MIRA INFORM REPORT

 

 

Report No. :

318929

Report Date :

25.04.2015

 

IDENTIFICATION DETAILS

 

Name :

OMEGA FOR PAINTS AND CHEMICAL INDUSTRIES CO WLL

 

 

Registered Office :

Building No. 604, North Sitra Road 111, Area 601, PO Box 1018, Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

19.01.1982

 

 

Com. Reg. No.:

1493-2

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Engaged in the manufacture of paint, varnish removers, grout, adhesives, decorative products, wood care products, thinners, water proofing materials and floor coatings.

 

 

No. of Employees :

75

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 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 2013, petroleum production and refining accounted for 73% of Bahrain's export receipts, 88% of government revenues, and 21% of GDP. Other major economic activities are production of aluminum - Bahrain's second biggest export after oil - finance, and construction. Bahrain 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 2012-14, 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. Lower oil prices in 2015 will likely exacerbate Bahrain’s budget deficit.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : OMEGA FOR PAINTS AND CHEMICAL INDUSTRIES CO WLL

Country of Origin                                   : Bahrain

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 19th January 1982

Commercial Registration Number           : 1493-2, Manama

Chamber Membership Number               : 2895

Issued Capital                                       : BD 160,000

Paid up Capital                                     : BD 160,000

Total Workforce                                     : 75

Activities                                               : Manufacturers of paint, varnish removers, grout, adhesives, decorative

                                                              products, wood care products, thinners, water proofing materials and

  floor coatings.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Venu Thomas, Financial Controller

 

 

COMPANY NAME

 

OMEGA FOR PAINTS AND CHEMICAL INDUSTRIES CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Building No. 604

Street               : North Sitra Road 111

Area                 : Area 601

PO Box            : 1018

Town                : Manama

Country             : Bahrain

Telephone         : (973-17) 730015

Facsimile          : (973-17) 732288

Mobile              : (973-36) 526526

Email                : info@unitcobahrain.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

Name                                                               Position

 

Hamed Ahmed Ibrahim Al Shawi                         Managing Director

 

Hema Ghulam Hussain Mansouri                        Director

 

Walid Tharwat                                                    Finance Manager

 

Venu Thomas                                                    Financial Controller

 

Rennie D’Cruz                                                   Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 19th January 1982

 

History : Subject was previously known as “Unitco Al Bahrain Co WLL”, however it re-registered and changed its name to “Omega for Paints and Chemical Industries Co WLL” on 1st May 2005.

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 1493-2, Manama

 

Chamber Member No.  : 2895

 

Issued Capital              : BD 160,000

 

Paid up Capital            : BD 160,000

 

Name of Shareholder (s)                       Percentage

 

Hamed Ahmed Ibrahim Al Shawi 90%

 

Hema Ghulam Hussain Mansouri            10%

 

 

AFFILIATED COMPANIES

 

Unitco Al Bahrain Factory Roofing Tiles

Manama

Bahrain

 

Babylon Construction

Manama

Bahrain

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of paint, varnish removers, grout, adhesives, decorative products, wood care products, thinners, water proofing materials and floor coatings.

 

Import Countries: India, China, United Arab Emirates, and the United States of America.

 

International Suppliers:

 

Ambani Organic Pvt Ltd             India

Jeson Industries Ltd                  India

20 Mircon Pvt Ltd                      India

Petrochem Co                           Dubai, United Arab Emirates

Desbro Middle East Ltd             Dubai, United Arab Emirates

Yillong Chemical Group             China

 

Brand Names:  OMEGA

 

Operating Trend: Steady

 

Subject has a workforce of 75 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Bahraini Dinar (BD)

 

                                                Year Ending 31/12/13:              Year Ending 31/12/14:

 

Total Sales                                BD 5,230,000                            BD 5,375,000

 

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

 

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

 

 

BANKERS

 

Bank of Bahrain & Kuwait

43 Government Avenue

PO Box: 597

Manama

Tel: (973-17) 253388

Fax: (973-17) 275785

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                September 2000

Credit amount                                       150,000

Amount overdue                                    0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                       No Complaints

Currency                                               US Dollars

 

GENERAL COMMENTS

 

Established in 1982, subject is involved in the manufacture of paint, varnish removers, grout, adhesives, decorative products, wood care products, thinners, water proofing materials and floor coatings.

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.40

UK Pound

1

Rs.95.42

Euro

1

Rs.68.49

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

               


 

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.