MIRA INFORM REPORT

 

 

Report Date :

31.10.2014

 

IDENTIFICATION DETAILS

 

Name :

WELL FLOW GULF PRODUCTS WLL

 

 

Registered Office :

Building 1280, Block 951, 5136 Road 2831, Askar, 80137 Manama

 

 

Country :

Bahrain

 

 

Date of Incorporation :

17.07.2002

 

 

Com. Reg. No.:

490281

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Engaged in the manufacture and packaging of chemical detergents and abrasive materials.

 

 

No. of Employees :

50

 

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                                    : WELL FLOW GULF PRODUCTS WLL

Country of Origin                                   : Bahrain

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 17th July 2002

Commercial Registration Number           : 490281

Chamber Membership Number               : 10693

Issued Capital                                       : BD 100,000

Paid up Capital                                     : BD 100,000

Total Workforce                                    : 50

Activities                                               : Manufacture and packaging of chemical detergents and abrasive materials

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

WELL FLOW GULF PRODUCTS WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Building 1280, Block 951

Street               : 5136 Road 2831

Area                 : Askar

 

PO Box            : 80137

 

Town                : Manama

Country : Bahrain

 

Telephone         : (973-17) 830368

Facsimile          : (973-17) 830367

Email                : wellflow@gmail.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Abdulla Khalifa Abdullah Almannai                                                    Managing Director

 

·       Nuaman Abdullah Ahmed Alnoaimi                                                    Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 17th July 2002

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 490281

 

Chamber Member No.  : 10693

 

Issued Capital              : BD 100,000

 

Paid up Capital            : BD 100,000

 

Name of Shareholder (s)                                Percentage

 

·       Almannai International Trade WLL                              50%

Bahrain

 

·       Well Flow International WLL                                       50%

Bahrain

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and packaging of chemical detergents and abrasive materials.

 

Import Countries: Europe and the Far East

 

Subject has a workforce of 50 employees.

 

 

FINANCIAL DATA

 

Companies registered in Bahrain are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Habib Bank

Government Avenue

PO Box: 566

Manama

Tel: (973-17) 254889 / 273285

Fax: (973-17) 276685

 

 

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.61.46

UK Pound

1

Rs.98.21

Euro

1

Rs.77.45

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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%)

 

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.