MIRA INFORM REPORT

 

 

Report Date :

05.07.2012

 

IDENTIFICATION DETAILS

 

Name :

SAUDIK TRADING CO WLL

 

 

Registered Office :

Office No. 42, Building 172 Road 1906, Block 0319 PO Box 11856 Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

09.09.2007

 

 

Com. Reg. No.:

66423-1

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Distribution of engine parts, electricity producing machinery, fire safety                                                   equipment tools  & hardware.

 

 

No. of Employees :

7

 

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

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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                                     : SAUDIK TRADING CO WLL

Country of Origin                                    : Bahrain

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 9th September 2007

Commercial Registration Number            : 66423-1          

Issued Capital                                        : BD 20,000

Paid up Capital                                      : BD 20,000

Total Workforce                                     : 7

Activities                                               : Distribution of engine parts, electricity producing machinery, fire safety

                                                                  equipment tools  & hardware.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Zahid Jamee Sheikh, Commercial Manager

 

 

COMPANY NAME

 

SAUDIK TRADING CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Office No. 42, Building 172

Street               : Road 1906, Block 0319

 

PO Box             : 11856

 

Town                 : Manama

Country             : Bahrain

 

Telephone         : (973-17) 293921

Facsimile          : (973-17) 293913

Mobile               : (973-36) 559967 (973-39) 597914

Email                : info@saudiktrading.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                       Nationality                                 Position

 

·       Ahsan Inam Khan                                                      Pakistani                                   Managing Director

 

·       Ikram Ullah Khan                                                       Pakistani                                   Director

 

·       Mohamed Muqtader Abdulrasool Nanamai Malek         Bahraini                                    Director

 

·       Zahid Jamee Sheikh                                                  -                                               Commercial Manager

 

·       Mohamed Yasser                                                      -                                               Financial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 9th September 2007

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 66423-1

 

Issued Capital              : BD 20,000

 

Paid up Capital            : BD 20,000

 

Name of Shareholder (s)                                     Percentage

 

·       Mohamed Muqtader Abdulrasool Nanamai Malek              51%

 

·       Ahsan Inam Khan                                                           25%                                    

 

·       Ikram Ullah Khan                                                            24%

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of engine parts, electricity producing machinery, fire safety

                 equipment tools and hardware.

 

Import Countries: Europe and the Far East.

 

Brand Names: DEMAG CRANES & COMPONENTS, FLYGT, CLOW VALVES, ANSALDO SISTEMI, BORRI,

                         HITACHI INDUSTRIAL EQUIPMENT SYSTEMS CO, GENERAL ELECTRIC, 3M, ABB, COOPER

                         INDUSTRIES, GEDAC ELECTRIC, GRAINGER, HUBBLE, MITSUBISHI ELECTRIC, MULLER

                         INDUSTRIES INC, NOTIFIER FIRE SYSTEMS, OILVER VALVES, OSRAM, PANASONIC

                         CORPORATION, SCHNEIDER ELECTRIC, SIEMENS, STANLEY, THOMAS & BETS, RIDGID,

                         APPLITEK, TOSHIBA INTERNATIONAL CORPORATION, SEVERN TRENT SERVICES, PROTO,

                         MESC, SIMBAL, HARTMANN & KONIG STROMZUFUHRUNGS AG, FAG, SKF, ASCO, ITT

                         BARTON & VAG.

 

Operating Trend: Steady

 

Subject has a workforce of 7 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Bahraini Dinar (BD)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                BD 965,000                               BD 1,100,000

 

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

 

The above financial figures were confirmed by Zahid Jamee Sheikh, Commercial Manager.

 

 

BANKERS

 

·       Gulf International Bank BSC

     Al Dowali Building

     3 Palace Avenue

     PO Box: 1017

     Manama

     Tel: (973-17) 534000 / 534300 / 530030

     Fax: (973-17) 522633 / 522530 / 522629

     Email: gibmktg@batelco.com.bh

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.55

UK Pound

1

Rs.85.48

Euro

1

Rs.68.70

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.