MIRA INFORM REPORT
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Report Date : |
13.01.2012 |
IDENTIFICATION DETAILS
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Name : |
MORRELLS INTERNATIONAL GENERAL TRADING |
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Registered Office : |
Building No.
2357, Block No. 704, Road No. 437, P O Box 2627, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
21.03.2007 |
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Com. Reg. No.: |
45033-5 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of gas and oilfield equipment, vessels, valves, building materials, gypsum, plywood and MDF |
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No. of Employees
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8 |
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$ 150,000 |
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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 30th, 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 |
SUMMARY
Company Name : MORRELLS INTERNATIONAL GENERAL TRADING
Country of Origin : Bahrain
Legal Form : Sole Proprietorship
Registration Date : 21st March 2007
Commercial Registration Number : 45033-5
Invested Capital : BD 25,000
Total Workforce : 8
Activities : Distributors of gas and oilfield equipment, vessels, valves, building
materials, gypsum, plywood and MDF.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
Person Interviewed : Tahir Abdul Hameed Shafee, Proprietor & General Manager
COMPANY NAME
MORRELLS INTERNATIONAL GENERAL TRADING
company ADDRESS
Registered &
Physical Address
Building : Building No. 2357, Block No. 704
Street : Road No. 437
PO Box : 2627
Town : Manama
Country : Bahrain
Telephone : (973-17) 280049
Facsimile : (973-17) 230425
Mobile : (973-39) 660750
Email : tahirhameed57@hotmail.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
·
Tahir
Abdul Hameed Shafee Proprietor
& General Manager
·
Mian Ihsan Assistant
General Manager
LEGAL FORM & OWNERS
Date of Establishment : 21st
March 2007
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 45033-5
Invested Capital
: BD 25,000
Mr Tahir Abdul
Hameed Shafee is the sole proprietor of the business.
OPERATIONS
Activities: Engaged in the import and distribution of
gas and oilfield equipment, vessels, valves, building materials, gypsum, plywood and MDF.
Import
Countries: Europe and the
Far East.
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 625,000 BD 700,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
National
Bank of Bahrain BSC
Government Road
PO Box: 106
Manama
Tel: (973-17) 258800
Fax: (973-17) 263876
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 business
is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.51.83 |
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UK Pound |
1 |
Rs.79.42 |
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Euro |
1 |
Rs.65.90 |
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.