MIRA INFORM REPORT

 

 

Report Date :

31.10.2011

 

IDENTIFICATION DETAILS

 

Name :

ALUWHEEL WLL

 

 

Formerly Known As :

ALUMINIUM WHEEL CO

 

 

Registered Office :

Zayani House Sheikh Salman Highway Selha PO Box 5570 Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

10.02.1992

 

 

Com. Reg. No.:

26391-1, Manama

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Production of aluminium wheel hubs for European car manufacturers.

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 2,500,000

Status :

Good

Payment Behaviour :

Regular

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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                                     : ALUWHEEL WLL

Also Known As                                      : ALUMINIUM WHEEL CO

Country of Origin                                    : Bahrain

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 10th February 1992

Commercial Registration Number            : 26391-1, Manama

Chamber Membership Number                : 2481

Issued Capital                                        : BD 2,098,300

Paid up Capital                                      : BD 2,098,300

Total Workforce                                     : 120

Activities                                               : Production of aluminium wheel hubs for European car manufacturers.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 2,500,000

Person Interviewed                                 : Prashant Bassat, Finance Manager

 

COMPANY NAME:

 

ALUWHEEL WLL

 

ALSO KNOWN AS: ALUMINIUM WHEEL CO

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Zayani House

Street               : Sheikh Salman Highway

Area                 : Selha

 

PO Box             : 5570

 

Town                 : Manama

Country             : Bahrain

 

Telephone         : (973-17) 830007 / 533310

Facsimile          : (973-17) 830616 / 532359

Mobile               : (973-39) 651772

Email                : aluwheel@batelco.com.bh

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                   Nationality         Position

 

·       Hamad Rashid Sheikh Abdulrahman Al Zayani             Bahraini            Managing Director

 

·       Khalid Rashid Sheikh Abdulrahman Al Zayani              Bahraini            Director

 

·       Zayad Rashid Sheikh Abdulrahman Al Zayani              Bahraini            Director

 

·       Mohamed H A Al Attas                                                          Saudi                Director

 

·       Waheeb A A Linawi                                                               Saudi                Director

 

·       Mohamed Mostafa                                                                      -                  General Manager

 

·       James Alexander                                                                       -                  Assistant General Manager

 

·       Prashant Bassat                                                                        -                  Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 10th February 1992

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 26391-1, Manama

 

Chamber Member No. : 2481

 

Issued Capital              : BD 2,098,300

 

Paid up Capital            : BD 2,098,300

 

Name of Shareholder (s)                                   Percentage

 

·       Midal Cables Ltd                                                       99.99%

Askar Industrial Area

PO Box: 5939

Manama

Tel: (973-17) 832832 / 832833

Fax: (973-17) 832932 / 832933

 

·       Hamad Rashid Sheikh Abdulrahman Al Zayani   0.01%

 

 

AFFILIATED COMPANIES

 

·       Investcorp EC

Investcorp House

PO Box: 5340

Manama

Tel: (973-17) 532000

Fax: (973-17) 530816

 

·       Gulf Trading & Engineering Co

PO Box: 26332

Manama

Tel: (973-17) 232085

Fax: (973-17) 262745

 

·       Bahrain Flour Mill Co BSC

PO Box: 26787

     Mina Salman

     Manama

     Tel: (973-17) 729984

     Fax: (973-17) 729312

 

·       Al Zayani Investment Co WLL

PO Box: 5553

Manama

Tel: (973-17) 531177

Fax: (973-17) 530659

 

·       Bahraini Saudi Bank BSC

Government Avenue

PO Box: 1159

Manama

Tel: (973-17) 263111

Fax: (973-17) 263048

 

·       Al Zayani Commercial Services

Zayani House

PO Box: 5570

Manama

 

·       Guardian Royal Exchange Assurance Plc

Manama

     Tel: (973-17) 213636

 

·       Kuwait Automobile & Trading

PO Box: 41

Safat

Kuwait

 

·       Madem Gulf Industries WLL

Manama

 

·       Midal Gulf Company WLL

Manama

 

 

OPERATIONS

 

Activities: Engaged in the production of aluminium wheel hubs for European car manufacturers, such as BMW and  Mercedes.

 

Subject gained ISO9002 certification in October 1996 and has also been awarded the ISO14001 certificate.

 

Aluwheel`s present capacity is 750,000 wheels and 12,000 wheel alloys.

 

Import Countries: Germany, the United Kingdom, Italy, France and Spain

 

Operating Trend: Steady

 

Subject has a workforce of approximately 120 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 18,765,000                           BD 20,300,000

 

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

 

The above figures were provided by Mr Prashant Bassat, Finance Manager

 

 

BANKERS

 

·       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.

 

 

GENERAL COMMENTS

 

According to local sources, Aluwheel WLL deals with a number of reputable European car manufacturers with nothing detrimental uncovered regarding the manner in which payment obligations are fulfilled. Subject’s financial position is described as healthy and profitable and it is deemed a fair trade risk.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.82

UK Pound

1

Rs.78.57

Euro

1

Rs.69.28

 

 

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.