MIRA INFORM REPORT

 

 

 

Report Date :

31.10.2008

 

IDENTIFICATION DETAILS

 

Name :

BAHRAIN SWITCHGEAR & LIGHTING INDUSTRIES CO WLL (BSLI)

 

 

Registered Office :

Sitra Industrial Area, Road No. 115, Building No. 911, Complex 601, PO Box 5386, Manama

 

 

Country :

Bahrain

 

 

Date of Incorporation :

26.09.1987

 

 

Com. Reg. No.:

1377-5, Manama

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Manufacture, distribution and retail of lighting fixtures, cable trays, switchgears, pipes and PVC products

 

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$ 750,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear 

 

SUMMARY

 

Company Name                                     : BAHRAIN SWITCHGEAR & LIGHTING INDUSTRIES CO WLL (BSLI)

Country of Origin                                    : Bahrain

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 26th September 1987

Commercial Registration Number            : 1377-5, Manama

Issued Capital                                        : BD 1,000,000

Paid up Capital                                      : BD 1,000,000

Total Workforce                         : 450

Activities                                               : Manufacture, distribution and retail of lighting fixtures, cable trays,

                                                              switchgears, pipes and PVC products

Financial Condition                                 : Undetermined

Recommended Credit Limit                     : US$ 750,000

 

 

 

 

COMPANY NAME

 

BAHRAIN SWITCHGEAR & LIGHTING INDUSTRIES CO WLL (BSLI)

 

 

ADDRESS

 

Registered & Physical Address

Location            : Sitra Industrial Area, Road No. 115, Building No. 911, Complex 601

PO Box             : 5386

Town                 : Manama

Country : Bahrain

Telephone         : (973-17) 732136 / 730024 / 730029 / 732148

Facsimile          : (973-17) 724148 / 732868

Email                : info@bsli.net

 

Premises

Subject operates from a large suite of offices, a warehouse and a factory that are owned and located in the Industrial Area of Manama.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Sheikh Hamad Road                                                                          Rented showroom premises

     Manama

 

·       Palace Avenue                                                                                  Rented showroom premises

     Manama

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Abdul Khaliq Abdul Majeed Al Ansar                                                   Managing Director

 

·       Abdul Hamid Abdul Khaliq Abdul Majeed Al Ansar                               Director

 

·       Mohamed Abdul Khaliq Abdul Majeed Al Ansar                                    Director

 

·       Mohamed Reda Al Samak                                                                 Commercial Manager

 

·       K C Antu                                                                                          Finance Manager

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 26th September 1987

 

History                         : Subject was established in 1987 as a sole proprietorship, however in 2006 subject re-

  registered as a With Limited Liability company.

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 1377-5, Manama

 

Issued Capital              : BD 1,000,000

 

Paid up Capital            : BD 1,000,000

 

 

Name of Shareholder (s)

 

·       Abdul Khaliq Abdul Majeed Al Ansar

 

·       Abdul Hamid Abdul Khaliq Abdul Majeed Al Ansar

 

·       Mohamed Abdul Khaliq Abdul Majeed Al Ansar

 

 

AFFILIATED COMPANIES

 

·       Hamed & Abdul Khaliq Switchgear & Lighting Factory LLC

Darwish Buidling

Yousef Baker Street

Deira

     PO Box : 3438

     Dubai

     Tel : (971-4) 2228786

     Fax : (971-4) 2213574

 

·       Al Ajyaal Trading & Import

Doha

     Qatar

 

 

OPERATIONS

 

Activities: Subject is engaged in the manufacture, distribution and retail of lighting fixtures, cable trays, switchgears, pipes and PVC products. The company stocks over 200 standard models and more than 2000 special designs are available.

 

Import Countries: United States of America and Italy

 

Sole Agents for :

 

·       General Electric        United States of America

·       Lavato                      Italy

 

Brand Names: BSLI

 

Subject has a workforce of approximately 450 employees.

 

 

FINANCIAL DATA

 

Companies registered in Bahrain are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       National Bank of Bahrain BSC

NBB Tower

Government Road

PO Box : 106

Manama

Tel : (973-17) 258800

Fax : (973-17) 263876

 

·       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

 

·       Banque Paribas

Commercial Area

PO Box : 5993

Manama

Tel : (973-17) 259272 / 253119

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              July 2007

Credit amount                                        17,000

Amount overdue                         0

Payment terms                                      90 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Pounds Sterling

 

 

GENERAL COMMENTS

 

Bahrain Switchgear & Lighting Industries (BSLI) has been trading for 20 years in the lighting and switchgear industries. It is a leading regional company in its sector and deals with over 10,000 customers each year.

 

Subject is owned by members of the Ansar family who are well respected in the local business community.

 

Local sources report that nothing detrimental was uncovered during this investigation regarding subject’s operating history or the manner in which payment obligations are fulfilled. As such the company is considered to be a sound trade risk and the above credit figure is deemed to be within subject’s financial means.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.25

UK Pound

1

Rs.80.36

Euro

1

Rs.62.84

 

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.

 

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