MIRA INFORM REPORT

 

 

Report Date :

16.08.2014

 

IDENTIFICATION DETAILS

 

Name :

MOHAMED JALAL AND SONS COMPANY WLL

 

 

Registered Office :

Falcon Tower, 5th Floor Salam Highway Diplomatic Area PO Box   113 Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

09.10.1973

 

 

Com. Reg. No.:

1561-1, Manama

 

 

Legal Form :

With Limited Liability – WLL

 

 

Line of Business :

Subject’s activities are performed through the following divisions

·         Awal Stationery

·         Gulf Trading & Export Agency

·         Mohamed Jalal Catering

·         Mohamed Jalal Technical & Automotive Services

·         Lift & Escalator Division

·         Mohamed Jalal Contracting

·         Mohamed Jalal Trading

 

 

No. of Employees

1,800

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

Payment Behaviour :

Regular

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Bahrain

B1

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 has made great efforts to diversify its economy; 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. In 2012, petroleum production and refining accounted for 77% of Bahrain's export receipts, 87% of government revenues, and 19% 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 Bahrain experienced economic setbacks as a result of domestic unrest, however, the economy recovered in 2012-13, partly as a result of improved tourism. Some 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 long-term economic challenges - youth unemployment and the growth of government debt - more difficult to address

 

Source : CIA

SUMMARY

 

Company Name                                     : MOHAMED JALAL AND SONS COMPANY WLL

Country of Origin                                    : Bahrain

Legal Form                                            : With Limited Liability – WLL

Start Date                                             : 1947

Registration Date                                   : 9th October 1973

Commercial Registration Number            : 1561-1, Manama

Chamber Membership Number                : 1399

Issued Capital                                        : BD 2,000,000

Paid up Capital                                      : BD 2,000,000

Total Workforce                                     : 1,800

Activities                                               : Subject operates through several divisions (see below for details)

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Carlito Bugarin, Finance Manager

 

 

 

COMPANY NAME

 

MOHAMED JALAL AND SONS COMPANY WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Falcon Tower, 5th Floor

Street               : Salam Highway

Area                 : Diplomatic Area

PO Box             : 113

Town                 : Manama

Country             : Bahrain

 

Telephone         : (973-17) 533311 / 532335 / 255544 / 223337

Facsimile          : (973-17) 532335 / 256246 / 254638 / 210046

Mobile               : (973-39) 450378 / 411230

Email                : jalal@batelco.com.bh / mohd_aziz@jalal.com / rohit_kapoor@jalal.com / lito_bugarin@jalal.com

 

Please note that the correct PO Box number is 113 and not 1135.

 

Premises

 

Subject operates from a suite of offices covering an area of 800 square metres that are rented and located in the Central Business Area of Manama.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Ahmed Mohamed Yusuf Jalal                         Bahraini                        Managing Director

 

·       Jalal Mohamed Yusuf Jalal                             Bahraini                        Director

 

·       Sami Mohamed Yusuf Jalal                            Bahraini                        Director

 

·       Fouad Mohamed Yusuf Jalal                          Bahraini                        Director

 

·       S Mohamed Yusuf Jalal                                 Bahraini                        Director

 

·       Ahmed Abdul Rahman Shirawi                             -                             Marketing Manager

 

·       Nigel Devrock                                                      -                             Commercial Manager

 

·       Carlito Bugarin                                                    -                             Finance Manager

 

·       Jamal Al Wazzan                                                -                             Administration Manager

 

·       Stephan Kant                                                      -                             Chief Financial Officer

 

·       Naveem Megchiani                                              -                             Manager – Automotive Division

 

·       Rivandram Nair                                                    -                            Manager – Lift & Escalator Division

 

·       Mohamed Abdul Aziz                                          -                             Manager – Catering Division

 

·       Roger Megan                                                      -                             Manager – Contracting Division

 

·       Manohar Duwuri                                                  -                             Manager – Data Capture Systems

 

·       Tony Cole                                                           -                             Manager – Kontra Bahrain

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1947, however it was registered on 9th October 1973

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 1561-1, Manama

 

Chamber Member No. : 1399

 

Issued Capital              : BD 2,000,000

 

Paid up Capital            : BD 2,000,000

 

Name of Shareholder (s)                                                 Percentage

 

·       Jalal Mohamed Yusuf Jalal                                              24%

 

·       Ahmed Mohamed Yusuf Jalal                                          22%

 

·       Fouad Mohamed Yusuf Jalal                                           22%

 

·       Sami Mohamed Yusuf Jalal                                             22%

 

·       S Mohamed Yusuf Jalal                                                  10%

 

 

AFFILIATED COMPANIES

 

Subject is a member of the Mohamed Yusuf Jalal group of Companies, which consists of the following concerns:

 

     Name                                                                                   Country                                     Percentage

 

·       Airmech Eastern Engineering WLL                                         Bahrain                                     80.00%

·       Asi Import & Export Bahrain WL                                             Bahrain                                     70.00%

·       Awal Commodity International Co WLL                                    Bahrain                                     60.00%

·       Jalal Ionics WLL                                                                    Bahrain                                     60.00%

·       Delmon Building Materials Co WLL                                         Bahrain                                     51.00%

·       United Parcel Service (Bahrain) WLL                                       Bahrain                                     51.00%

·       Mechanical Contracting & Services Co WLL                            Bahrain                                     51.00%

·       Univent for Services Co WLL                                                  Bahrain                                     50.00%

·       Awal Printing Press WLL                                                       Bahrain                                     50.00%

·       Jalal Schindler Lifts & Escalators WLL                                    Bahrain                                     50.00%

·       Jalal GCC Iacovou Construction Bahrain WLL                          Bahrain                                     33.33%

·       Bahrain Electrical & Mechanical Services WLL                        Bahrain                                     30.00%

·       Bahrain Electrical & Mechanical Co WLL                                Bahrain                                     30.00%

·       Awal Ready Mix Concrete Company WLL                               Bahrain                                     22.50%

·       Tullet Liberty (Bahrain) Co WLL                                              Bahrain                                     15.00%

·       Bahrain Business Angels Holding Company BSCC                  Bahrain                                       5.00%

·       Banz Group BSCC                                                                Bahrain                                       4.00%

·       Zallaq Resort Company BSCC                                                Bahrain                                       0.15%

 

 

OPERATIONS

 

Activities: Subject’s activities are performed through the following divisions:

 

  • Awal Stationery

 

Address :          Al Khalifa Avenue

                        PO Box : 498

                        Manama

                        Tel : (973-17) 223337

                        Fax : (973-17) 210046

 

Activities :         Established in 1959, this division is Bahrain’s largest wholesaler and retailer of stationery items, office and school equipment, including calculators, dictating machines, folders, paper, envelopes, pens, paints, paintbrushes, labels, rubbers, pencils and inks.

 

                        Clients include the Ministry of Education, Bahrain University and private schools.

 

 

  • Gulf Trading & Export Agency

 

Address :          Exhibition Avenue, Building No. 232, Office No. 11-12

                        Road No. 18, Block No. 321

                        Hoora

                        PO Box : 1063

                        Manama

                        Tel : (973-17) 713353

                        Fax: (973-17) 712980

                        Mob : (973-39) 450378 / 469137

                        Email : getea@jalal.com

 

Activities :         Established in 1975 this division is engaged in the distribution of building materials, construction equipment, steel and aluminium products, glass products, plywood, sanitary ware, tiles, fire extinguishers, furniture and chemicals. It employs approximately 30 people.

