MIRA INFORM REPORT

 

 

Report Date :

18.01.2012

 

IDENTIFICATION DETAILS

 

Name :

HAZEL FURNITURE

 

 

Registered Office :

Shop No. 11, Building No. 56, Block No. 306 Road No. 326 Adliya PO Box 15191 & 40441 Hamd Town

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

06.07.2005

 

 

Com. Reg. No.:

40231-2

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Wholesale and retail of antique and re-produced furniture.

 

 

No. of Employees :

12

 

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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                                     : HAZEL FURNITURE

Country of Origin                                    : Bahrain

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 6th July 2005

Commercial Registration Number                        : 40231-2

Invested Capital                                     : BD 20,000

Total Workforce                                     : 12

Activities                                               : Wholesale and retail of antique and re-produced furniture.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 150,000

Person Interviewed                                 : Christy Falino, Sales Executive

 

COMPANY NAME

 

HAZEL FURNITURE

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Shop No. 11, Building No. 56, Block No. 306

Street               : Road No. 326

Area                 : Adliya

 

PO Box             : 15191 & 40441

 

Town                 : Hamd Town

Country             : Bahrain

 

Telephone         : (973-17) 699950 / 717145 / 717126

Facsimile          : (973-17) 699950 / 717145

Mobile               : (973-39) 600544 / 234400 / 599318

Email                : sales@hazel-furniture.com

 

Premises

 

Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Hamd Town.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Khalid Yousef Al Hijazi                                                                      Proprietor & General Manager

 

·       Kevin Taylor                                                                                      Assistant General Manager

 

·       Salma-Maria Taylor                                                                           Administrative Officer

 

·       Christy Falino                                                                                   Sales Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 6th July 2005

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 40231-2

 

Invested Capital           : BD 20,000

 

Mr Khalid Yousef Al Hijazi is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of antique and re-produced furniture.

 

Import Countries: Asia and Europe.

 

Operating Trend: Steady

 

Subject has a workforce of 12 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 1,1310,000                           BD 1,450,000

 

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

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

 

 

BANKERS

 

·       HSBC Bank Middle East

116 Osama Bin Zaid Road

PO Box: 57

Adliya

Tel: (973-17) 712638 / 712228

Fax: (973-17) 713696

 

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 and the above credit figure is within subject’s financial means.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.06

UK Pound

1

Rs.78.48

Euro

1

Rs.64.99

 

 

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

--

NB

                                       New Business

 

--

 

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.