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Report Date : |
12.03.2013 |
IDENTIFICATION DETAILS
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Name : |
WESTPOINT HOME (BAHRAIN) WLL |
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Registered Office : |
Building No. 1912,
Road No. 5146, Block 951, South Alba Industrial Area, P O Box 39308, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
21.12.2006 |
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Com. Reg. No.: |
63530-1, Manama |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Spinning, weaving and processing of textiles, fabrics and denim |
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No. of Employees : |
1300 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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
|
Country Name |
Previous Rating (31.03.2012) |
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.
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Source : CIA |
Company Name : WESTPOINT HOME (BAHRAIN) WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Registration Date : 21st December 2006
Commercial Registration Number : 63530-1, Manama
Chamber Membership Number : 17025
Issued Capital : BD 100,000
Paid up Capital : BD 100,000
Total Workforce : 1,300
Activities : Spinning, weaving and processing of textiles, fabrics and denim
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Moneeb Shahazd, Finance Manager
WESTPOINT HOME
(BAHRAIN) WLL
Registered &
Physical Address
Street : Building No. 1912, Road No.
5146, Block 951
Area : South Alba
Industrial Area
PO Box : 39308
Town : Manama
Country : Bahrain
Telephone : (973-17) 838018 / 830559 / 832062 /
919085 / 838125 / 838115
Facsimile : (973-17) 832022 / 919070 / 838123
Mobile : (973-39) 871069
Email : bukhari.najam@wphome.com / ahmed.aziz@wphome.com
/ aziz.ahmed@wphome.com
Premises
Subject operates from
a large suite of offices and a factory that are rented and located in the
Industrial Area of Manama.
Name Position
·
Bill
Harris Managing
Director
·
Robert
Rhodes Lanier Director
·
Ahmed
Aziz General
Manager
·
Najam
Bukhari Purchasing
Manager
·
Amer
Imtiyaz Commercial
Manager
·
Moneeb
Shahazd Finance
Manager
·
Imran
Ahmed Factory
Manager
·
Adel
Jaber Human
Resources Manager
Date of Establishment : 21st
December 2006
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 63530-1,
Manama
Chamber Member No. : 17025
Issued Capital : BD 100,000
Paid up Capital : BD 100,000
Name of Shareholder
(s) Percentage
·
Westpoint
Home Netherlands BV 99%
Netherlands
·
Westpoint
Home Netherlands Cooperative 1%
Netherlands
Activities: Engaged in the spinning, weaving and
processing of textiles, fabrics and denim.
Import
Countries: India and China
Export
Countries: United States of
America and Europe
Operating Trend: Steady
Subject has a
workforce of approximately 1,300 employees.
Financial
highlights provided by local sources are given below:
Currency: Bahraini
Dinar (BD)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales BD 40,795,000 BD 41,600,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Moneeb Shahazd, Finance Manager
·
HSBC
Bank Middle East
93 Al Khalifa Avenue
PO Box: 57
Manama 304
Tel: (973-17) 224555 / 222158
Fax: (973-17) 226822
Email: bbmemnm@batelco.com.bh
·
Bahrain
Financial Harbour
West Tower, 3rd Floor
King Faisal Highway
PO Box: 5241
Manama 346
Tel: (973-17) 866600
Fax: (973-17) 866601
·
Bank of
Bahrain & Kuwait
43 Government Avenue
PO Box: 597
Manama
Tel: (973-17) 253388
Fax: (973-17) 275785
No complaints
regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
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.54.29 |
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UK Pound |
1 |
Rs.81.09 |
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Euro |
1 |
Rs.70.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.