MIRA INFORM REPORT

 

 

Report Date :           

12.05.2011

 

IDENTIFICATION DETAILS

 

Name :

MANAMA PACKAGING INDUSTRY WLL (MPI)

 

 

Registered Office :

Building No. 2, Gate 2128, Road No. 1638, Muharraq, Hidd Industrial Area P O Box  87, Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

22.06.1996

 

 

Com. Reg. No.:

35715-1, Manama

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Manufacturers of packaging materials

 

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$ 500,000

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

 

 

SUMMARY

 

Company Name                                     MANAMA PACKAGING INDUSTRY WLL (MPI)

Country of Origin                                                Bahrain

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 22nd June 1996

Commercial Registration Number                        : 35715-1, Manama

Chamber Membership Number                : 9608

Issued Capital                                        : BD 1,200,000

Paid up Capital                                      : BD 1,200,000

Total Workforce                                     : 130

Activities                                               : Manufacturers of packaging materials.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 500,000

 

COMPANY NAME

 

MANAMA PACKAGING INDUSTRY WLL (MPI)

 

 

company ADDRESS

 

Registered & Physical Address

Building            : Building No. 2, Gate 2128

Street               : Road No. 1638

Area                 : Muharraq, Hidd Industrial Area

PO Box            : 87

Town                : Manama

Country             : Bahrain

Telephone         : (973-17) 675246

Facsimile          : (973-17) 673475

Mobile              : (973-39) 667233

Email                : mpiwll@batelco.com.bh / info@mpiwll.com

 

Premises

Subject operates from a large suite of offices and a factory that are owned and located in the Central Business Area of Manama.

 

 

KEY PRINCIPALS

 

     Name                                                      Nationality                                   Position

 

·       Mohamed Hassan Khalil Dawani                 Bahraini                            Managing Director

 

·       Abdul Hamid Mohamed Hassan Dawani      Bahraini                            Director

 

·       Nasser Mohamed Hassan Dawani               Bahraini                            Director

 

·       Nabil Mohamed Hassan Dawani                  Bahraini                            Director

 

·       Ahmed Reda Mortda Dawani                        Bahraini                          Director

 

·       Mohamed Akram Jawdari                             Bahraini                          Director

 

·       Mohamed Riyad Ihssan                                Pakistani                        Director

 

·       Mohamed Ejaz Choudari                              Pakistani                        Director

 

·       Asaad Khan                                                         -                            Commercial Manager

 

·       Mohamed Kashif                                                 -                             Finance Manager

 

·       Javid Mohamed                                                  -                              Factory Manager

 

·       Ramesh Babu                                                     -                             Chief Financial Officer

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 22nd June 1996

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 35715-1, Manama

 

Chamber Member No. : 9608

 

Issued Capital              : BD 1,200,000

 

Paid up Capital            : BD 1,200,000

 

Name of Shareholder (s)                                                                  Percentage

 

·       Mohamed Hassan Khalil Dawani                                                         15%

 

·       Abdul Hamid Mohamed Hassan Dawani                                              15%

 

·       Nasser Mohamed Hassan Dawani                                                      15%

 

·       Nabil Mohamed Hassan Dawani                                                         15%

 

·       Ahmed Reda Mortda Dawani                                                              10%

 

·       Mohamed Akram Jawdari                                                                   10%     

 

·       Mohamed Riyad Ihssan                                                                     10%

 

·       Mohamed Ejaz Choudari                                                                    10%

 

 

AFFILIATED COMPANIES

 

·       Manama Food Industry

Manama

 

·       Gulf Utensil Aluminium Factory

Manama

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of packaging materials, including plastics bags, polythene products,

                 aluminium foil and plastic sheets.

 

Import Countries: Europe and GCC countries

 

Operating Trend: Steady

 

Subject has a workforce of approximately 130 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Bahraini Dinar (BD)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                BD 4,580,000                            BD 5,000,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Al Ahli Commercial Bank

Government Avenue

PO Box: 5941

Manama

Tel: (973-17) 244333

Fax: (973-17) 241301

 

·       Standard Chartered Bank

Government Road

PO Box: 29

Manama

Bahrain

Tel: (973-17) 223636

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              December 2006

Credit amount                                        203,000

Amount overdue                         0

Payment terms                                      90 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Pounds Sterling

 

 

GENERAL COMMENTS

 

Established in 1996, subject is involved in the manufacture of plastic bags and packaging materials.

 

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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.69

UK Pound

1

Rs.73.12

Euro

1

Rs.64.39

 

 

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.