MIRA
INFORM REPORT
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Report Date : |
16.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
CHUNILAL PURSHOTTAM & CO |
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Registered Office : |
Al Tiijar Road, PO Box 4, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
04.04.1961 |
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Com. Reg. No.: |
249, Manama |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Import and distribution of General Foodstuff Products |
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 |
SUMMARY
Company Name : CHUNILAL PURSHOTTAM & CO
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Start Date : 1948
Registration Date : 4th April 1961
Commercial Registration Number : 249, Manama
Chamber Membership Number : 119
Issued Capital : BD 50,000
Paid up Capital : BD 50,000
Total Workforce : 10
Activities : Import and distribution of general foodstuff products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
CHUNILAL PURSHOTTAM
& CO
ADDRESS
Registered &
Physical Address
Location : Al Tiijar
Road
PO Box : 4
Town : Manama
Country : Bahrain
Telephone : (973-17) 210738
/ 210739
Facsimile : (973-17)
210750
Email : cpco@batelco.com.bh
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 Position
·
Chandra Khan
Patel Managing
Director
·
Urvashi Patel Director
·
Chirag Patel Director
LEGAL FORM & OWNERS
Date of Establishment : Subject’s
operations date back to 1948, however it was registered on 4th April
1961
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 249, Manama
Chamber Member No. : 119
Issued Capital : BD 50,000
Paid up Capital : BD 50,000
Name of Shareholder
(s)
·
Chandra Khan
Patel
·
Urvashi Patel
·
Chirag Patel
OPERATIONS
Activities: Engaged in the import and distribution of
general foodstuff products, specialising in dairy products from India.
Import
Countries: Europe, Asia and
the Far East
Agencies Held :
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Amul Dairy India
·
Amul Ghee India
Operating Trend: Steady
Subject has a
workforce of 10 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 2,050,000 BD 2,180,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
HSBC Bank
Middle East
93 Al Khalifa Avenue
PO Box 57
Manama 304
Tel: (973-17) 224555 / 222158
Fax: (973-17) 226822
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1961,
subject is owned and managed by members of the Patel family who are well
respected in the local business community.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk. As such the above credit figure is
considered to be admissible.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.68 |
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UK Pound |
1 |
Rs.84.37 |
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Euro |
1 |
Rs.65.70 |
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%)