MIRA INFORM REPORT

 

 

Report Date :           

02.12.2011

 

IDENTIFICATION DETAILS

 

Name :

TEHRAN HANDMADE CARPET STORE EST

 

 

Registered Office :

Building 74/A, Block 327, Road 306, Osama Bin Zaid Street, P O Box 15413, Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

17.01.1999

 

 

Com. Reg. No.:

42304-1

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Wholesale and retail of Persian and Iranian carpets, handmade carpets and rugs

 

 

No. of Employees :

15 Persons

 

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$ 150,000

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Bahrain

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : TEHRAN HANDMADE CARPET STORE EST

Country of Origin                                    : Bahrain

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 17th January 1999

Commercial Registration Number                        : 42304-1

Chamber Membership Number                : 8634

Invested Capital                                     : BD 75,000

Total Workforce                                     : 15

Activities                                               : Wholesale and retail of Persian and Iranian carpets, handmade carpets

and rugs.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 150,000

Person Interviewed                                 : Mohamed Ahmed, Sales Manager

 

COMPANY NAME

 

TEHRAN HANDMADE CARPET STORE EST

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Building 74/A, Block 327

Street               : Road 306, Osama Bin Zaid Street

PO Box             : 15413

Town                 : Manama

Country             : Bahrain

Telephone         : (973-17) 712153

Facsimile          : (973-17) 712153

Mobile               : (973-39) 650161

 

Premises

Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Manama.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Issa Town                                                                                         Rented showroom premises

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Saif Naji Saif Mohamed                                                                     Proprietor & General Manager

 

·       Essam Saif Naji Saif Mohamed                                                          Assistant General Manager

 

·       Mohamed Ahmed                                                                              Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 17th January 1999

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 42304-1

 

Chamber Member No. : 8634

 

Invested Capital           : BD 75,000

 

Mr. Saif Naji Saif            Mohamed is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

·       Al Buraq Antiques & Gift

Manama

 

·       Al Hudud Kitchen & Furniture

Manama

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of Persian and Iranian carpets, handmade carpets and rugs.

 

Import Countries: Iran, Turkey, Saudi Arabia and Egypt.

 

International Suppliers:

 

·       Al Sorayie Carpets                Saudi Arabia

·       Al Abdullatif Carpets              Saudi Arabia

·       Oriental Weavers                   Egypt

 

Operating Trend: Steady

 

Subject has a workforce of 15 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 1,350,000                            BD 1,625,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

BANKERS

 

·       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.

 

Date of transaction                              August 2006

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

 

Established in 1999, subject is owned and managed by Mr Saif Naji Saif Mohamed who is well respected in the local business community.

 

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.51.65

UK Pound

1

Rs.81.06

Euro

1

Rs.69.51

 

 

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.