MIRA INFORM REPORT

 

 

Report Date :

24.12.2014

 

IDENTIFICATION DETAILS

 

Name :

KAVALANI AND SONS WLL

 

 

Registered Office :

Bahrain Investment Wharf, PO Box: 71, Hidd

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

24.08.1979

 

 

Com. Reg. No.:

596, Manama

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Distribution of Building Materials and Construction Equipment.

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 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                                    : KAVALANI AND SONS WLL

Country of Origin                                   : Bahrain

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 24th August 1979

Commercial Registration Number           : 596, Manama

Chamber Membership Number               : 517

Issued Capital                                       : BD 1,000,000

Paid up Capital                                     : BD 1,000,000

Total Workforce                         : 60

Activities                                               : Distribution of building materials and construction equipment

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : K V Subramanian, Financial Manager

 

COMPANY NAME

 

KAVALANI AND SONS WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Bahrain Investment Wharf

 

PO Box            : 71

 

Town                : Hidd

Country : Bahrain

 

Telephone         : (973-69) 990222

Facsimile          : (973-69) 990220

Mobile              : (973-39) 062035

Email                : kavson@batelco.com.bh / info@kavalani.com

 

Please note that subject’s previous address was, No. 336, Al Khalifa Avenue, Block 304, Manama.

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Hidd.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Building No. 775, Road No 114, Block 601                                         Showroom premises

North Sitra Industrial Area

Manama

Tel: (973-17) 732888

Fax: (973-17) 737379

 

·       Sitra Industrial Area                                                                           Office & showroom premises

Tel: (973-17) 732888

Fax: (973-17) 737379

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mukesh Tolaram Gandhi                                                                    Managing Director

 

·       Tolaram Narsinghdas                                                                        Director

 

·       Prashant Raj                                                                         Director

 

·       Devkishan Tolaram Gandhi                                                                Director

 

·       Kamal Devkishan Tolaram Gandhi                                                      Director

 

·       Naredra Chandrasen                                                                         Director

 

·       Madhuri Chandrasen                                                                         Director

 

·       K V Subramanian                                                                              Financial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 24th August 1979

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 596, Manama

 

Chamber Member No.  : 517

 

Issued Capital              : BD 1,000,000

 

Paid up Capital            : BD 1,000,000

 

Name of Shareholder (s)                                                                 Percentage

 

·       Mukesh Tolaram Gandhi                                                                    20%

 

·       Tolaram Narsinghdas                                                                        20%

 

·       Prashant Raj                                                                         20%

 

·       Devkishan Tolaram Gandhi                                                                10%

 

·       Kamal Devkishan Tolaram Gandhi                                                      10%

 

·       Naredra Chandrasen                                                                         10%

 

·       Madhuri Chandrasen                                                                         10%

 

 

AFFILIATED COMPANIES

 

·       Poshattamdas & Vasumal Co WLL

Manama

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of power tools, hand tools, building materials, electrical, HVAC

spares, safety equipment, chemicals, fittings, packing & jointing equipment, cleaning equipment, welding consumables, belting, fasteners, lifting equipment, garage equipment, bars, sheets and instrumentation, hoses, pneumatic tools, ropes, shelving, strappings, tapes and adhesives.

 

Import Countries: China, India, United Kingdom, Japan, Germany and the United States of America

 

International Suppliers:

 

·         3M                          United States of America

·         Rigid Tool               United States of America

·         Goodyear               United States of America

·         Record                   United Kingdom

·         Dewalt                    United Kingdom

·         Stanley Tools          United Kingdom

·         Elora                      Germany

 

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 5,000,000                            BD 5,500,000

 

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

 

The above figures were provided by Mr K V Subramanian, Financial Manager

 

 

BANKERS

 

·       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

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.63.45

UK Pound

1

Rs.98.88

Euro

1

Rs.77.62

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

               

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.