MIRA INFORM REPORT

 

 

Report Date :

08.02.2008

 

IDENTIFICATION DETAILS

 

Name :

MERCURY MIDDLE EAST WLL

 

 

Registered Office :

Falcon Tower, Fourth Floor, Suite 405 , Diplomatic Area, PO Box 10739, Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

17.05.2005

 

 

Com. Reg. No.:

56719, Manama

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Engaged as electrical and electromechanical contractors

 

 

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$ 400,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

 

SUMMARY

 

Company Name                         : MERCURY MIDDLE EAST WLL

Country of Origin                                    : Bahrain

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 17th May 2005

Commercial Registration Number            : 56719, Manama

Issued Capital                                        : BD 20,000

Paid up Capital                                      : BD 20,000

Total Workforce                                     : 45

Line of Business                                    : Engaged as electrical and electromechanical contractors.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

 

 

COMPANY NAME

 

MERCURY MIDDLE EAST WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Falcon Tower, Fourth Floor, Suite 405

Area                 : Diplomatic Area

PO Box            : 10739

Town                : Manama

Country             : Bahrain

Telephone         : (973-17) 533153

Facsimile          : (973-17) 533154

Email                : mercurym@batelco.com

 

 

Premises

 

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

 

 

KEY PRINCIPALS

 

·       Eamonn Phillips                                                            General Manager

 

·       Tony Comfort                                                                Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 17th May 2005

 

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

 

Commercial Reg. No.  : 56719, Manama

 

Issued Capital              : BD 20,000

 

Paid up Capital            : BD 20,000

 

 

Name of Shareholder (s)

 

·       Mercury Engineering

Republic of Ireland

 

·       Mercury Limited

Cyprus

 

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 as electrical and electromechanical contractors.

 

Subject has a workforce of 45 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : Bahraini Dinars (BD)

 

                                               Year Ending 31/12/06 :

 

Total Revenue                           BD 2,500,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

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 US$ 900,000:

 

Established in 2005, subject operates as electrical and electromechanical contractors.

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear.

 

Maximum suggested credit figure: US$ 400,000

 

 

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