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Report Date : |
27.09.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Building No. 2, Gate 2128, Factory No. 1, Block No. 116, Road No. 1638, Muharraq, Hidd Industrial Area PO Box : 87 Manama |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
22.06.1996 |
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Com. Reg. No.: |
35715-1, |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Manufacturers of packaging materials. |
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No. of Employees : |
230 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
Regular |
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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
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Bahrain |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
Company Name :
Country of Origin :
Bahrain
Legal Form :
With Limited Liability - WLL
Registration Date :
22nd June 1996
Commercial Registration Number :
35715-1, Manama
Chamber Membership Number :
9608
Issued Capital :
BD 1,200,000
Paid up Capital :
BD 1,200,000
Total Workforce :
230
Activities :
Manufacturers of packaging materials.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Sohail Nazir, Finance Manager
MANAMA PACKAGING INDUSTRY WLL (MPI)
Registered &
Physical Address
Building : Building No. 2, Gate
2128, Factory No. 1, Block No. 116
Street : Road No. 1638
Area : Muharraq, Hidd
Industrial Area
PO Box : 87
Town : Manama
Country : Bahrain
Telephone : (973-17) 675246
Facsimile : (973-17) 673475
Mobile : (973-39)
667233 / 320342 / 917979
Email : mpiwll@batelco.com.bh
/ info@mpiwll.com
/ ejaz@mpiwll.com
/ sohail@mpiwll.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
Mohamed Hassan Khalil Dawani Bahraini Managing Director
Abdul Hamid Mohamed Hassan Dawani
Bahraini Director
Nasser Mohamed Hassan Dawani Bahraini Director
Nabil Mohamed Hassan Dawani Bahraini Director
Ahmed Reda Mortda Dawani Bahraini Director
Mohamed Akram Jawdari Bahraini Director
Mohamed Riyad Ihssan Pakistani Director
Mohamed Ejaz Choudari Pakistani Director & General Manager
Sohail Nazir
- Finance
Manager
Javid Mohamed
- Factory
Manager
Zahoor Ahmed - Marketing Manager
Mohamed Arshad Khan -
Sales Manager
Date of Establishment : 22nd
June 1996
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 35715-1, Manama
Chamber Member No. : 9608
Issued Capital : BD 1,200,000
Paid up Capital : BD 1,200,000
Name of
Shareholder (s) Percentage
Mohamed Hassan Khalil Dawani 15%
Abdul Hamid Mohamed Hassan Dawani 15%
Nasser Mohamed Hassan Dawani 15%
Nabil Mohamed Hassan Dawani 15%
Ahmed Reda Mortda Dawani 10%
Mohamed Akram Jawdari 10%
Mohamed Riyad Ihssan 10%
Mohamed Ejaz Choudari 10%
Manama Food Industry
Manama
Gulf Utensil Aluminium Factory
Manama
Naheed Contracting & Trading
Manama
Activities: Engaged in the manufacture
of packaging materials, including plastics bags, polythene products, aluminium
foil and plastic sheets.
Import Countries: Germany, Spain, France and GCC countries.
Operating Trend: Steady
Subject has a workforce of approximately 230 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
9,843,870 BD
10,198,444
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Sohail Nazir, Finance Manager
Al Ahli Commercial Bank
Government Avenue
PO Box: 5941
Manama
Tel: (973-17) 244333
Fax: (973-17) 241301
Standard Chartered Bank
Government Road
PO Box: 29
Manama
Bahrain
Tel: (973-17) 223636
No complaints regarding subject’s payments have been reported.
Date of transaction December
2006 April 2014
Credit amount 203,000 150,000
Amount overdue 0 0
Payment terms 90
days 90
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Pounds
Sterling Euros
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.57 |
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1 |
Rs.100.42 |
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Euro |
1 |
Rs.78.45 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
-- |
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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.