MIRA INFORM REPORT

 

 

Report Date :

06.09.2007

 

IDENTIFICATION DETAILS

 

Name :

MRS FASHION WLL

 

 

Registered Office :

Building No. 1215, Block No. 939, Road No. 3928, P O Box 37318, East Riffa

 

 

Country :

Bahrain

 

 

Date of Incorporation :

14th July 1999

 

 

Com. Reg. No.:

043384-01

 

 

Legal Form :

With Limited Liability – WLL

 

 

Line of Business :

Engaged in the manufacture of clothing and clothing accessories.

 

 

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$ 250,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : MRS FASHION WLL

Country of Origin                                    : Bahrain

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 14th July 1999

Commercial Registration Number            : 043384-01

Issued Capital                                        : BD 200,000

Paid up Capital                                      : BD 200,000

Total Workforce                                     : 600

Line of Business                                    : Manufacturers of clothing and clothing accessories.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

MRS FASHION WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Building No. 1215, Block No. 939

Street               : Road No. 3928

PO Box            : 37318

Town                : East Riffa

Country             : Bahrain

Telephone         : (973-17) 763214

Facsimile          : (973-17) 760620

Email                : mrsfashn@mrs.com.bh

                          harinder@mrs.com.bh

 

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of East Riffa.

 

 

KEY PRINCIPALS

 

·       Sanju Mahtani                                                                               Managing Director

 

·       Aref Khan                                                                                     Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 14th July 1999

 

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

 

Commercial Reg. No.  : 043384-01

 

Issued Capital              : BD 200,000

 

Paid up Capital            : BD 200,000

 

 

Name of Shareholder (s)

 

·       Must Garments Corp

Hong Kong

 

·       Aref Khan

 

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 manufacture of clothing and clothing accessories.

 

Import Countries : Europe and the Far East.

 

Subject has a workforce of approximately 600 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Companies registered in Bahrain are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Bank of Bahrain & Kuwait

PO Box : 597

East Riffa

Tel : (973-17) 771878 / 771299

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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

 

Established in 1999, subject is involved in the manufacture of clothing and clothing 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 company 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

 

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