MIRA INFORM REPORT

 

 

Report Date :           

03.08.2011

 

IDENTIFICATION DETAILS

 

Name :

DASHTY FOODSTUFF WLL

 

 

Registered Office :

Warehouse No. 701, Road No. 122, Tubli, P O Box 33045, Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

08.03.1983

 

 

Com. Reg. No.:

73758-1, Manama

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Wholesale and retail of general foodstuff products

 

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$ 200,000

 

 

Status :

Satisfactory

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Bahrain

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 Bottom of Form

 

SUMMARY

 

Company Name                                     : DASHTY FOODSTUFF WLL

Country of Origin                                    : Bahrain

Legal Form                                            : With Limited Liability – WLL

Start Date                                             : 8th March 1983

Commercial Registration Number            : 73758-1, Manama

Chamber Membership Number                : 3039

Issued Capital                                        : BD 250,000

Paid up Capital                                      : BD 250,000

Total Workforce                                     : 10

Activities                                               : Wholesale and retail of general foodstuff products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 200,000

Person Interviewed                                 : Jalal Eddine Mohamed, Sales Manager

 

 

COMPANY NAME

 

DASHTY FOODSTUFF WLL

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Warehouse No. 701

Street               : Road No. 122

Area                 : Tubli

PO Box             : 33045

Town                 : Manama

Country             : Bahrain

Telephone         : (973-17) 784492

Facsimile          : (973-17) 784492

Mobile               : (973-39) 588466 / 611928

Email                : dfscompanywll@yahoo.com / dfsest@batelco.com.bh

 

Please note that Road 1, Block 606, Sitra Industrial Area, Manama is the subject’s previous address.

 

Premises

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

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Puliyullathil Janardhanan                                Indian                            Managing Director

 

·       Nasarah Ali Hussien Dashty                           Bahraini                        Director

 

·       Abdul Hussain Ali Dashty                              Bahraini                        General Manager

 

·       Jalal Eddine Mohamed                                         -                             Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 8th March 1983

 

History                         : Subject was originally a Sole Proprietorship but re-registered as a With Limited Liability

  company on 7th January 2010.

 

Legal Form                  : With Limited Liability – WLL

 

Commercial Reg. No.  : 73758-1, Manama

 

Chamber Member No. : 3039

 

Issued Capital              : BD 250,000

 

Paid up Capital            : BD 250,000

 

Name of Shareholder (s)

 

·       Puliyullathil Janardhanan

 

·       Nasarah Ali Hussien Dashty

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of general foodstuff products.

 

Import Countries: Europe and GCC countries

 

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 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                BD 1,720,000                            BD 2,000,000

 

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

 

The above financial figures were confirmed by Mr Jalal Eddine Mohamed, Sales Manager

 

 

BANKERS

 

·       National Bank of Bahrain BSC

Government Road

PO Box: 106

Manama

Tel: (973-17) 258800

Fax: (973-17) 263876

Acc No. 92105149

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              August 2007

Credit amount                                        150,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

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 deemed to be within subject’s financial means.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.23

UK Pound

1

Rs.72.09

Euro

1

Rs.62.99

 

 

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.