MIRA
INFORM REPORT
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Report Date : |
04.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
GULF AUTO SPARE
PARTS DISTRIBUTION CO WLL |
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Registered Office : |
Building No. 284, Road No. 336, Area 312, P O Box 20720, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
19th February 1981 |
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Com. Reg. No.: |
11220, Manama |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Engaged in the wholesale
and retail of automotive spare parts. |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
note
We have rechecked with our sources who confirm the subject’s correct name is ‘Gulf Auto Spare Parts Distribution Co WLL’. Furthermore the local authorities have no listing under the name of ‘Gulf Distribution Co’. A spokesman for the subject also confirmed the name as that which we gave. We believe they are the same company but the name you gave is incorrect.
SUMMARY
Company Name : GULF AUTO SPARE PARTS DISTRIBUTION CO WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Registration Date : 19th February 1981
Commercial Registration Number : 11220, Manama
Membership Number : 2817
Issued Capital : BD 100,000
Paid up Capital : BD 100,000
Total Workforce : 20
Line of Business : Wholesalers and retailers of automotive spare parts.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
GULF AUTO SPARE
PARTS DISTRIBUTION CO WLL
ADDRESS
Registered & Physical Address
Building : Building No.
284
Street : Road No. 336
Area : Area 312
PO Box : 20720
Town : Manama
Country : Bahrain
Telephone : (973-17) 261999
/ 230940
Facsimile : (973-17)
261778
Email : gupco@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
·
Mohamed Abdul
Rasoul Rashid Al Maskati Managing
Director
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Ahmed Mostafa
Hashim Hussain Al Gasab Director
LEGAL FORM & OWNERS
Date of Establishment : 19th
February 1981
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 11220, Manama
Membership No. : 2817
Issued Capital : BD 100,000
Paid up Capital : BD 100,000
Name of Shareholder (s)
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Mohamed Abdul
Rasoul Rashid Al Maskati
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Ahmed Mostafa
Hashim Hussain Al Gasab
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 wholesale and retail of
automotive spare parts.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 20 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Bahraini
Dinars (BD)
Year
Ending 31/12/05 : Year Ending
31/12/06 :
Total Sales BD
1,850,000 BD
2,000,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Bank of Bahrain
& Kuwait
43 Government Avenue
PO Box : 597
Manama
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:
Established in
1981, subject is involved in the wholesale and retail of automotive spare
parts.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk and
the above credit figure is considered to be within subject’s financial means.
Maximum suggested
credit figure: US$ 200,000
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%)