MIRA INFORM REPORT

 

 

Report Date :

11.03.2011

 

IDENTIFICATION DETAILS

 

Name :

QUALITY WIRE PRODUCTS WLL

 

 

Registered Office :

Building No. 2022 Road No. 436 Block No. 704 P.O. Box :  33450, Isa Town Manama

 

 

Country :

Bahrain

 

 

Date of Incorporation :

12.07.1999

 

 

Com. Reg. No.:

43369-1

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacturers, exporters and distributors of wire mesh in all metals.

 

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 :

BD 60,000

Status :

Satisfactory

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 – December 31, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

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

 

Quality Wire Products WLL

 

 

ADDRESS

 

Building :  Building No. 2022

 

Street   :  Road No. 436

 

Area     :  Block No. 704

 

P.O. Box :  33450, Isa Town

Town     :  Manama

Country  :  Bahrain

 

Telephone:  (973) 1787 4000 / 1787 4122 / 1745 6343 (Rajessh Kabeer) 

Fax      :  (973) 1787 4111

E-Mail   :  quality@batelco.com.bh

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                             Position

 

1. Habib Ahmed Kassim                                     Chairman

 

2. Uthayakumar Karuppiah Kandasamy               Managing Director

 

3. Lakshmanan Alias Shanmugam                      Director

 

4. Rajessh Kabeer                                             Chief Accountant

 

Total Employees : 95

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers

or banks.

 

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

 

Opinion on maximum credit : BD 60,000

 

Trade risk assessment : Normal

 

Opinion on the credit figure of US DLRS 150,000 :

 

We consider the above figure to be within the company's financial

capabilities.

 

 

PRINCIPAL BANKERS

 

NAME     : BANK OF BAHRAIN AND KUWAIT BSC

 

Branch   : Government Avenue 43

PO Box   : 4207

Town     : Manama

 

Telephone: (973) 1722 3388

Fax      : (973) 1722 9822

 

The company also has an account with the following banks :

 

1. Ahli United Bank BSC

   Building 2495

   Al Seef District 428

   PO Box 2424

   Manama

   Telephone: (973) 1758 5858

   Fax      : (973) 1758 0569

 

2. HSBC Middle East Bank Limited

   PO Box 57, Bldg 93

   Al Khalifa Avenue Road 385

   Manama 304

   Telephone: (973) 1722 4555

   Fax      : (973) 1722 2178

 

3. Arab Bank Plc

   Government Avenue

   PO Box  395

   Manama

   Telephone: (973) 1722 9988

   Fax      : (973) 1721 0443

 

4. National Bank of Bahrain

   Government Avenue

   PO Box 106

   Manama

   Telephone: (973) 1722 8800

   Fax      : (973) 1722 8998

 

 

5. Bahrain Islamic Bank BSC

   Government Road

   PO Box 5240

   Manama

   Telephone: (973) 1722 3402

   Fax      : (973) 1727 5734

 

6. Bank Muscat International (BMI)

   Main branch

   PO Box   : 350

   Manama

   Telephone: (973) 1722 0924

   Fax      : (973) 1721 5004

 

 

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 1,200,000 - 2006 - exact

                                    : BD 1,804,025 - 2007 - exact

                                    : BD 2,704,656 - 2008 - exact

                                    : BD 2,750,426 - 2009 - exact

                                    : BD 2,789,021 – 2010 - exact

                     

 

Net Profit                       : BD   330,626 - 2007 - exact

                                    : BD   439,358 - 2008 – exact

                                    : BD   259,766 – 2009 – exact

                                    : BD   245,248 – 2010 - exact

 

Total Invested Capital : BD 350,000

 

Financial year ends 30 June.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 12 July 1999

 

C.R. No. : 43369-1 (expiry date : 12 July 2011)

 

Chamber of Commerce Membership No : 8339

 

Authorised Capital : BD 250,000

 

Paid up Capital : BD 250,000

 

Limited Liability Company with the following shareholders :

 

                                                                                                Percentage

 

1. Almahd Investment Company                                      40%

   Road 1701, Building 44 

   Block 317 

   PO Box 10888

   Manama

   Telephone: (973) 1753 3838 

   Fax      : (973) 1753 3939

   Date of Registration: 09/05/1995

   Commercial Regi. No.: 33888-1 

 

2. Habib Ahmed Kassim                                                             30%

   (Bahraini national)  

 

3. Kandasamy Uthayakumar Karuppiah Kandasamy         21.667%

   (Indian national)

 

4. Lakshmanan Alias Shanmugam                                  8.333%

   (Indian national)

 

Affiliated companies of the subject company :

 

Associates

 

1. Quality Wire Products 

   Real Estate Building

   Jadeed

   P.O. Box : 24692

   Doha

   Qatar

   Telephone : (974) 441 6175

   Fax       : (974) 441 7292

   E-mail : sales@qualitywireqatar.com

 

2. Al Qassim General Trading

   Dubai

   UAE

 

 

ACTIVITIES

 

The Company is involved in the following activities :

Manufacturers, exporters and distributors of wire mesh in all metals.

Imports from Germany, Italy, France, USA, India and China.

Exports to GCC, Europe, Iran, Jordan, Syria and Kazakhstan.

 

FACILITIES

 

The Company has the following facilities :

 

Administrative offices and a factory with warehousing facilities

located at the heading address as well as a representative office in Oman.

 

 

BRANCH OFFICES

 

Building 86

Road 19

Block    115

Hidd

 

 

SPECIAL NOTE

 

Interviewed: Rajessh Kabeer (Chief Accountant)

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.11

UK Pound

1

Rs.72.91

Euro

1

Rs.62.56

 

 

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.