|
Report Date : |
17.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
SCRAPMOULD WLL |
|
|
|
|
Registered Office : |
Building No. 256, Block No. 327, Road No. 2705, Adliya, 1208 & 20260
Manama |
|
|
|
|
Country : |
Bahrain |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
20.03.1984 |
|
|
|
|
Com. Reg. No.: |
14555-1, Manama |
|
|
|
|
Legal Form : |
With Limited Liability - WLL |
|
|
|
|
Line of Business : |
Engaged in the import
and distribution of scrap metals. Subject processes over 60%-70% of the steel
scrap generated in Bahrain. |
|
|
|
|
No. of Employees : |
45 |
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 |
Company Name : SCRAPMOULD
WLL
Country of Origin : Bahrain
Legal Form :
With Limited Liability - WLL
Registration Date : 20th
March 1984
Commercial
Registration Number : 14555-1, Manama
Chamber Membership
Number : 2327
Issued Capital : BD
75,000
Paid up Capital : BD 75,000
Total Workforce : 45
Activities :
Distributors of scrap metals
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Venkat Subramanian, Finance
Manager
SCRAPMOULD WLL
Building : Building No.
256, Block No. 327
Street : Road No.
2705
Area :
Adliya
PO Box : 1208 &
20260
Town : Manama
Country : Bahrain
Telephone : (973-17) 717006
/ 270439 / 830448
Facsimile : (973-17)
717009 / 230614 / 830215
Mobile : (973-39)
443058 / (973-33) 657555 / (973-34) 446363 / (973-33) 526004
Email : bramco@batelco.com.bh
/ scrapmou@batelco.com.bh
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Manama.
Branch Office
(s)
Location Description
·
Asker
Industrial Area Factory
premises
Tel: (973-77) 143446
Name Nationality Position
·
Vinay
Kumar Dewan American Managing
Director
·
Venkat Subramanian
- Finance Manager
·
Rachpal Singh - Factory
Manager
·
Amal Mohamed - Human
Resources Manager
Date of Establishment : 20th
March 1984
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 14555-1,
Manama
Chamber Member No. : 2327
Issued Capital : BD 75,000
Paid up Capital : BD 75,000
·
Bramco
Trading Co WLL 51%
Manama
·
Steel
Mould Corporation Company 49%
Panama
·
Building
Raw Material Co WLL
Manama
Tel: (973-17) 717006
·
United
Building Factories Industries
Manama
·
Gulf
Master Alloys Co WLL
Manama
·
Scrapmould International
Corporation Ltd
Jebel Ali Free Zone
Dubai
United Arab Emirates
·
Steel Mould LLC
Sharjah
United Arab Emirates
·
Scrap Processing Earth
Moving & Trading Co LLC
Muscat
Oman
Activities: Engaged in the import and distribution of
scrap metals. Subject processes over 60%-70% of the steel
scrap generated in Bahrain.
Import
Countries: Europe and GCC countries.
International Suppliers:
·
SABIC Saudi Arabia
·
Qatar Steel Qatar
Operating Trend: Steady
Subject has a
workforce of 45 employees.
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 4,135,000 BD 4,500,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Venkat Subramanian, Finance Manager
·
British
Bank of the Middle East
93 Al Khalifa Avenue
PO Box: 57
Manama
Tel: (973-17) 224555
Fax: (973-17) 226822
No complaints
regarding subject’s payments have been reported.
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.61.48 |
|
|
1 |
Rs.98.24 |
|
Euro |
1 |
Rs.78.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.