MIRA INFORM REPORT

 

 

Report Date :           

25.04.2011

 

IDENTIFICATION DETAILS

 

Name :

KARAMI TRADING

 

 

Formerly Known As :

Nader Karami Trading

 

 

Registered Office :

Building No. 1938, Road No. 754, Tubli Area, Block 707, P.O. Box 33089, Manama

 

 

Country :

Bahrain

 

 

Date of Incorporation :

03.07.2003

 

 

Com. Reg. No.:

58816-3

 

 

Legal Form :

Individual Establishment (Proprietorship)

 

 

Line of Business :

Importers, wholesalers and distributors of foodstuff specializing in rice and other commodities.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

BD 50,000

Status :

Moderate

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Bahrain

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company NAME

 

Karami Trading

 

 

Company ADDRESS

 

Building             : Building No. 1938

Street                           : Road No. 754

Area                             : Tubli Area, Block 707

P.O. Box           : 33089

Town                 : Manama

Country             : Bahrain

Telephone         : (973) 7701 99712 / Mobiles 3975 4585 (Mohammed Noman) / 3618 5470 (Jezzle Malonzo)

Fax                   : (973) 1768 4418

E-mail               : karami@batelco.com.bh

 

Formerly known as : Nader Karami Trading

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                Position

 

1. Abdulredha Aziz Jaafar Karami          President / Owner

 

2. Mohammed Noman                            General Manager

 

3. Jezzle Malonzo                                  Executive Secretary

 

Total Employees : 25

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers

or banks.

 

We consider it is acceptable to deal with subject for MEDIUM amounts.

 

Opinion on maximum credit : BD 50,000

 

Trade risk assessment : Above average

 

 

PRINCIPAL BANKERS

 

NAME     : AHLI UNITED BANK BSC

Branch   : Main Branch

Street   : Building 2495, Road 2832, Al Seef District 428

PO Box   : 2424

Town     : Manama

Telephone: (973) 1758 5858

Fax      : (973) 1758 0569

 

Subject also has an account with :

 

Future Bank

Government Avenue

PO Box 785

Manama

Telephone: (973) 1750 5000

Fax      : (973) 1722 4402

 

 

FINANCIAL INFORMATION

 

Private companies in Bahrain are not required to publish or disclose balance sheets. However, the subject interviewed offered the following information :

 

Sales Turnover            : BD 1,900,000 - 2008 - exact

                        : BD 2,300,000 - 2009 – exact

                        : BD 2,500,000 – 2010 - exact

 

Net Profit              : not given

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 3 July 2003

 

History : The subject company was established in Bahrain on 3 July

          2003 as a proprietorship (sub C.R. No. 50612-2) owned by

          Nader Aziz Karami and was styled Nader Karami Trading. On

          13 June 2006, Abdulredha Aziz Jaafar Karami took over the

          business and subject was reregistered under (sub C.R. No.

          58816-3) and changed its name to Karami Trading.

 

C.R. No. : 58816-3

 

Capital : not applicable

 

Individual Establishment (proprietorship) owned by Abdulredha Aziz Jaafar Karami (Bahraini national of Iranian origins).

 

Other businesses of Abdulredha Aziz Jaafar Karami registered under C.R. 58816 :

 

1. Karami Prosted Restaurant

   C.R. No.: 58816-1

   28/11/2005

 

2. Karami Sweets & Flowers

   58816-2

   28/11/2005

 

3. Karami Restaurant

   C.R. No.: 58816-4      

   24/01/2007

 

4. Karami Catering

   C.R. No.: 58816-5         

   Est: 16/09/2007         

 

5. Karami Restaurant

   C.R. No.: 58816-6      

   Est: 18/01/2010  

 

 

ACTIVITIES

 

The Subject is involved in the following activities :

 

Importers, wholesalers and distributors of foodstuff specializing in rice and other commodities.

 

NACE Code : 4636

 

Imports from Asia, mainly from India and Pakistan.

 

Subject does not export, all sales are domestic

 

 

FACILITIES

 

The Subject has the following facilities :

 

Rented office premises with warehousing facilities located at the heading address as well as a warehousing facilities in Hidd Area.

 

Until March 2011 subject was located at :

 

Building 254G, Office 23

Avenue 11

Block 721, Jid Ali

Telephone: (973) 1768 4413

Fax      : (973) 1766 4418

 

Subject was previously located at:

 

Building 2673, Flat 1

Road 443, Block 704

Manama

Telephone:  (973) 1787 4790

Fax      :  (973) 1787 4761

 

 

SPECIAL NOTE

 

The address which you provided: Avenue 11, Jid Ali, Block 721 is misspelt and applies to subject’s former address. Please note that subject's current administrative office address is as per heading.  

 

Interviewed: Mohammed Noman (General Manager).

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.30

UK Pound

1

Rs.72.92

Euro

1

Rs.64.69

 

 

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

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.