MIRA INFORM REPORT

 

 

Report Date :           

25.07.2011

 

IDENTIFICATION DETAILS

 

Name :

BAHRAIN ALUMINUM KITCHENS B.S.C. (C)

 

 

Formerly Known As :

Bahrain Aluminium Kitchens

 

 

Registered Office :

Building 18, Road 18, Manama 318

 

 

Country :

Bahrain

 

 

Date of Incorporation :

15.01.1984

 

 

Com. Reg. No.:

11017-3 

 

 

Legal Form :

Closed Joint Stock Company

 

 

Line of Business :

Manufacturers, retailers and wholesalers of aluminium joints for kitchen furniture and painting metal hulls

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

BD 60,000

 

 

Status :

Moderate

 

 

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, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Bahrain

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

company NAME

 

Bahrain Aluminum Kitchens B.S.C. (C) (Correct)

BAHRAIN ALUMINIUM KITCHEN (Requested)

 

 

company ADDRESS

 

Building             :  Al Hajaji Center, Building No. 191 (fmly 726)

Street                           :  GCC Road No. 104

Area                             :  Sitra Industrial Area, Block 611

P.O. Box           :  11050

Town                 :  Sitra

Country             :  Bahrain

Telephone         :  (973) 1773 2990 / 1773 1838 / 1753 5419 / Mobile (973) 3927 5809

Fax                   :  (973) 1773 1763 / 1753 5421

E-Mail                           :  balkitch@batelco.com.bh

Website            :  www.balkitchen.com

 

Trading Styles :  Bahrain Aluminium Kitchens

 

Formerly Known As :  Bahrain Aluminium Kitchens

 

Also Known As :  Alma Kitchens / Bahrain Aluminium Kitchen

 

 

SENIOR COMPANY PERSONNEL

 

    Name                                                           Position

 

1.  Ahmed Mahmood Mohammed Al Qaed           Chairman

 

2.  Ebrahim Abdulrahman Al Qaed                       General Manager

 

3.  Parvez Maskeen                                           Sales & Marketing Manager

 

4.  Shaji Devkaran                                              Financial Controller

 

5.  Mohammad Khan                                          Administration Manager

 

Total Employees : 150

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

This undertaking comprises a registered branch/division of Cooperation Investment House B.S.C. (C).

 

We consider it is acceptable to deal subject with for MEDIUM amounts.

however it should be borne in mind that subject is only a branch operation and international suppliers may prefer to see the complete

picture by obtaining information on Cooperation Investment House B.S.C. (C).

 

Opinion on maximum credit : BD 60,000 (due attention will be given to the above remarks)

 

Trade risk assessment : Normal

 

Opinion on the credit figure of US DLRS 10,000,000 :

 

We consider the above figure to be beyond the Company's financial

capabilities and recommend dealing on fully secured terms.

 

 

PRINCIPAL BANKERS

 

NAME      : BAHRAIN ISLAMIC BANK BSC

Branch    : Government Road

P.O. Box  : 5240

Town      : Manama

 

Telephone : (973) 1722 3402

Fax       : (973) 1727 5734

 

The company also has an account with the following banks :

 

1. National Bank of Bahrain

   Main Office

   PO Box 106

   Manama 

   Telephone: (973) 1722 8800 

   Fax      : (973) 1722 8998

 

2. Al Ahli United Bank

   Al Seef District 428

   P.O. Box 2424

   Manama

   Telephone: (973) 1758 5858

   Fax      : (973) 1758 0569

 

3. Bank of Bahrain and Kuwait (BBK)

   Government Avenue 43

   P.O. Box 4207

   Manama

   Telephone: (973) 1722 3388

   Fax      : (973) 1722 9822

 

4. Ithmaar Bank B.S.C.(fmly Shamil Bank)

   10th Floor, Addax Tower 2820

   Manama

   Bahrain

   Telephone: (973) 1758 4000

   Fax      : (973) 1758 4017

 

 

FINANCIAL INFORMATION

 

Private companies in Bahrain are not required to publish or

disclose balance sheets. However, the subject interviewed offered

the following information :

 

Sales Turnover      : BD 2,500,000 – 2009 - exact

                            : BD 3,000,000 – 2010 - exact

 

Net Profit          : not given but stated to be 10-16%

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 15 January 1981

 

History: The subject company was established in Bahrain on 15 January 1981 under the name Bahrain Aluminium Kitchens. On 28 May 2006, subject changed its name to present style.

