|
Report Date : |
26.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
QUALITY WIRE PRODUCTS CO WLL |
|
|
|
|
Registered Office : |
Building No. 86,
Block No. 115, Avenue No. 19, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
12.07.1999 |
|
|
|
|
Com. Reg. No.: |
43369-1, Manama |
|
|
|
|
Legal Form : |
With Limited Liability |
|
|
|
|
Line of Business : |
Manufacturers of woven and welded wire mesh and perforated
sheets |
|
|
|
|
No. of Employees : |
100 |
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 (31.03.2012) |
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 |
Company Name : QUALITY WIRE PRODUCTS CO WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Registration Date : 12th July 1999
Commercial Registration Number : 43369-1, Manama
Chamber Membership Number : 8339
Issued Capital : BD 250,000
Paid up Capital : BD 250,000
Total Workforce : 100
Activities : Manufacturers of woven and welded wire mesh and perforated sheets.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Rajesh Kabir, Finance Manager
QUALITY WIRE
PRODUCTS CO WLL
Registered &
Physical Address
Building : Building No. 86, Block No. 115
Street : Avenue No. 19
Area : Salman Industrial City,
Bahrain International Investment Park
PO Box :
33450, Issa Town
Town : Hidd
Country :
Telephone : (973-17) 874000 / 456343 / 789426 / 874122
Facsimile : (973-17) 874111
Mobile : (973-39) 478264 / 606459 /
400221
Email : quality@batelco.com.bh
Please note that
subject’s previous address was, Building No. 202, Road No. 436, Salmabad
Industrial Area, Issa Town.
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Industrial Area of Hidd.
Name Nationality Position
·
Kandsami
Uthaya Kumar Indian Managing Director
·
Lakshnam Alias Shangmugam Indian Director
·
Habib
Ahmed Qassim Bahraini Director
·
Ali
Habib Ahmed Qassim Bahraini Director
·
Ahmed
Habib Ahmed Qassim Bahrain I Director
·
Rajesh
Kabir - Finance Manager
·
Suresh
Moorkath - Sales
Manager
Date of Establishment: 12th July 1999
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 43369-1,
Manama
Chamber Member No.: 8339
Issued Capital : BD 250,000
Paid up Capital : BD 250,000
Name of Shareholder
(s) Percentage
·
Al Mahd
Investment Co 40.00%
Manama
·
Habib
Ahmed Qassim 30.00%
·
Kandsami
Uthaya Kumar 21.66%
·
Lakshnam Alias Shangmugam 8.34%
·
Ali Qassim General Trading LLC
Dubai
United Arab
Emirates
·
Quality Separation Oilfield Equipment
Abu Dhabi
United Arab
Emirates
Activities: Engaged in the manufacture of woven and welded
wire mesh and perforated sheets.
Import
Countries: Europe and the
Far East.
Export
Countries: Yemen, Lebanon,
Syria, Jordan, Iran, India and Egypt.
Operating Trend: Steady
Subject has a
workforce of 100 employees.
Financial highlights
provided by local sources are given below:
Currency: Bahraini
Dinar (BD)
Year
Ending 30/06/11: Year
Ending 30/06/12:
Total Sales BD 2,920,000 BD 3,170,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Rajesh Kabir, Finance Manager
·
National
Bank of Bahrain BSC
PO Box: 106
Issa Town
Tel: (973-17) 686022
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.53 |
|
UK Pound |
1 |
Rs.86.82 |
|
Euro |
1 |
Rs.69.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.