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Report Date : |
26.12.2012 |
IDENTIFICATION DETAILS
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Name : |
BRC WELDMESH GULF WLL |
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Registered Office : |
Mina Salman Industrial Area PO Box 5341
Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1973 |
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Com. Reg. No.: |
1457-1, Manama |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Manufacture, supply and fixing welded wire mesh, security fencing and concrete reinforcement solutions. |
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No. of Employees : |
142 |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Bahrain |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
Company Name : BRC WELDMESH GULF WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Start Date : 1973
Registration Date : 3rd February 1983
Commercial Registration Number : 1457-1, Manama
Chamber Membership Number : 263
Issued Capital : BD 400,000
Paid up Capital : BD 400,000
Total Workforce : 142
Activities : Manufacture, supply and fixing welded wire mesh, security fencing and
concrete reinforcement solutions.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
BRC WELDMESH GULF WLL
Location : Mina Salman Industrial Area
PO Box : 5341
Town : Manama
Country : Bahrain
Telephone : (973-17) 728222
Facsimile : (973-17)
725562
Mobile : (973-39)
624092
Email : info@brcgulf.com
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Manama.
Name Position
· Emad Abdulrahman Khalil Al Moayad Managing
Director
· Abdullah Tawfiq Abdulrahman Al Moayad Director
· Sofyan Khalid Abdulrahman Al Moayad Director
· Amal Tareq Abdulrahman Al Moayad Director
· Sattam Sulaiman Abdul Mohsin Al Qobaisi Director
· Harish G Thaker General
Manager
· Venod T Iype Commercial
Manager
· Thomas Korean Finance
Manager
Date of
Establishment : Subject’s
operations date back to 1973, however it was registered on 3rd
February 1983
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 1457-1, Manama
Chamber Member No. : 263
Issued Capital : BD 400,000
Paid up Capital : BD 400,000
· Abdulrahman Khalil Al Moayad Group WLL 99.75%
· Emad Abdulrahman Khalil Al Moayad 0.25%
Activities: Engaged in the manufacture, supply and fixing welded wire mesh,
security fencing and concrete
reinforcement solutions.
Import Countries: United Kingdom, China and India.
Operating Trend: Steady
Subject has a workforce of 142 employees.
Financial highlights provided by local sources are given below:
Currency: Bahraini Dinar (BD)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales BD
3,800,000 BD
4,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
HSBC Bank Middle East
93 Al Khalifa
Avenue
PO Box: 57
Manama 304
Tel: (973-17) 224555 / 222158
Fax: (973-17) 226822
No complaints regarding subject’s payments have been reported.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.08 |
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1 |
Rs.89.09 |
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Euro |
1 |
Rs.72.62 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.