MIRA INFORM REPORT

 

 

Report Date :

16.02.2011

 

IDENTIFICATION DETAILS

 

Name :

SAFA COMPANY WLL

 

 

Registered Office :

Sheikh Hamad Avenue, P O Box 1920, Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

02.04.1977

 

 

Com. Reg. No.:

5656-1, Manama

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Wholesalers and retailers of hardware, hand tools, power tools and building  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$ 175,000

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                                     : SAFA COMPANY WLL

Country of Origin                                    : Bahrain

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 2nd April 1977

Commercial Registration Number            : 5656-1, Manama

Chamber Membership Number                : 2263

Issued Capital                                        : BD 750,000

Paid up Capital                                      : BD 750,000

Total Workforce                                     : 17

Activities                                               : Wholesalers and retailers of hardware, hand tools, power tools and

building  materials.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 175,000

Person Interviewed                                 : K O Varghese, Finance Manager

 

COMPANY NAME

 

SAFA COMPANY WLL

 

 

company address

 

Registered & Physical Address

 

Location            : Sheikh Hamad Avenue

PO Box             : 1920

Town                 : Manama

Country             : Bahrain

Telephone         : (973-17) 261073 / 400430 / 257067

Facsimile          : (973-17) 273768 / 404631

Mobile               : (973-39) 671322

Email                : safa@batelco.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                                                                                              Position

 

·       Mohamed Sulaiman Saleh Al Salah                                                    Managing Director

 

·       Ferdous Salem Musleh Adham                                                           Director

 

·       Shawqi Adham                                                                                  General Manager

 

·       K O Varghese                                                                                   Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2nd April 1977

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 5656-1, Manama

 

Chamber Member No. : 2263

 

Issued Capital              : BD 750,000

 

Paid up Capital            : BD 750,000

 

Name of Shareholder (s)                                                     Percentage

 

·       Mohamed Sulaiman Saleh Al Salah                                        94%

 

·       Ferdous Salem Musleh Adham                                                 6%

 

 

AFFILIATED COMPANIES

 

·       Al Salah Trading Agencies

PO Box: 5282

Manama

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of hardware, hand tools, power tools and building materials.

 

Import Countries: Europe and GCC countries

 

International Suppliers:

 

·       Black & Decker         United Arab Emirates

 

Operating Trend: Steady

 

Subject has a workforce of 17 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 925,000                               BD 1,000,000

 

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

 

The above figures were provided by Mr K O Varghese, Finance Manager

 

 

BANKERS

 

·       HSBC Bank Middle East

93 Al Khalifa Avenue

PO Box: 57

Manama 304

Tel: (973-17) 224555 / 222158

Fax: (973-17) 226822

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

 

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.