MIRA INFORM REPORT

 

 

Report Date :

16.09.2014

 

 

IDENTIFICATION DETAILS

 

Name :

BAHRAIN WORKSHOP COMPANY WLL

 

 

Registered Office :

Building No. 78A, Block No. 939, Road No. 3901, Riffa, P O Box   : 404, Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

1948, however subject was registered on 2nd August 1975

 

 

Com. Reg. No.:

351-1, Manama

 

 

Legal Form :

With Limited Liability – WLL

 

 

Line of Business :

Subject’s operations are performed through the following divisions:

 

·       Trading Division

·       Engineering Division

 

 

No of Employees :

180

 

 

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 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Bahrain

B1

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate 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                         : BAHRAIN WORKSHOP COMPANY WLL

Country of Origin                                    : Bahrain

Legal Form                                            : With Limited Liability – WLL

Start Date                                             : 1948

Registration Date                                   : 2nd August 1975

Commercial Registration Number            : 351-1, Manama

Chamber Membership Number                : 1805

Issued Capital                                        : BD 150,000

Paid up Capital                                      : BD 150,000

Total Workforce                                     : 180

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

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person Interviewed                                 : Manoj Goyle, Financial Controller

 

COMPANY NAME

 

BAHRAIN WORKSHOP COMPANY WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Building No. 78A, Block No. 939

Street               : Road No. 3901

Area                 : Riffa

 

PO Box             : 404

 

Town                 : Manama

Country             : Bahrain

 

Telephone         : (973-17) 777800

Facsimile          : (973-17) 770995

Mobile               : (973-39) 267250

Email                : bwctd@batelco.com.bh

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Riffa.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Lulu Avenue                                                                                      Office premises

Manama

Tel: (973-17) 253289 / 251730

Fax: (973-17) 263228 / 251932

 

·       Sitra                                                                                                 Showroom premises

Tel: (973-17) 701055

    

·       Issa Town                                                                                         Warehouse premises

Tel: (973-17) 783086

 

·       Maamir                                                                                             Workshop premises

Manama

     Tel: (973-17) 700798

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Khalil Mohamed Karim Al Sharif                                                         Managing Director

 

·       Moniem Mohamed Karim Al Sharif                                                      Director

 

·       Moshin Mohamed Karim Al Sharif                                                       Director

 

·       Shahenz Mohamed Karim Al Sharif                                                     Director

 

·       Shala Mohamed Karim Al Sharif                                                         Director

    

·       Shevatank Bushan                                                                            Finance Manager

 

·       Manoj Goyle                                                                                     Financial Controller

 

·       Stewart Walter                                                                                  Engineering Division Manager

 

·       A D Rajan                                                                                         Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1948, however subject was registered on 2nd August 1975

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 351-1, Manama

 

Chamber Member No. : 1805

 

Issued Capital              : BD 150,000

 

Paid up Capital            : BD 150,000

 

Name of Shareholder (s)                                             Percentage

 

·       Khalil Mohamed Karim Al Sharif                                             24.8%

 

·       Moniem Mohamed Karim Al Sharif                                          23.8%  

 

·       Moshin Mohamed Karim Al Sharif                                           23.8%

 

·       Shahenz Mohamed Karim Al Sharif                                         13.8%

 

·       Shala Mohamed Karim Al Sharif                                             13.8%

 

 

AFFILIATED COMPANIES

 

·       Deborah Services Bahrain Co WLL

PO Box: 404

Manama

       Tel: (973-17) 700548

Fax: (973-17) 701429

 

 

OPERATIONS

 

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

 

·       Trading Division

 

All types of domestic, industrial and engineered API pumps

Welding machines

Welding electrodes

Gas welding and cutting equipment and consumables

Hand tools

Pneumatic tools

All types of lifting equipment including overhead gantry cranes

Hydraulic hoses and fitting

Air compressors

Gaskets

Safety items (safety shoes, Gloves, Boiler suits, Helmets, Rescue Equipment)

Lathe machines and Machine tools

Pneumatic and electric drill machines

All types of fittings for domestic, chemical and industrial purposes.

Remote Visual Inspection Equipment

Fuel Distribution Equipment

Electric Motors

Battery Chargers

Industrial Fasteners

Maintenance products

Precision Measuring Equipment

Liquid Flow Measuring Equipment

 

·       Engineering Division

 

The Engineering Division has acquired wide experience in heavy fabrication and associated manufacturing activities connected with aluminium smelter refineries & other major companies in BAHRAIN and around the Gulf.

Our facility has been accredited to ISO 9002 by DNV. Every activity affecting the quality of company’s products is controlled by documented procedures to ensure that the customer requirements are satisfied. BAHRAIN WORKSHOP COMPANY is a well-established and reputable company offering a superbly equipped facility and a diverse range of services such as:

 

Fabrication & Welding

Precision Machining

Foundry (Casting)

Blasting & Painting

Galvanising

Rotating Equipments Division

Site Operations

 

The Engineering Division was further diversified with the addition of CNC wire cut and CNC milling machine forming Die Division. The Die Division concentrates on the manufacture of extrusion Dies used in the aluminium industry. In conjunction, a foundry is at this time functioning with an induction furnace with high capacity.

The manufacturing facilities include 150,000-sq. ft. covered area, which houses the Machine shop, heavy fabrication shop and light fabrication shop. EOT cranes varying from five tonnes to twenty tonnes lifting capacity cover the entire production area.

 

Import Countries: Denmark, United Kingdom and Japan.

 

International Suppliers:

 

·       Dunlop Hiflex AS                               Denmark

·       Emco Wheaton UK Ltd                      United Kingdom

·       Morris Material Handling Ltd               United Kingdom

·       Emco Wheaton                                 United Kingdom

·       Olympus Corporation             Japan

·       Kawasaki Machinery Co Ltd               Japan

·       The Lincoln Electric Company            United States of America

·       Pan-Korea Metal Industrial Co Ltd       South Korea

 

Operating Trend: Steady

 

Subject has a workforce of approximately 180 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 5,700,000                            BD 6,225,000

 

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

 

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

 

 

BANKERS

 

·       HSBC Bank Middle East

93 Al Khalifa Avenue

PO Box: 57

Manama 304

Tel: (973-17) 224555 / 222158

Fax: (973-17) 226822

 

·       Standard Chartered Bank

Standard Chartered Bank Building

Government Road

PO Box: 29

Manama

Tel: (973-17) 223636 / 255946

Fax: (973-17) 230503

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                  May 2005                                  June 2013                                July 2014

Credit amount                            34,000                                      30,000                                      73,000

Amount overdue             0                                              0                                              0

Payment terms                          30 days                                     30 days                                     30 days

Payment Method                       Letters of Credit                         Letters of Credit                         Letters of Credit

Paying record                            No Complaints                           No Complaints                           No Complaints

Currency                                   Pounds Sterling                         Euros                                        Euros

 

 

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.60.99

UK Pound

1

Rs.99.10

Euro

1

Rs.79.03  

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

 

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.