MIRA
INFORM REPORT
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Report Date : |
16.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
HANDMADE CARPET CENTRE |
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Registered Office : |
Exhibition Road,
PO Box 10689, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2007 |
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Year of Establishment: |
1989 |
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Com. Reg. No.: |
22360, Manama |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesale and Retail of Handmade
Rugs and Iranian Carpets |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : HANDMADE CARPET CENTRE
Country of Origin : Bahrain
Legal Form : Sole Proprietorship
Registration Date : 1989
Commercial Registration Number : 22360, Manama
Invested Capital : BD 40,000
Total Workforce : 5
Activities : Wholesale and retail of handmade rugs and Iranian carpets
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
HANDMADE CARPET
CENTRE
ADDRESS
Registered & Physical Address
Location : Exhibition Road
PO Box : 10689
Town : Manama
Country : Bahrain
Telephone : (973-17) 293695
Facsimile : (973-17) 293695
Mobile : (973-39) 795444
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 Position
·
Hassan
Homoud Al Omari Proprietor
& General Manager
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Sadiq
Hassan Homoud Al Omari Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1989
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 22360, Manama
Invested Capital
: BD 40,000
Mr Hassan Homoud Al Omari is the sole proprietor of the
business.
OPERATIONS
Activities: Engaged in the wholesale and retail of handmade rugs and Iranian carpets.
Import
Countries: Iran, India and
Turkey
Operating Trend: Steady
Subject has a workforce
of 5 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Bahraini
Dinar (BD)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales BD 780,000 BD 925,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Habib Bank
Government Avenue
PO Box : 566
Manama
Tel : (973-17) 254889 / 273285
Fax : (973-17) 276685
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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 business
is considered to be a fair trade risk and the above credit figure is within
subject’s financial means.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.33 |
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UK Pound |
1 |
Rs.73.92 |
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Euro |
1 |
Rs.66.69 |
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%)