MIRA
INFORM REPORT
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Report Date : |
9th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
MIDAL CABLES LTD. |
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Registered Office : |
Block 744, Road 5128, Behind ALBA, Askar 951, Askar Village, Askar, P. O. Box 5939, Manama, Bahrain |
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Country : |
Bahrain |
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Date of Incorporation : |
13.06.1977 |
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Legal Form : |
Private Limited Liability |
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Line of Business : |
Manufactures of electrical & mechanical alloy rods, high quality electrical grade aluminium redraw rods, aluminium and aluminium alloy over-head conductors. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NAME & ADDRESS
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Name Inquired Under |
Midal
Cables Ltd. |
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Street |
Block
744, Road 5128, Behind ALBA, Askar 951 |
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P. O. Box |
5939,
Manama |
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Postal Code |
N/A |
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Locality |
Askar
Village |
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Town |
Askar |
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Tel |
17 830111 |
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Fax |
17830168 |
LEGAL STATUS
Private Limited Liability
Date Founded
13.06.1977
Trade Registration No. & Town
7108, Manama
PRINCIPALS
Shareholders/Partners/Proprietor
Name Equity Nationality
M/s. Al Zayani Investments WLL 50 % Bahrain
M/s. Saudi Cable company 50 % Saudi Arabia
Directors/Managers
Name Position
Mr. Khalid Rashid Al Zayani Chairman
Mr. Ebrahim Shughdar Vice Chairman
Mr. Ebrahim Mattar Director
Mr. Hamid Rashid Al Zayani Managing Director
Mr. Salman Al Shaikh Chief Executive
Mr. Saeed Haji General Manager/ Sales & Marketing
Mr. Mehernosh Dhunjisha General Manager/ Finance & Administration
RELATED COMPANIES
Al Zayani Properties, Bahrain. Tel: 17531177
Aldar, Bahrain. Tel: 17400797
Tree of life, Bahrain. Tel: 17531177
Al Zayani Travel & Tours, Bahrain. Tel:17 210292
AVIS, Bahrain. Tel: 17211770
Alu Wheel Co, Bahrain
Euro Motors, Bahrain- Agents for BMW vehicles
First Motors , Bahrain - Automobile trading
· All the above are associate companies.
Fundo International WLL, Bahrain - Tel
17531010 - The company holds 80% stake
in the above which deals with Investment in Aluminium industry projects.
OPERATIONS
Mode of Operation:
Importers, Manufacturers,
Exporters.
Activities:
Manufactures of Electrical & Mechanical Alloy rods, High quality electrical grade aluminium redraw rods, Aluminium and aluminium alloy over-head conductors.
Wholesalers of the above manufactured products.
No of Employees (Categorise)
Administration: 45 Workforce: 240 Total: 285
AGENCIES : None.
Import From: U.K, Germany & France.
Import Terms: L/C (100 %)
Export To: Other G.C.C. States, Europe, India, Pakistan & African countires. They are 99 % exporters of their manufactured products.
Export Terms: Advance Payment, L/C
DESCRIPTION OF PREMISES
Headquarters:
Headquarters consists of office, showroom, factory & warehouse. They are located at Askar Village near ALBA. The premises are owned, big and very presentable.
Branches: None.
BANKERS
HSBC Bank Middle East , P.O.Box. 57, Manama, Bahrain. Tel: 17224555
Bank of Bahrain & Kuwait, P.O.Box. 597, Manama, Bahrain. Tel: 17223388
Banque Paribas, P.O.Box. 5241, Manama, Bahrain. Tel: 17226119
FINANCES
Registered Capital: BD 7.597 Million
Paid up capital: BD 7.597 Million
Sales Turnover: 2004 - US$ 49 Million (approx)
Subject declined to provide any further financial information.
PAYMENT : No Complaints.
Commercial Morality: Good
Financial Strength: Very Good
GENERAL COMMENTS
Midal cables Ltd was established in the year 1977 jointly owned by ‘Al Zayani Investments, Bahrain & Olex Cable Ltd., Australia. In 1982, Saudi Cable Company purchased more than half of Olex’s share and again in 1984 they bought out the remaining Olex share and became a strong partner with Al Zayani Investments.
They are the only producers of Aluminium E.C. grade and 6201 alloy grade rod in the region. They also produced aluminium and aluminium alloy conductors. They receive raw material for production from ALBA, Bahrain. More than 99 % of their finished products are exported to countries like G.C.C. States, Indian subcontinent and African countries. They have the ISO certificate for their products. The production capacity is 60,000 tons per annum at present. They started producing ‘aluminized wires during 1999.
The spokesman said that the company has
the following certifications:-
ISO 9002 Certification by Dutch council, ISO 9002 Certification by NACCB, ISO 9002 Certification by JAS-ANS, ISO 14001 Certification by Dtuch Council, ISO 14001 Certification by NACCB
‘Al Zayani Investments’ is a very well
organized company on the island. The shareholders of the company are well-known
individuals on the island and financially very sound. ‘Midal Cables Ltd’ is a
very well organised firm and financially very stable.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |