MIRA INFORM REPORT

 

 

Report Date :

11.07.2014

 

IDENTIFICATION DETAILS

 

Name :

HASSAN EBRAHIM BUKAMAL & SONS WLL

 

 

Registered Office :

Building No. 109, 7th Floor, Block No. 356, Al Sulaimaniyah Pearl, PO Box : 5682, Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

16.07.1990

 

 

Com. Reg. No.:

23505-1, Manama

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Subject’s operations are performed through the following divisions:

·         Construction & Industrial Supplies Division

·         Building Materials & Hardware Division

·         Health, Safety & Environment Division

·         Supply Chain & Operations

·         Security & Communication

·         Bukamal Properties

·         Power & Energy

·         Retail

 

 

No. of Employees :

80

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Bahrain

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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                                     : HASSAN EBRAHIM BUKAMAL & SONS WLL

Country of Origin                                    : Bahrain

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 16th July 1990

Commercial Registration Number            : 23505-1, Manama

Chamber Membership Number                : 1717

Issued Capital                                        : BD 150,000

Paid up Capital                                      : BD 150,000

Total Workforce                                     : 80

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

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Ihsan Hassan Ibrahim Bukamal, Director

 

 

 

COMPANY NAME

 

HASSAN EBRAHIM BUKAMAL & SONS WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Building No. 109, 7th Floor, Block No. 356

Area                 : Al Sulaimaniyah Pearl

PO Box             : 5682

Town                 : Manama

Country             : Bahrain

 

Telephone         : (973-17) 244665 / 255766 / 255211

Facsimile          : (973-17) 255572

Mobile               : (973-39) 944060 / 451645

Email                : hebs@batelco.com.bh

 

Premises

 

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

 

Branch Offices

 

Location                                                                                              Description

 

Sitra Industrial Area                                                                                Warehouse premises

 

 

KEY PRINCIPALS

 

Name                                                   Nationality                   Position

 

Jehad Hassan Ibrahim Bukamal             Bahraini                        Managing Director

 

Tariq Hassan Ibrahim Bukamal                Bahraini                        Director

 

Majed Hassan Ibrahim Bukamal              Bahraini                        Director

 

Ihsan Hassan Ibrahim Bukamal               Bahraini                        Director

 

Hassan Khalid Ibrahim Bukamal              Bahraini                        Director

 

Ahmed  Khalid Ibrahim Bukamal              Bahraini                        Director

 

Amina Mohamed Ibrahim Bukamal          Bahraini                        Director

 

Fajer Khalid Ibrahim Bukamal                  Bahraini                        Director

 

Hend Khalid Ibrahim Bukamal                 Bahraini                        Director

 

Fouzi Al Aradi                                              -                             General Manager

 

Magdi Bukamal                                      Bahraini                        Marketing Manager

 

Alex D’Souza                                               -                            Financial Controller

 

Chirak Shah                                                 -                            Commercial Manager (Construction)

 

Johnson George                                            -                            Commercial Manager (Building Materials)

 

Yaseen Irshaidat                                           -                            Commercial Manager (Health & Safety)

 

Fairy Fernandes                                            -                            Administration Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  :           16th July 1990

 

Legal Form                  :           With Limited Liability - WLL

 

Commercial Reg. No.  :           23505-1, Manama

 

Chamber Member No. :           1717

 

Issued Capital              :           BD 150,000

 

Paid up Capital            :           BD 150,000

 

Name of Shareholder (s)                                              Percentage

 

Jehad Hassan Ibrahim Bukamal                                      27.00%

 

Tariq Hassan Ibrahim Bukamal                                        25.00%

 

Majed Hassan Ibrahim Bukamal                                      16.00%

 

Ihsan Hassan Ibrahim Bukamal                                       16.00%

 

Hassan Khalid Ibrahim Bukamal                                        4.54%

 

Ahmed  Khalid Ibrahim Bukamal                                        4.54%

 

Amina Mohamed Ibrahim Bukamal                                    2.38%

 

Fajer Khalid Ibrahim Bukamal                                            2.27%

 

Hend Khalid Ibrahim Bukamal                                           2.27%

 

 

AFFILIATED COMPANIES

 

Door Care WLL

Manama

Bahrain

Tel: (973-17) 732227

 

Toto Sanitaryware & Tile WLL

Manama

Bahrain

 

Lcl Bukamal Bahrain Bsc Closed

Manama

Bahrain

 

 

OPERATIONS

 

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

 

Construction & Industrial Supplies Division

 

Traders of construction materials and industrial supplies, ironmongery, bolts and nuts.

 

Building Materials & Hardware Division

 

Traders of general building materials, except wood.

 

Health, Safety & Environment Division

 

Traders of health and safety products and equipment.

 

Supply Chain & Operations

 

Engaged in the provision of supply chain services

 

Security & Communication

 

Engaged in the import, distribution and services of security and communication products

Bukamal Properties

 

Engaged in the provision of property services including investment, stocks, warehousing, commercial shopping and residential buildings

 

Power & Energy

 

Engaged in the provision of power and energy services and solutions

 

Retail

 

Engaged in the import and distribution of sanitary ware, faucets, bathroom accessories, spas and whirlpool baths.

 

Import Countries:         Japan and Austria

 

International Suppliers:

 

Ryobi                            Japan

Alten                             Austria

 

Operating Trend:         Steady

 

Subject has a workforce of 80 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 9,200,000                            BD 9,640,000

 

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

 

The above figures were provided by Mr Ihsan Hassan Ibrahim Bukamal, Director

 

 

BANKERS

 

Bank of Bahrain & Kuwait

43 Government Avenue

PO Box: 597

Manama

Tel: (973-17) 253388

Fax: (973-17) 275785

National Bank of Bahrain BSC

NBB Tower

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

 

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.59.88

UK Pound

1

Rs.102.59

Euro

1

Rs.81.69

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NNA

 

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.