MIRA INFORM REPORT

 

 

Report Date :

01.12.2014

 

IDENTIFICATION DETAILS

 

Name :

BOX MAKER WLL

 

 

Registered Office :

Salmabad Industrial Area, Building 136, Road 426, Block 704, PO Box      489 & 2600, Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

21.03.2001

 

 

Com. Reg. No.:

46720-1

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Engaged in the production of corrugated boxes and cartons.

 

 

No of Employees :

60

 

 

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 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                                     : BOX MAKER WLL

Country of Origin                                    : Bahrain

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 21st March 2001

Commercial Registration Number            : 46720-1, Manama

Chamber Membership Number                : 10534

Issued Capital                                        : BD 600,000

Paid up Capital                                      : BD 600,000

Total Workforce                                     : 60

Activities                                               : Production of corrugated boxes and cartons.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : M K Mathew, General Manager

 

 

COMPANY NAME

 

BOX MAKER WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Salmabad Industrial Area, Building 136, Road 426, Block 704

PO Box             : 489 & 2600

Town                 : Manama

Country             : Bahrain

Telephone         : (973-17) 874975 / 827785

Facsimile          : (973-17) 874972 / 827786

Email                : boxmaker@batelco.com.bh / janak12@gmail.com

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are leased and located in the Industrial Area of Manama.

 

 

KEY PRINCIPALS

 

Name                                                   Nationality                               Position

 

Asarpata Bhagwan Ladharam                       Indian                                   Managing Director

 

Pradip Damodar Das                                   Indian                                   Director

 

Govind Ladharam Parmanand                       Indian                                   Director

 

Vinay Bharat                                                Indian                                 Director

 

Aashish Bharat                                           Indian                                   Director

 

Uday Asarpota                                            Indian                                   Director

 

Janak Govind                                              Indian                                   Director

 

Umang Govind                                            Indian                                   Director

 

Rahul Pradip                                                           Indian                                   Director

 

M K Mathew                                                            -                                         General Manager

 

Promod Purameri                                         -                                         Chief Finance Officer     

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 21st March 2001

 

Legal Form      : With Limited Liability - WLL

 

Commercial Reg. No.  : 46720-1, Manama

 

Chamber Member No. : 10534

 

Issued Capital              : BD 600,000

 

Paid up Capital            : BD 600,000

 

Name of Shareholder (s)                                              Percentage

 

Asarpata Bhagwan Ladharam                                          20.0%

 

Pradip Damodar Das                                                      20.0%

 

Govind Ladharam Parmanand                                          15.0%

 

Vinay Bharat                                                                 12.5%

 

Aashish Bharat                                                              12.5%

 

Uday Asarpota                                                                5.0%

 

Janak Govind                                                                 5.0%

 

Umang Govind                                                                 5.0%

 

Rahul Pradip                                                                     5.0%

 

 

AFFILIATED COMPANIES

 

P Haridas & Sons WLL

Manama

 

 

OPERATIONS

 

Activities: Engaged in the production of corrugated boxes and cartons.

 

Import Countries: Europe and GCC countries

 

International Suppliers:

 

Arabian Pack                 United Arab Emirates

Easter Pack                              Saudi Arabia

Obeikan Packaging                    Saudi Arabia

 

Operating Trend: Steady

 

Subject has a workforce of 60 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 2,000,000                            BD 2,200,000

 

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

 

The above figures were provided by Mr M K Mathew, General Manager

 

 

BANKERS

 

National Bank of Bahrain BSC

Government Road

PO Box: 106

Manama

Tel: (973-17) 258800

Fax: (973-17) 263876

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

 

Please note that the correct registered name is “Box Maker WLL”.

 

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.61.87

UK Pound

1

Rs.97.69

Euro

1

Rs.77.37

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

 

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.