MIRA
INFORM REPORT
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Report Date : |
30.09.2011 |
IDENTIFICATION DETAILS
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Name : |
SIMPLE TRADING W.L.L |
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Registered Office : |
Building No. 308 Street No. 326 Block No. 311,
Salmaniya P.O.Box No.: 15790 Manama |
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Country : |
Bahrain |
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Date of Incorporation : |
15.11.2006 |
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Com. Reg. No.: |
63116-1 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers, wholesalers and retailers
of all types of building materials including sanitary ware, hardware and
plumbing tools and equipment. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
BD 10,000 |
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Status : |
Small Company |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 |
Company
NAME
Simple Trading W.L.L (Correct)
SIMPLE TRADING CO WLL (Requested)
ADDRESS
Building : Building No. 308
Street : Street No. 326
Area : Block No. 311, Salmaniya
P.O.Box No.: 15790
Town : Manama
Country : Bahrain
Telephone : (973) 1727
7445
Fax : (973) 1727 2656
E-Mail :
simplewll@batelco.bh / neamah1@hotmail.com
SENIOR COMPANY PERSONNEL
Name
Position
1. Husain Yusuf Jasim Neama Managing Director
2. Vennattu Parambil Devassy
Jenson Director
3. Erattu Sreedharan Shameer Director
4. Henson David Sales Manager
Total Employees : 12
PAYMENTS
No complaints have been heard
regarding payments from local suppliers or banks.
We consider it is acceptable to
deal with subject for SMALL amounts, however in view of the lack of financial
information we recommend international suppliers exercise a degree of caution.
Opinion on maximum credit : BD 10,000
(higher amounts may be
considered with
full fiscal disclosure)
Trade risk assessment: Normal
Opinion on the credit figure of
US DLRS 100,000 :
The above figure is higher than
normally seen in one amount, however could prove admissible in a short series
of transactions provided the total indebtedness is strictly monitored.
PRINCIPAL
BANKERS
NAME : BANK OF BAHRAIN AND KUWAIT (BBK)
Branch :
Government Avenue, 43
P.O. Box : 4207
Town :
Manama
Telephone : (973) 1722 3388
Fax :
(973) 1722 9822
Subject also has an account with
the following banks :
1. National Bank of Bahrain BSC
(NBB)
Government Avenue
PO Box 106
Manama
Telephone: (973) 1722 8800
Fax : (973) 1722 8998
2. Ahli United Bank BSC (AUB)
Seef District 428
PO Box 2424
Manama
Telephone: (973) 1758 5858
Fax : (973) 1758 0569
FINANCIAL
INFORMATION
Private companies in Bahrain are
not required to publish or disclose balance sheets. Balance sheets are not
available from other sources, and the subject interviewed declined to give any
financial information, which the company regards as strictly confidential.
LEGAL STATUS AND
HISTORY
Date Started : 15 November 2006
History : The subject company was
established in Bahrain on 15 November 2006, however origins of its business
activities in Bahrain can be traced back to 1995.
C.R. No. : 63116-1 (expiry date:
15/11/2012)
Authorised Capital : BD 30,000
Paid-Up Capital : BD 30,000
Limited Liability Company with the following shareholders :
Percentage
1. Vennattu Parambil Devassy Jenson 24.5%
(Bahraini national)
2. Erattu Sreedharan Shameer 24.5%
(Indian national)
3. Husain Yusuf Jasim Neama
* 51.0%
(Indian national)
* The local sponsor, according to
Bahraini laws must hold a minimum of 51% of the capital, however, in practice and
unofficially the sponsor gets a fixed annual percentage of the profit and a
sponsorship fee without any investment in the company.
Affiliated companies of Simple
Trading W.L.L :
Associates
Husain Yusuf Jasim Neama has
interest in the following companies :
1. Alneamah Building Matreials
Est
C.R. No. : 24451-4
2. Sadad Carpentry Est.
C.R. No. : 24451-5
3. Al Neamah Contracting
C.R. No. : 24451-6
4. Alneamah Building Matreials
Est
C.R. No. : 24451-7
5. Social Trading
C.R. No. : 24451-8
ACTIVITIES
The Company is involved in the
following activities :
Trading as importers, wholesalers
and retailers of all types of building materials including sanitary ware,
hardware and plumbing tools and equipment.
NACE Code : 4613 / 4673 / 4674 /
4752
Imports from Asia and Europe,
mainly from India, China, UAE and UK.
Subject only sells locally and
does not engage in re-export business.
FACILITIES
The Company has the following
facilities :
Rented premises comprising
administrative offices, a retail outlet with integrated storage facilities
located at the heading address as well as other warehousing facilities located
in Salmabad.
SPECIAL NOTE
You enquired on: SIMPLE TRADING
CO WLL. Please note
that the correct name is as per heading.
The address given by you: Salmiya
is incorrect. Please note that subject’s correct
administrative office address is as per heading.
The PO Box number and area name
given by you: 40099 Adliya are incorrect. Please note that subject’s correct PO
Box number and area name are as per heading.
The telephone number given by
you: (973) 3963 1634 is incorrect. Please note that subject’s correct telephone
number is as per heading.
Interviewed: Henson David (Sales
Manager).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.92 |
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1 |
Rs.76.52 |
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Euro |
1 |
Rs.66.64 |
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.