MIRA INFORM REPORT

 

 

Report Date :

8th November, 2006

 

IDENTIFICATION DETAILS

 

Name :

BAHRAIN WORKSHOP COMPANY WLL (BWC)

 

 

Registered Office :

Lulu Avenue, PO Box : 404, Manama, Bahrain

 

 

Country :

Bahrain

 

 

Date of Incorporation :

08.10.1963

 

 

Com. Reg. No.:

351, Manama

 

 

Legal Form :

Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)

 

 

Line of Business :

Distributors and maintainers of heavy duty machinery, pumps and welding equipment, compressors, gas turbines, pipes and tubes, safety wear, oilfield equipment, and storage tanks.

 

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$ 200,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

 

 

SUMMARY

 

 

Company Name

BAHRAIN WORKSHOP COMPANY WLL (BWC)

Country of Origin

Bahrain

Legal Form

With Limited Liability – WLL

Start Date

1948

Registration Date

8th October 1963

Commercial Registration Number

351, Manama

Membership Number

1805

Issued Capital

BD 200,000

Paid up Capital

BD 200,000

Total Workforce

150

Line of Business

Distributors and maintainers of heavy duty machinery, pumps and welding equipment, compressors, gas turbines, pipes and tubes, safety wear, oilfield equipment, and storage tanks.

Financial Condition

Fair

Payments

Nothing detrimental uncovered

Operating Trend

Steady

 

 

 

 

 

 

COMPANY NAME

 

BAHRAIN WORKSHOP COMPANY WLL (BWC)

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Lulu Avenue

PO Box             : 404

Town                 : Manama

Country             : Bahrain

Telephone         : (973-17) 253289 / 251730

Facsimile          : (973-17) 263228 / 251932

Email                : bwctd@batelco.com.bh

 

 

Premises

 

Subject operates from a medium sized suite of offices and a warehouse that are owned and located in the Industrial Area of Manama.

 

 

Branch Office (s)

 

     Location                                                                               Description

 

·       Sitra                                                                                     Showroom premises

Tel: (973-17) 701055

 

·       Issa Town                                                                             Warehouse premises

Tel: (973-17) 783086

 

·       Maamir                                                                                 Workshop premises

Manama

     Tel: (973-17) 700798

 

 

KEY PRINCIPALS

 

·       Khalil Mohamed Karim Al Sharif                                             Managing Director

 

·       Khalifa Mohamed Karim Al Sharif                                            Director

 

·       Moniem Mohamed Karim Al Sharif                                          Director

 

·       Ms Shahenz Mohamed Karim Al Sharif                                   Director

 

·       Ms Fatima Mohamed Karim Al Sharif                                      Director

 

·       Ian S. Burgess                                                                      General Manager

 

·       Mike Bray                                                                             Sales Manager

 

·       Murdo McGregor                                                                   Workshop Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1948, however subject was re-registered on 8th October 1963

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)

 

Commercial Reg. No.  : 351, Manama

 

Membership No.          : 1805

 

Issued Capital              : BD 200,000

 

Paid up Capital            : BD 200,000

 

 

Name of Shareholder (s)

 

·       Khalil Mohamed Karim Al Sharif

 

·       Khalifa Mohamed Karim Al Sharif

 

·       Moniem Mohamed Karim Al Sharif

 

·       Ms Shahenz Mohamed Karim Al Sharif

 

·       Ms Fatima Mohamed Karim Al Sharif

 

Notes to the legal Form 

Limited Liability Companies, which are known in Bahrain as WLLs (“With Limited Liability”), are the most commonly used corporate entities in Bahrain. They are the equivalent of French SARLs, German GmbHs or private companies in the United Kingdom. The WLL is the most common form of company where 100 percent foreign ownership is permitted.

 

Under the Bahraini Commercial Companies Law a WLL may be formed by a minimum of 2 and a maximum of 50 natural or legal persons, whose liability is limited to their shares in the company’s capital. The minimum amount of paid-up capital required is BD 10,000. Contributions to capital may be made in cash of kind. With a normal renewable term of 25 years, equal shares must amount to at least BD 50 each. Public shares are not permitted nor is the negotiation of warrants. WLLs cannot conduct saving, banking or investment operations on behalf of others.

 

 

 

AFFILIATED COMPANIES

 

·       Deborah Services Bahrain Co WLL

PO Box : 404

Manama

       Tel        : (973-17) 700548

Fax : (973-17) 701429

 

 

LINE OF BUSINESS

 

Operations : Engaged in the import, distribution, retail and maintenance of heavy duty machinery, pumps and welding equipment, compressors, gas turbines, pipes and tubes, safety wear, oilfield equipment, and storage tanks.

 

Import Countries : Denmark, United Kingdom and Japan.

 

International Suppliers :

 

·       Dunlop Hiflex AS                   Denmark

·       Emco Wheaton UK Ltd          United Kingdom

·       Olympus Corporation Japan

 

Operating Trend : Steady

 

Subject has a workforce of approximately 150 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : Bahraini Dinars (BD)

 

                                                Year Ending 31/12/04                 Year Ending 31/12/05

 

Total Revenue                            BD 3,650,000                            BD 3,870,000

 

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

 

 

BANKERS

 

·       HSBC Bank Middle East

93 Al Khalifa Avenue

PO Box : 57

Manama 304

Tel               : (973-17) 224555 / 222158

Fax              : (973-17) 226822

Email           : bbmemnm@batelco.com.bh

 

·       Standard Chartered Bank

Standard Chartered Bank Building

Government Road

PO Box : 29

Manama

Bahrain

Tel   : (973-17) 223636 / 255946

Fax : (973-17) 230503

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              May 2005

Credit amount                                        34,000

Amount overdue                         0

Payment terms                                      30 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Pounds Sterling

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000

 

Established in 1948, subject is involved in the import, distribution, retail and maintenance of heavy duty machinery, pumps and welding equipment, compressors, gas turbines, pipes and

tubes, safety wear, oilfield equipment, and storage tanks.

 

According to local sources, subject’s financial condition is satisfactory whilst payments are made in a timely manner. The company’s operating history is reportedly clear and the above credit figure is considered to be within subject’s financial means.

 

Maximum suggested credit figure: US$ 200,000

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

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