MIRA
INFORM REPORT
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Report Date : |
20.09.2007 |
IDENTIFICATION DETAILS
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Name : |
AL JADEED
TRADING STORE WLL |
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Registered Office : |
Exhibition
Avenue, Bldg 121, Block 393, East Riffa, P O Box – 37915, |
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Country : |
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Date of Incorporation : |
28.06.2006 |
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Com. Reg. No.: |
61080-2, |
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Legal Form : |
Sharikat Thet Massouliya Mahdoudeh (With Limited Liability -
WLL) |
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Line of Business : |
Engaged in
the import, wholesale and retail of general of foodstuff and ready made
garments |
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$ 50,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name :
AL JADEED TRADING STORE
WLL
Country of Origin :
Legal Form :
With Limited Liability - WLL
Registration Date :
28th June 2006
Commercial Registration Number :
61080-2,
Issued Capital :
BD 30,000
Paid up Capital :
BD 30,000
Total Workforce :
16
Line of Business :
Import, wholesale and
retail of general of foodstuff
and ready made garments.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
COMPANY NAME
AL JADEED
TRADING STORE WLL
ADDRESS
Registered & Physical Address
Location :
Area :
PO Box : 37915
Town :
Country :
Telephone : (973) 777689
Facsimile : (973) 777679
Email : aljadeed@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
Sunil Purswani Indian Managing
Director
Abdulrahman
Yousef Bahraini Director
LEGAL FORM &
OWNERS
Date of Establishment : 28th June
2006
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 61080-2,
Issued Capital : BD 30,000
Paid up Capital : BD 30,000
Name of Shareholder
(s)
Sunil Purswani
Abdulrahman
Yousef
Notes to the legal Form
Limited Liability Companies, which are known in
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.
AFFILIATED COMPANIES
Al Maya
International
Tel: (971-4) 2821555
LINE OF BUSINESS
Operations : Engaged in the import, wholesale and
retail of general of foodstuff and ready made
garments.
Import Countries :
Subject has a workforce of 16 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly formed business and as a result financial information
is not currently available.
BANKERS
National Bank of
Government Road
PO Box : 106
Tel : (973-17) 258800
Fax : (973-17) 263876
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Al Jadeed
Trading Store WLL is a newly established business with operations commencing in June
2006. It is engaged in the
import, wholesale and retail of general of foodstuff and ready made garments.
According to local sources subject is making steady progress in the
local business market and nothing detrimental has been reported regarding the
manner in which payments are fulfilled. As such the business is considered to
be a fair trade risk, however a measure of caution would be prudent given the
lack of financial and payment due to the short operating history.
Maximum suggested credit figure: US$ 50,000
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%)