MIRA
INFORM REPORT
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Report Date : |
13.09.2007 |
IDENTIFICATION DETAILS
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Name : |
ABC TECHNICAL
SERVICES |
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Registered Office : |
Villa 1548, Block
244, Road No. 4435, Salmabad, |
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Country : |
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Date of Incorporation : |
4th March 2006 |
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Com. Reg. No.: |
59931/1 |
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Legal Form : |
General Partnership |
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Line of Business : |
Fabricators and erectors of steel. Distributors of
electronic products and parts. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
US$ 75,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : ABC TECHNICAL SERVICES
Country of Origin :
Legal Form : General Partnership
Registration Date : 4th March 2006
Commercial Registration Number : 59931/1
Partners Capital : BD 20,000
Total Workforce : 20
Line of Business : Subject operates several divisions (see below for details).
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
ABC TECHNICAL
SERVICES
ADDRESS
Registered & Physical Address
Building : Villa 1548, Block 244
Street : Road No. 4435
Area : Salmabad
PO Box : 5909
Town :
Country :
Telephone : (973-17) 789223
Facsimile : (973-17) 789414
Email : abctech@batelco.com.bh
Premises
Subject operates from
a medium sized suite of offices and a workshop that are rented and located in
the Suburban Business Area of Manama.
KEY PRINCIPALS
·
Mohamed
Majeed Hamd Al Mozan Managing
Partner
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Haider
Abbass Mohamed Zainal Partner
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Zubaida
Hassan Abdul Malik Partner
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K
Sirjeet Technical
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 4th
March 2006
Legal Form :
Sharikat Tadhamun (General
Partnership)
Commercial Reg. No. : 59931/1
Partners Capital : BD 20,000
Name of Partner (s)
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Mohamed
Majeed Hamd Al Mozan
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Haider Abbass Mohamed Zainal
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Zubaida
Hassan Abdul Malik
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 : Subject’s activities are performed through
the following divisions:
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Steel Fabrication Division
Fabricators and erectors of
steel.
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Euro Technical Services Division
Distributors of electronic products and parts.
Import Countries
: Europe and the
Subject has a
workforce of 20 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
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Bank of
PO Box : 597
Tel : (973-17) 253388
Fax : (973-17) 275785
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Investigations undertaken
in Manama did not reveal any sign of payment defaults or delays during initial
trading stages, and subject is believed to meet its payment obligations in a
timely manner, nevertheless, and in view of the company’s infancy and the lack
of a more consistent payment and financial record, a measure of caution is
advisable and a close monitoring of subject’s business development is
recommended.
Maximum suggested
credit figure: US$ 75,000
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. |
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%)