 

Contacts:          Jaya Kumar                               General Manager

                        Thomas Prince                          Sales Manager

Elie K. Sehman                         Administration Manager

 

Supplier:           Versace Ceramic Design SpA     Italy

 

 

  • Mohamed Jalal Catering

 

Address :          Salheya Road

                        Khamis

                        PO Box : 1335

                        Manama

                        Tel : (973-17) 274800 / 272089

                        Fax : (973-17) 274900

                        Email : mjc1335@batelco.com.bh

 

Activities :         Founded in 1950, this division provides contract industrial catering and related services to major industries, government bodies, hospitals and airlines as well as catering for outside functions. It also undertakes turnkey projects in kitchen design, planning, installation and commissioning for industrial and private customers.

 

This division are also wholesalers of general foodstuffs, disposable items and complete range of industrial catering and laundry equipment and kitchen utensils.

 

 

  • Mohamed Jalal Technical & Automotive Services

 

Address :          Sheikh Salman Highway

                        PO Box : 747

                        Manama

                        Tel : (973-17) 252606

                        Fax : (973-17) 254638

 

Activities :         Distributors of plant and equipment for oil, petrochemical and process industries, construction and public services and agribusiness.

 

Distributors of cars, delivery vans and commercial vehicles.

 

            Agents for :       Jaguar               United Kingdom

                                    Peugeot            France

                                    Suzuki              Japan

 

  • Lift & Escalator Division

 

Address :          Building No. 842

                        Street No. 113

                        Sheikh Issa Road

                        Gudaibiya

                        PO Box : 113

                        Manama

                        Tel : (973-17) 273313

 

Activities :         Under this division, subject specialises in the installation and maintenance of elevators and escalators.

 

  • Mohamed Jalal Contracting

 

 

Address :          Exhibition Road

                        Hoora

                        PO Box : 113

                        Manama

                        Tel : (973-17) 715010

                        Fax : (973-17) 714181

 

Activities :         Established in 1955, it is engaged in all aspects of construction work, with a complete design, build and maintenance capability.

 

 

  • Mohamed Jalal Trading

 

Address :          Khamis

                        PO Box : 747

                        Manama

                        Tel : (973) 715010

 

Activities :         Distributors of logging, earthmoving, road making and construction machinery and equipment.

 

  • Kontra Bahrain

 

Address :          Sheikh Salman Highway

                        Khamis

                        PO Box : 1618

                        Manama

                        Tel : (973-17) 255729

                        Fax : (973-17) 259839

 

Activities :         Established in 1963, this division offers interior design services and contracting, and is the largest concern in its field in Bahrain. It is engaged in curtain & blind installation, carpet laying, interior decorating, furniture installation, as well as providing design concepts and planning projects.

 

Agents for :       Fastwall Middle East WLL, Armstrong World Industries, Cesari, Haworth Furniture, Corian, Ideco, Manuel Canovas, Muraspec, Network Carpet Tiles, Parketex, Raynham Workshops, and Tabu.

 

  • Offset - IBM

 

Address :          Al Qasmi Building

                        PO Box : 20479

                        Manama

                        Tel : (973-17) 531585

                        Fax : (973-17) 530402

 

            Activities :         Retailers of IBM computers and related products.

 

  • Bahrain Trading Agencies

 

Address :          Al Qosaibi Building

                        Exhibition Avenue

                        PO Box : 30540

                        Manama

                        Tel : (973-17) 291833

                        Fax : (973-17) 291927

 

            Activities :         Wholesalers and retailers of air conditioning equipment.

 

  • Cigarettes Department

 

Address :          PO Box : 113

                        Manama

                        Tel : (973-17) 253721

 

Activities :         Sole distributors in Bahrain for Cartier and Rothmans, as well as distributors and retailers of cigarettes, cigars and smoking accessories.

 

  • Ideal Home

 

Address :          Exhibition Road, Office No. 107

                        Area No. 320

                        Hoora

                        PO Box : 2754

                        Manama

                        Tel : (973-17) 292462

 

            Activities :         Distributors of sanitary ware products and building materials.

