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Report Date : |
01.09.2014 |
IDENTIFICATION DETAILS
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Name : |
MIDAL CABLES LTD |
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Registered Office : |
Askar Industrial Area, Building No. 744, Block 951, Road No. 5128, PO
Box: 5939, Manama |
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Country : |
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Date of Incorporation : |
13.06.1977 |
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Com. Reg. No.: |
7108-1, |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Subject is engaged in the manufacture of cables and related
accessories, including aluminium rod and wire, over head conductors,
aluminium clad steel and extruded products. |
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No. of Employees : |
530 |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 |
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 taken great
strides in diversifying its economy and 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. Petroleum production and refining account for more than 60% of
Bahrain's export receipts, 70% of government revenues, and 11% 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 and 2012, Bahrain experienced economic setbacks as a result
of domestic unrest, however, several factors indicate that the economy is
beginning to recover, such as the return of the formula one race and tourist
cruise ships to Bahrain. 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 foremost long-term economic
challenges - youth unemployment and the growth of government debt - more
difficult to address.
|
Source
: CIA |
Company Name :
MIDAL CABLES LTD
Country of Origin :
Bahrain
Legal Form :
With Limited Liability - WLL
Registration Date :
13th June 1977
Commercial Registration Number :
7108-1, Manama
Chamber Membership Number :
2350
Issued Capital :
US$ 66,313,000
Paid up Capital :
US$ 66,313,000
Total Workforce :
530
Activities :
Manufacture of cables and related accessories.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Raymond N Palkhiwala, Finance Manager
MIDAL CABLES LTD
Registered &
Physical Address
Location : Askar
Industrial Area, Building No. 744, Block 951, Road No. 5128
PO Box : 5939
Town : Manama
Country : Bahrain
Telephone : (973-17) 832832
/ 832833
Facsimile : (973-17)
832932 / 832933
Mobile : (973-39)
653315
Email : midalcbl@midalcable.com
/ Raymond@midalcable.com
Premises
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Manama.
Name Nationality Position
Khalid Rashid Sheikh Abdulrahman Al Zayani Bahraini Managing Director
Hamad Rashid Sheikh Abdulrahman Al Zayani Bahraini Director
Zayad Rashid Sheikh Abdulrahman Al Zayani Bahraini Director
Waheeb A
Lingawi
Saudi Director
Mohammed Haroon Al Atas Saudi Director
Guillermo
Pereoro Valrela Spanish Director
Mohamed Mustafa - Chief Executive
Officer
Mahernosh Dhunjiash - Chief Investment
Officer
Raymond N Palkhiwala - Finance
Manager
R K Chopra - Marketing
Manager
Emam Jalal - Production
Manager
Abdulaziz Khallaf - Purchasing
Manager
Date of Establishment : 13th June 1977
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 7108-1, Manama
Chamber Member No. : 2350
Issued Capital : US$ 66,313,000
Paid up Capital : US$ 66,313,000
Name of
Shareholder (s) Percentage
Intersteel Co WLL 50%
Bahrain
Saudi Cable Co Ltd
50%
Saudi Arabia
Investcorp EC
Investcorp House
PO Box: 5340
Manama
Tel: (973-17) 532000
Fax: (973-17) 530816
Gulf Trading & Engineering Co
PO Box: 26332
Manama
Tel: (973-17) 232085
Fax: (973-17) 262745
Bahrain Flour Mill Co BSC
PO Box: 26787
Mina Salman
Manama
Tel: (973-17) 729984
Fax: (973-17) 729312
Aluwheel WLL
Zayani House
Sheikh Salman Highway
Selha
PO Box: 5570
Manama
Tel: (973-17) 830007 / 533310
Fax: (973-17) 830616 / 532359
Al Zayani Investment Co WLL
PO Box: 5553
Manama
Tel: (973-17) 531177
Fax: (973-17) 530659
Bahraini Saudi Bank BSC
Government Avenue
PO Box: 1159
Manama
Tel: (973-17) 263111
Fax: (973-17) 263048
Al Zayani Commercial Services
Zayani House
PO Box: 5570
Manama
Guardian Royal Exchange Assurance Plc
Manama
Tel: (973-17) 213636
Kuwait Automobile & Trading
PO Box: 41
Safat
Kuwait
Madem Gulf
Industries WLL
Manama
Midal Gulf
Company WLL
Manama
Bahrain Welding
Wire Products Manufacturing Co
Manama
Madem Gulf
Industries WLL
Manama
Activities: Engaged in the manufacture of
cables and related accessories, including aluminium rod and wire, over head
conductors, aluminium clad steel and extruded products.
Subject
is ISO 9001 accredited.
Production Capacity: 180,000
tonnes per annum
Import Countries: India
and the United Kingdom
Subject has a workforce of approximately 530 employees.
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.
Habib Bank
Government Avenue
PO Box: 566
Manama
Tel: (973-17) 254889 / 273285
Fax: (973-17) 276685
No complaints regarding subject’s payments have been reported.
Date of transaction February
2013
Credit amount EUR 250,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
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.60.48 |
|
|
1 |
Rs.100.35 |
|
Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.