MIRA INFORM REPORT

 

 

Report Date :           

07.10.2011

 

IDENTIFICATION DETAILS

 

Name :

MANAMA TEXTILE MILLS WLL (MTM)

 

 

Registered Office :

Sitra Industrial Area, Building No. 858, Road No. 115, Block No. 601, P O Box 15455, Adliya

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

07.11.1993

 

 

Com. Reg. No.:

30872-1, Manama

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Production of fabrics and soft furnishing 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$ 600,000

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 TEXTILE MILLS WLL (MTM)

Country of Origin                                    : Bahrain

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 7th November 1993

Commercial Registration Number            : 30872-1, Manama

Chamber Membership Number                : 5183

Issued Capital                                        : BD 1,550,000

Paid up Capital                                      : BD 1,550,000

Total Workforce                                     : 15

Activities                                               : Production of fabrics and soft furnishing materials.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 600,000

Person Interviewed                                 : Mian Hamid Nishat, Managing Director

 

COMPANY NAME

 

MANAMA TEXTILE MILLS WLL (MTM)

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Sitra Industrial Area, Building No. 858, Road No. 115, Block No. 601

PO Box             : 15455

Town                 : Adliya

Country             : Bahrain

Telephone         : (973-17) 730900 / 832062

Facsimile          : (973-17) 730800 / 830223

Mobile               : (973-39) 604529 / 239716

Email                : mantex@batelco.com.bh / info@manamagroup.net

 

Premises

Subject operates from a suite of offices and a factory with warehousing facilities covering an area of 8,316 square metres that are owned and located in the Industrial Area of Adliya.

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                               Position

 

·       Mian Hamid Nishat                                        Pakistani                                  Managing Director

 

·       Mrs Ameena Nishat Hamid Nishat                  Pakistani                                  Director

 

·       Tawseef Rahman Mirza                                         -                                        General Manager

 

·       Jaweed Iqbal                                            -                                        Assistant General Manager

 

·       Haq Nawaz                                                          -                                        Sales Manager

 

·       Ashfaq Ahmed                                                     -                                        Chief Financial Officer

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 7th November 1993

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 30872-1, Manama

 

Chamber Member No. : 5183

 

Issued Capital              : BD 1,550,000

 

Paid up Capital            : BD 1,550,000

 

Name of Shareholder (s)                                                       Percentage

 

·       Orta Anadolu Tekstil Ve Dis Yatirimlar Limited Sirketi               100%

Turkey

 

 

OPERATIONS

 

Activities: Engaged in the production of fabrics and soft furnishing materials.

 

MTM was the first textile unit in the Gulf to achieve the ISO 14001 certification for environment management. During 2000, the company also achieved the ISO 9002 certification for quality management.

 

Import Countries: India, Egypt, Japan, United States of America, Germany and Italy

 

International Suppliers:

 

·       Indo Rama Textiles Limited                India

 

Export Countries: Europe and the United States of America

 

Operating Trend: Steady

 

Subject has a workforce of 15 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                                US$ 38,760,000             US$ 45,000,000

 

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

 

The above figures were provided by Mr Mian Hamid Nishat, Managing Director

 

 

BANKERS

 

·       Al Ahli Commercial Bank

Government Avenue

PO Box: 5941

Manama

Tel: (973-17) 244333

Fax: (973-17) 241301

 

·       Bank of Bahrain & Kuwait

43 Government Avenue

PO Box: 597

Manama

Tel: (973-17) 253388

Fax: (973-17) 275785

 

·       Banque Paribas

Commercial Area

PO Box: 5993

Manama

Tel: (973-17) 259272 / 253119

 

·       Habib Bank

Government Avenue

PO Box: 566

Manama

Tel: (973-17) 254889 / 273285

Fax: (973-17) 276685

 

·       Standard Chartered Bank

Standard Chartered Bank Building

Government Road

PO Box: 29

Manama

Bahrain

Tel: (973-17) 223636 / 255946

Fax: (973-17) 230503

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                  January 2006               January 2007               January 2008

Credit amount                            17,000                          17,000                          25,000

Amount overdue             0                                  0                                  0

Payment terms                          60 days                         60 days                         60 days

Payment Method                       Letters of Credit             Letters of Credit             Letters of Credit

Paying record                            No Complaints               No Complaints               No Complaints

Currency                                   Pounds Sterling             Pounds Sterling             Euros

 

 

GENERAL COMMENTS

 

Manama Textile Mills WLL (MTM) was established in 1993 and is engaged in the spinning and weaving of fabrics and soft furnishing materials.

 

On 3rd May 2010 subject sold its last remaining assets and manufacturing line to the Turkish company “Orta Anadolu Tekstil Ve Dis Yatirimlar Limited Sirketi”.

 

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.19

UK Pound

1

Rs.75.92

Euro

1

Rs.65.44

 

 

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

 

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.