MIRA
INFORM REPORT
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Report Date : |
10.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL MARJAN PLUMBING EQUIPMENT EST |
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Registered Office : |
Shop No. 190,
Road 14, Block 422, PO Box 21108,
Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
01.08.1987 |
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Com. Reg. No.: |
18589 |
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Legal Form : |
General Partnership |
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Line of Business : |
Import and Distribution of Plumbing and Sanitary Ware 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$ 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 : AL MARJAN PLUMBING EQUIPMENT EST
Country of Origin : Bahrain
Legal Form : General Partnership
Registration Date : 1st August 1987
Commercial Registration Number : 18589
Chamber Membership Number : 2152
Partners Capital : BD 50,000
Total Workforce : 8
Activities : Import and distribution of plumbing and sanitary ware products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
AL MARJAN PLUMBING
EQUIPMENT EST
ADDRESS
Registered & Physical Address
Location : Shop No. 190, Road 14, Block 422
PO Box : 21108
Town : Manama
Country : Bahrain
Telephone : (973-17) 552114
Facsimile : (973-17) 555416
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
·
Ahmed
Ali Abdullah Managing
Partner
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Jamal
Ahmed Ali Abdullah Partner
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Jalal
Ahmed Ali Abdullah Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1st
August 1987
Legal Form :
General Partnership
Commercial Reg. No. : 18589
Chamber Member No. : 2152
Partners Capital : BD 50,000
Name of Partner (s)
·
Ahmed
Ali Abdullah
·
Jamal
Ahmed Ali Abdullah
OPERATIONS
Activities: Engaged in the import and distribution of plumbing
and sanitary ware products.
Import
Countries: India, Italy and
China
Operating Trend: Steady
Subject has a
workforce of 8 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 1,380,000 BD 1,600,000
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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Standard
Chartered Bank
Standard Chartered Bank Building
Government Road
PO Box : 29
Manama
Bahrain
Tel : (973-17) 223636 / 255946
Fax : (973-17) 230503
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.45.12 |
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UK Pound |
1 |
Rs.79.60 |
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Euro |
1 |
Rs.63.83 |
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%)