MIRA INFORM
REPORT
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Report Date : |
24.10.2011 |
IDENTIFICATION DETAILS
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Name : |
BABASONS SPC |
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Formerly Known As : |
Babasons WLL |
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Registered Office : |
Building No. 123,
Lulu Road, Muharraq, P O Box 23599, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
25.01.1995 |
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Com. Reg. No.: |
40389-1, Manama |
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Legal Form : |
Single Person Company |
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Line of Business : |
Operation of a chain of supermarkets |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 2,000,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Bahrain |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Bottom of Form
SUMMARY
Company Name : BABASONS SPC
Country of Origin : Bahrain
Legal Form : Single Person Company – SPC
Start Date : 25th January 1995
Commercial Registration Number : 40389-1, Manama
Issued Capital : BD 250,000
Paid up Capital : BD 250,000
Total Workforce : 350
Activities : Operation of a chain of supermarkets.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 2,000,000
Person Interviewed : Harish Apaya, Finance Manager
COMPANY NAME
BABASONS SPC
company ADDRESS
Registered & Physical Address
Building : Building No. 123
Street : Lulu Road
Area : Muharraq
PO Box : 23599
Town : Manama
Country : Bahrain
Telephone : (973-17) 341070
Facsimile : (973-17) 346010
Email : babasons@batelco.com.bh / megamart@batelco.com.bh
/ harish@babasons.com
Premises
Subject operates from
a large suite of offices and a showroom that are rented and located in the
Central Business Area of Manama.
Branch Office (s)
Location Description
·
Exhibition
Road Rented
supermarket premises
Hoora
KEY PRINCIPALS
Name Position
·
Ahmed
Ghuloom Jaafar Qali Managing
Director
·
R V
Waghnani General
Manager
·
Kartar
Hassanani Marketing
Manager
·
Harish
Apaya Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 25th
January 1995
History : Subject was previously called “Babasons
WLL” but re-registered in November 2007 and
became “Babasons SPC”.
Legal Form :
Single Person Company – SPC
Commercial Reg. No. : 40389-1,
Manama
Issued Capital : BD 250,000
Paid up Capital : BD 250,000
Name of Shareholder
(s)
·
Ahmed
Ghuloom Jaafar Qali
OPERATIONS
Activities: Engaged in the operation of a chain of
supermarkets, specialising in the retail of general foodstuff,
readymade garments, textiles,
household electrical appliances and lighting fixtures and fittings.
Import
Countries: Europe and Asia
Operating Trend: Steady
Subject has a
workforce of approximately 350 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 26,850,000 BD 28,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures were confirmed by Mr Harish Apaya, Finance Manager
BANKERS
·
Arab Bank Plc
Government Avenue
PO Box: 395
Manama
Tel: (973-17)
229988
Fax: (973-17)
210443
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
Date of
transaction July
2008
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
company is considered to be a fair trade risk and the above credit figure is
deemed admissible.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.07 |
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UK Pound |
1 |
Rs.79.15 |
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Euro |
1 |
Rs.69.03 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.