 

  • Jalal Travel Agency

 

Address :          Bab Al Bahrain

                        PO Box : 113

                        Manama

                        Tel : (973-17) 223336 / 224146

                        Fax : (973-17) 223575

 

Activities :         One of the oldest IATA approved travel agents in the Gulf and provides a full range of travel-related services to the business and leisure traveller. Through the partnership with Woodside Travel Trust they are able to provide travel services globally

 

  • Gulf Pest Control

 

Address :          Exhibition Road

                        PO Box : 1063

                        Manama

                        Tel : (973-17) 713014

 

            Activities :         Distributors of insecticides as well as providing pest control services.

 

  • Chemical Services Bahrain

 

Address :          Mohamed Jalal Building

                        Exhibition Road

                        Hoora

                        PO Box : 1063

                        Manama

                        Tel : (973-17) 714060

 

            Activities :         Distributors and retailers of chemicals and allied products.

 

  • Bahrain Electronic Centre

 

Address :          PO Box : 113

                        Manama

                        Tel : (973-17) 274975

 

            Activities :         Distributors and retailers of electronic goods.

 

  • Data Capture Systems

 

Address :          Sitra Highway

                        PO Box : 113

                        Manama

                        Tel : (973-17) 735868

 

Activities :         This division specialises in the distribution of various office machinery and business software, including scanners, hand held terminals, printers, radio frequency networks, time recorders, labels and ribbons.

 

            Distributors for : Accu-Time Systems Inc (ATS)                United States of America

                                    Creative Retail Technologies Inc (CRT)     United States of America

                                    Accu-Sort Systems Inc (AS)                   United States of America

 

  • Aqua Cool

 

Address :          PO Box : 1770

                        Manama

                        Tel : (973-17) 784101 / 784437

                        Fax : (973-17) 784370

 

Activities :        Processor and distributor of mineral water and cooler dispensing systems.

Import Countries : The United States of America, Japan, the United Kingdom, Germany,

      France, Switzerland and Belgium.

 

International Suppliers:

 

·       Longman Group Ltd                                       United Kingdom

·       Aqua Hydraulics Ltd                                      United Kingdom

·       William Sinclair & Sons                                 United Kingdom

·       Oceanair (International Removals) Ltd United Kingdom

·       Shell UK Ltd                                                 United Kingdom

·       BICC Pyrotenax Ltd                                       United Kingdom

·       Ciba Geigy                                                   Switzerland

·       Blue Ray Inc                                                 United States of America

·       Trane Export Inc                                            United States of America

·       Elkay Manufacturing Co                                 United States of America

 

Operating Trend: Steady

 

Subject has a workforce of approximately 1,800 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Bahraini Dinar (BD)

 

                                                Year Ending 31/12/12:                Year Ending 31/12/13:

 

Total Sales                                BD 131,616,065             BD 110,282,348

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr Carlito Bugarin, Finance Manager

 

 

BANKERS

 

·       National Bank of Bahrain BSC

NBB Tower

Government Road

PO Box: 106

Manama

Tel: (973-17) 258800

Fax: (973-17) 263876

 

·       Standard Chartered Bank

Standard Chartered Bank Building

Government Road

PO Box: 29

Manama

Bahrain

Tel: (973-17) 223636 / 255946

Fax: (973-17) 230503

 

·       Al Ahli Commercial Bank

Government Avenue

PO Box: 5941

Manama

Tel: (973-17) 244333

Fax: (973-17) 241301

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 1947, the company has made continuous progress and has greatly diversified its operations so that now it is considered to be one of the largest in Bahrain. It deals with many well known international organisations and enjoys a first rate reputation for the quality of its products and services.

 

It is owned by members of the wealthy and prominent Jalal family who are considered to be trustworthy for respecting their financial trade commitments.

 

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.61.06

UK Pound

1

Rs.101.84

Euro

1

Rs.81.56

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

NIS

 

               

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.