 

Sub C.R. No. : 11017-3 (expiry date: 15 January 2013)

 

Capital : not applicable

 

Subject is registered branch/division of a Bahraini Shareholding Company (closed joint stock company) * with the following officials :

 

1.  Ahmed Mahmood Mohammed Al Qaed

 

2.  Ebrahim Abdulrahman Al Qaed

 

3.  Parvez Maskeen

 

4.  Shaji Devkaran

 

* Subject is a registered branch of the following company :

 

Cooperation Investment House B.S.C. (C)

Al Hajaji Center, Building No. 191

GCC Road No. 104

Sitra Industrial Area, Block 611

PO Box 11050

Sitra

Telephone: (973) 1778 6260

Fax      : (973) 1773 1763

C.R. No. : 11017-8

 

Shareholders                                                               Percentage

 

1. Ahmed Mahmood Mohammed Alqaed              79.583%

  (Bahraini national)

 

2. Yousif Ahmed Mahmood Alqaed                      14.292%

  (Bahraini national)

 

3. Badriya Abdulrahman Mohammed Qaed           6.125%

  (Bahraini national)

 

The above establishment also has the following registered branches/divisions:

 

- Ahmed Qaed Construction Est

 (Sub C.R. No. 11017-2) founded on 9 November 1982;

 

- Bahrain Aluminium Kitchens Centre B.S.C

 (Sub C.R. No. 11017-4) founded on 27 October 1991;

      

- Bahrain Aluminium Kitchens B.S.C.(C)

 (Sub C.R. No.11017-5) founded on 07 January 1992;

         

- Alfateh Tower Real Estate Investment B.S.C(C)

 (Sub C.R. No. 11017-6) founded on 2 April 2002;

         

- Home Base Trading Centre B.S.C.(C)

 (Sub C.R. No. 11017-7) founded on 14 July 2003;

         

- Bahrain Aluminium Kitchens Factory B.S.C(C)

 (Sub C.R. No. 11017-9) founded on 7 December 2006;

 

- Alma Kitchens Factory B.S.C Closed

 (Sub C.R. No. 11017-10) founded on 25 November 2009.

 

Affiliated companies of the Bahrain Aluminum Kitchens B.S.C. (C):

 

Associate

 

United Tower Real Estate Development W.L.L

C.R. No. 78164-1

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Manufacturers, retailers and wholesalers of aluminium joints for kitchen furniture and painting metal hulls.

 

Importers, exporters and wholesalers of marble tiles, paints,

sanitary ware, plastics, glass materials, electrical and electronic

appliances and spare parts and kitchen furniture

 

NACE Code: 3102

 

Imports from Saudi Arabia, India, Germany, UK, Spain, Turkey, Austria, Italy and China.

 

Exports to GCC countries.

 

 

FACILITIES

 

The Company has the following facilities :

 

Owned premises comprising administrative offices, a workshop and a

showroom with depot located at the heading address as well as a

showroom located in Exhibition Road and two other showrooms located

in Sanabis.

 

 

REGISTERED OFFICE

 

Building 18

Road 18

Manama 318

 

 

SPECIAL NOTE

 

You enquired on : BAHRAIN ALUMINIUM KITCHEN. Please note that subject is also known by this name. Subject’s correct registered name is as per heading.

 

Interviewed: Mohammad Khan (Administration Manager)

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.38

UK Pound

1

Rs.72.34

Euro

1

Rs.63.87

 

 

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.