MIRA INFORM REPORT

 

 

Report Date :

23rd February, 2007

 

IDENTIFICATION DETAILS

 

Name :

QUALITY WIRE PRODUCTS CO WLL

 

 

Registered Office :

Salmabad Industrial Area, PO Box: 33450, Issa Town, Bahrain.

 

 

Country :

Bahrain

 

 

Date of Incorporation :

12.07.1999

 

 

Com. Reg. No.:

43369

 

 

Legal Form :

Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)

 

 

Line of Business :

Manufacture of woven and welded wire mesh and perforated sheets.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 600,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

 

 

SUMMARY

 

 

Company Name

QUALITY WIRE PRODUCTS CO WLL

Country of Origin

Bahrain

Legal Form

With Limited Liability - WLL

Registration Date

12th July 1999

Commercial Registration Number

43369

Membership Number

8339

Issued Capital

BD 100,000

Paid up Capital

BD 100,000

Total Workforce

40

Line of Business

Manufacturers of woven and welded wire mesh and perforated sheets.

Financial Condition

Fair

Payments

Nothing detrimental uncovered

Operating Trend

Steady

 

 

 

 

COMPANY NAME

 

QUALITY WIRE PRODUCTS CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Salmabad Industrial Area

PO Box            : 33450

Town                : Issa Town

Country             : Bahrain

Telephone         : (973-17) 874000 / 789426 / 874122

Facsimile          : (973-17) 874111

Mobile              : (973-39) 606459 / 400221

Email                : quality@batelco.com.bh

 

 

Premises

 

Subject operates from a small suite of offices and a factory that are rented and located in the Industrial Area of Issa Town.

 

 

KEY PRINCIPALS

 

Name                                                      Nationality                           Position

 

·       Kandsami U Kumar                                Indian                               Managing Director

 

·       Shan Magaum L Shan                           Indian                                Director

 

·       Habib Ahmed Qassim                            Bahraini                            Director

 

·       Mohamed Ali Subkar                              Bahraini                           Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 12th July 1999

 

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

 

Commercial Reg. No.  : 43369

 

Membership No.          : 8339

 

Issued Capital              : BD 100,000

 

 

Paid up Capital            : BD 100,000

 

 

Name of Shareholder (s)

 

·       Kandsami U Kumar

 

·       Shan Magaum L Shan

 

·       Habib Ahmed Qassim

 

·       Mohamed Ali Subkar

 

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.

 

 

LINE OF BUSINESS

 

Operations : Engaged in the manufacture of woven and welded wire mesh and perforated sheets.

 

Import Countries : Europe and the Far East.

 

Export Countries : Yemen, Lebanon, Syria, Jordan, Iran, India and Egypt.

 

Operating Trend : Steady

 

Subject has a workforce of 40 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 3,292,000                            BD 3,770,000

 

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

 

 

BANKERS

 

·         National Bank of Bahrain BSC

 PO Box : 106

 Issa Town

 Tel : (973-17) 686022

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 1999, subject is involved in the manufacture of woven and welded wire mesh and perforated sheets.

 

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 business is deemed a fair trade risk.

 

Maximum suggested credit figure: US$ 600,000

 

 

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

 

 

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