MIRA INFORM REPORT

 

 

Report Date :

06.12.2012

 

IDENTIFICATION DETAILS

 

Name :

MIDAL CABLES LTD

 

 

Registered Office :

Askar Industrial Area 5939 Manama

 

 

Country :

Bahrain

 

 

Date of Incorporation :

13.06.1977

 

 

Reg. No.:

7108-1

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Manufacture of cables and related accessories.

 

 

No. of Employees :

530

 

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

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Bahrain

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

bahrain - ECONOMIC OVERVIEW

 

Bahrain is one of the most diversified economies in the Persian Gulf. Highly developed communication and transport facilities make Bahrain home to numerous multinational firms with business in the Gulf. As part of its diversification plans, Bahrain implemented a Free Trade Agreement (FTA) with the US in August 2006, the first FTA between the US and a Gulf state. Bahrain's economy, however, continues to depend heavily on oil. Petroleum production and refining account for more than 60% of Bahrain's export receipts, 70% of government revenues, and 11% of GDP (exclusive of allied industries). Other major economic activities are production of aluminum - Bahrain's second biggest export after oil - finance, and construction. Bahrain competes with Malaysia as a worldwide center for Islamic banking and continues to seek new natural gas supplies as feedstock to support its expanding petrochemical and aluminum industries. In 2011, Bahrain experienced economic setbacks as a result of domestic unrest. Bahrain's reputation as a financial hub of the Gulf has been damaged, and the country now risks losing financial institutions to other regional centers such as Dubai or Doha. Economic policies aimed at restoring confidence in Bahrain's economy, such as the suspension of an expatriate labor tax, will make Bahrain's foremost long-term economic challenges - youth unemployment and the growth of government debt - more difficult to address.

 

Source : CIA

 

SUMMARY

 

Company Name                         : MIDAL CABLES LTD

Country of Origin                                    : Bahrain

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 13th June 1977

Commercial Registration Number            : 7108-1, Manama

Chamber Membership Number                : 2350

Issued Capital                                        : BD 7,950,000

Paid up Capital                                      : BD 7,950,000

Total Workforce                         : 530

Activities                                               : Manufacture of cables and related accessories.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                 : Irfan Jilani, Financial Controller

 

COMPANY NAME

 

MIDAL CABLES LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Askar Industrial Area

PO Box             : 5939

Town                 : Manama

Country : Bahrain

 

Telephone         : (973-17) 832832 / 832833

Facsimile          : (973-17) 832932 / 832933

Mobile               : (973-39) 653315

Email                : midalcbl@midalcable.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

            Name                                                               Nationality                   Position

 

Khalid Rashid Sheikh Abdulrahman Al Zayani                   Bahraini                        Managing Director

 

Hamad Rashid Sheikh Abdulrahman Al Zayani                 Bahraini                        Director

 

Zayad Rashid Sheikh Abdulrahman Al Zayani                   Bahraini                       Director

 

Waheeb A Lingawi                                                             Saudi                        Director

 

Mohammed Haroon Al Atas                                                Saudi                        Director

 

Guillermo Pereoro Valrela                                                 Spanish                      Director

 

Mohamed Moustafa                                                                -                           Chief Executive Officer

 

Mahernosh Dhunjiash                                                             -                           Finance Manager

 

Mohamed Moustafa                                                                -                           Production Manager

 

Irfan Jilani                                                                              -                           Financial Controller

LEGAL FORM & OWNERS

 

Date of Establishment  : 13th June 1977

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 7108-1, Manama

 

Chamber Member No. : 2350

 

Issued Capital              : BD 7,950,000

 

Paid up Capital            : BD 7,950,000

 

Name of Shareholder (s)                                 Percentage

 

Intersteel Co WLL                                                   50%

Bahrain

 

Saudi Cable Co Ltd                                                 50%

Saudi Arabia

 

 

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

 

Aluwheel WLL

Zayani House

Sheikh Salman Highway

Selha

PO Box: 5570

Manama

Tel: (973-17) 830007 / 533310

Fax: (973-17) 830616 / 532359

 

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

 

Bahrain Welding Wire Products Manufacturing Co

Manama

 

Madem Gulf Industries WLL

Manama

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of cables and related accessories, including aluminium rod and wire, over

                 head conductors, aluminium clad steel and extruded products.

 

                 Subject is ISO 9001 accredited.

 

Production Capacity: 180,000 tonnes per annum

 

Import Countries: India and the United Kingdom

 

Subject has a workforce of approximately 530 employees.

 

 

FINANCIAL DATA

 

Companies registered in Bahrain are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

Habib Bank

Government Avenue

PO Box: 566

Manama

Tel: (973-17) 254889 / 273285

Fax: (973-17) 276685

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.54.57

UK Pound

1

Rs.87.90

Euro

1

Rs.71.53

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.