MIRA INFORM REPORT

 

 

Report Date :

16.02.2011

 

IDENTIFICATION DETAILS

 

Name :

RECYCLE AGE WLL

 

 

Registered Office :

Sheikh Abdullah Avenue, P O Box 75206, Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

22.06.2008

 

 

Com. Reg. No.:

69082-1, Manama

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Processors of scrap metal and other recyclable materials

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

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                                     : RECYCLE AGE WLL

Country of Origin                                    : Bahrain

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 22nd June 2008

Commercial Registration Number            : 69082-1, Manama

Issued Capital                                        : BD 20,000

Paid up Capital                                      : BD 20,000

Total Workforce                                     : 8

Activities                                               : Processors of scrap metal and other recyclable materials.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 150,000

 

COMPANY NAME

 

RECYCLE AGE WLL

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Sheikh Abdullah Avenue

PO Box             : 75206

Town                 : Manama

Country             : Bahrain

Facsimile          : (973-17) 910039

Mobile               : (973-77) 052250 / (973-36) 492986 / (973-39) 526175

Email                : info@recycleagewll.com

 

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                                                                      Nationality                   Position

 

·       Mohamed Sadeq Ahmed Abdul Karim Shehab Bahraini                       Managing Director

 

·       Kaiser Ali Kuttay                                                         Indian                          Director

 

·       Ashik Ali Kuttay                                                          Indian                          General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 22nd June 2008

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 69082-1, Manama

 

Issued Capital              : BD 20,000

 

Paid up Capital            : BD 20,000

 

Name of Shareholder (s)                                                     Percentage

 

·       Mohamed Sadeq Ahmed Abdul Karim Shehab             51%

 

·       Kaiser Ali Kuttay                                                                   49%

 

 

AFFILIATED COMPANIES

 

·       Sorena Payab General Trading LLC

Dubai

     United Arab Emirates

 

 

OPERATIONS

 

Activities: Engaged as processors of scrap metals, including iron ore, bauxite and chromite and other recyclable

materials. Subject also supplies bitumen, base oil, different types of waxes and other petroleum products.

 

Export Countries: India, Bangladesh, Pakistan, Myanmar, China and Vietnam

 

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

 

Total Sales                                BD 750,000                               BD 890,000

 

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

 

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

 

 

BANKERS

 

·       Gulf International Bank BSC

     Al Dowali Building

     3 Palace Avenue

     PO Box: 1017

     Manama

     Tel: (973-17) 534000 / 534300 / 530030

     Fax: (973-17) 522633 / 522530 / 522629

 

 

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 company is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.50

UK Pound

1

Rs.73.07

Euro

1

Rs.61.63

 

 

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

 

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.