MIRA INFORM REPORT

 

 

Report Date :

08.02.2008

 

IDENTIFICATION DETAILS

 

Name :

EUROPE SCANDINAVIAN TRADING WLL

 

 

Registered Office :

Exhibition Road, PO Box 26600, Manama

 

 

Country :

Bahrain

 

 

Date of Incorporation :

13.11.2007

 

 

Com. Reg. No.:

66973/1, Manama

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Distributors of steel and scrap metal, chemical and petrochemical products.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

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

Small

 

Maximum Credit Limit :

EUR 40,000

 

 

Status :

New & Small Company

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : EUROPE SCANDINAVIAN TRADING WLL

Country of Origin                                    : Bahrain

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 13th November 2007

Commercial Registration Number            : 66973/1, Manama

Issued Capital                                        : BD 20,000

Paid up Capital                                      : BD 20,000

Total Workforce                                     : 5

Line of Business                                    : Distributors of steel and scrap metal, chemical and

                                                            petrochemical products.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

COMPANY NAME

 

EUROPE SCANDINAVIAN TRADING WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Exhibition Road

PO Box            : 26600

Town                : Manama

Country             : Bahrain

Telephone         : (973-17) 749429

Facsimile          : (973-17) 749428

Email                : euroscand@gmail.com

 

 

Premises

 

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

 

 

KEY PRINCIPALS

 

Name                                                       Nationality                     Position

 

·       Majid Ahmed Hassan Bakalawa                  Bahraini                        Managing Director

 

·       Ibrahim Abdullah Sheikh                             Indian                           Director

 

·       Ahmed Jalil Abdullah                                 Indian                            Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 13th November 2007

 

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

 

Commercial Reg. No.  : 66973/1, Manama

 

Issued Capital              : BD 20,000

 

Paid up Capital            : BD 20,000

 

 

Name of Shareholder (s)

 

·       Majid Ahmed Hassan Bakalawa

 

·       Ibrahim Abdullah Sheikh

 

·       Ahmed Jalil Abdullah

 

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 import and distribution of steel and scrap metal, chemical and

       petrochemical products.

 

Import Countries : Europe and the Far East.

 

Subject has a workforce of 5 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Subject is a newly formed business and as a result financial information is not currently available.

 

 

BANKERS

 

·        Arab Bank Plc

Government Avenue

PO Box : 395

Manama

Tel : (973-17) 229988

Fax : (973-17) 210443

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of EUR 1,000,000:

 

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: EUR 40,000

 

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