MIRA INFORM REPORT

 

 

Report Date :

24.07.2013

 

IDENTIFICATION DETAILS

 

Name :

MIDAL CABLES LTD

 

 

Registered Office :

Askar Industrial Area, Building No. 744, Block 951, Road No. 5128, P O Box 5939, Manama

 

 

Country :

Bahrain

 

 

Date of Incorporation :

13.06.1977

 

 

Com. Reg. No.:

7108-1, Manama

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Manufacturer of cables and related accessories, including aluminium rod and wire, over head conductors, aluminium clad steel and extruded products

 

 

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 – March 31st 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Bahrain

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

BAhrain ECONOMIC OVERVIEW

 

Bahrain has taken great strides in diversifying its economy and its 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. 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 and 2012, Bahrain experienced economic setbacks as a result of domestic unrest, however, several factors indicate that the economy is beginning to recover, such as the return of the formula one race and tourist cruise ships to Bahrain. Economic policies aimed at restoring confidence in Bahrain's economy, such as the suspension of an expatriate labor tax and frequent bailouts of Gulf Air, 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

 

 

Company ADDRESS

 

Registered & Physical Address

Location            : Askar Industrial Area, Building No. 744, Block 951, Road No. 5128

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.

 

Date of transaction                              February 2013

Amount overdue                         0

Payment terms                                      90 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

 

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.69

UK Pound

1

Rs.91.66

Euro

1

Rs.78.69

 

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%)

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.