MIRA INFORM REPORT

 

 

Report Date :

21.11.2014

 

IDENTIFICATION DETAILS

 

Name :

BAHRAIN FIBERGLASS INTERNATIONAL WLL

 

 

Registered Office :

Building No. 469, Road 4308, Block No. 343, Mina Salman Industrial Area, 26197, Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

08.07.1976

 

 

Com. Reg. No.:

5028-1, Manama

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Engaged in the design and production of fibre reinforced polyester (FRP) and other composite mouldings.

 

 

No of Employees :

400

 

 

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                                    : BAHRAIN FIBERGLASS INTERNATIONAL WLL

Also Known As                                     : B F G INTERNATIONAL WLL

Country of Origin                                   : Bahrain

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 8th July 1976

Commercial Registration Number           : 5028-1, Manama

Chamber Membership Number               : 2231

Issued Capital                                       : BD 1,350,000

Paid up Capital                                     : BD 1,350,000

Total Workforce                                     : 400

Activities                                               : Design and production of fibre reinforced polyester (FRP) and other

                                                              composite mouldings

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Faisal Rais, Purchasing Manager

COMPANY NAME

 

BAHRAIN FIBERGLASS INTERNATIONAL WLL

 

ALSO KNOWN AS: B F G INTERNATIONAL WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Building No. 469, Road 4308, Block No. 343

Area                 : Mina Salman Industrial Area

 

PO Box            : 26197

 

Town                : Manama

Country             : Bahrain

 

Telephone         : (973-17) 727063

Facsimile          : (973-17) 727615

Mobile              : (973-39) 629600

Email                : ideas@bfginternational.com / zakia@bfginternational.com / faisa.r@bfginternational.com

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Manama.

 

 

KEY PRINCIPALS

 

     Name                                                                       Nationality                     Position

 

·       Samer Majed Jawad Al Jishi                                      Bahraini                        Managing Director

 

·       Haifa Majed Jawad Al Jishi                                       Bahraini                        Director

 

·       Luma Majed Jawad Al Jishi                                       Bahraini                        Director

 

·       Mai Majed Jawad Al Jishi                                          Bahraini                        Director

 

·       Kareema Abdul Hussain Al Hili                                  Bahraini                        Director

 

·       Hassan Ashoor                                                               -                             Marketing Manager

 

·       Michael Massalux                                                           -                             Finance Manager

 

·       S Aroura Donsika Dos Santos                                         -                             Human Resources Manager

 

·       Hussain Ali Hassan                                                         -                             Production Manager

 

·       Faisal Rais                                                                     -                             Purchasing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 8th July 1976

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 5028-1, Manama

 

Chamber Member No.  : 2231

 

Issued Capital              : BD 1,350,000

 

Paid up Capital            : BD 1,350,000

 

Name of Shareholder (s)                                                Percentage

 

·       Samer Majed Jawad Al Jishi                                           32%

 

·       Kareema Abdul Hussain Al Hili                                       20%

 

·       Haifa Majed Jawad Al Jishi                                            16%

 

·       Luma Majed Jawad Al Jishi                                            16%

 

·       Mai Majed Jawad Al Jishi                                               16%

 

 

AFFILIATED COMPANIES

 

·       BFG Contracting SPC

     Bahrain

 

·       Composite Forms and Technologies

Paris

France

 

·       BFG International

Singapore

 

·       FRP Services & Company

Osaka

Japan

 

 

OPERATIONS

 

Activities: Engaged in the design and production of fibre reinforced polyester (FRP) and other composite mouldings.

 

Subject is ISO 9001 accredited.

 

Import Countries: France, Germany, India and Saudi Arabia

 

International Suppliers:

 

·       Essem Industries                  India

·       Scholl Glass                         Germany

·       Verre Glass Industry             France

·       SABIC                                  Saudi Arabia

·       Awal Plastics                        Bahrain

 

Brand Names: BFG

 

Operating Trend: Steady

 

Subject has a workforce of approximately 400 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 20,000,000                          BD 21,200,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Standard Chartered Bank

Standard Chartered Bank Building

Government Road

PO Box: 29

Manama

Bahrain

Tel: (973-17) 223636 / 255946

Fax: (973-17) 230503

 

 

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.62.10

UK Pound

1

Rs.97.32

Euro

1

Rs.77.91                        

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SMN

 

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.