Issued Capital                                        : BD 50,000

Paid up Capital                                      : BD 50,000

Total Workforce                                     : 12

Line of Business                                    : Wholesalers and retailers of general foodstuff products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

ABDUL AZIZ ALI FOOD STUFF STORE WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Central Market, Shop No. 129

PO Box            : 2905

Town                : Manama

Country             : Bahrain

Telephone         : (973-17) 250261 / 227526 / 274093

Facsimile          : (973-17) 274093

Email                : bhatiat@batelco.com.bh

 

 

Premises

 

Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Manama.

 

 

KEY PRINCIPALS

 

Name                                                         Nationality                    Position

 

·       Abdul Aziz Ali Abd Ali Abdullah                    Emirati                        Managing Director

 

·       Ashok Bahatia                                              Indian                        Director

 

·       Manoj Kumar                                                Indian                        Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 30th March 1986

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)

 

Commercial Reg. No.  : 17202, Manama

 

Membership No.          : 740

 

Issued Capital              : BD 50,000

 

Paid up Capital            : BD 50,000

 

 

Name of Shareholder (s)

 

·       Abdul Aziz Ali Abd Ali Abdullah

 

·       Ashok Bahatia

 

·       Manoj Kumar

 

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 wholesale and retail of general foodstuff products, including fruit.

 

Import Countries : Europe and the Far East.

 

Operating Trend : Steady

 

Subject has a workforce of 12 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 810,000                              BD 875,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

·       Bank of Bahrain & Kuwait

43 Government Avenue

PO Box : 597

Manama

Tel : (973-17) 253388

Fax : (973-17) 275785

Acc No. 100000008799

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000:

 

Established in 1986, subject is involved in the wholesale and retail of general foodstuff products, including fruit.

 

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

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions