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Report No. : |
335562 |
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Report Date : |
07.08.2015 |
IDENTIFICATION DETAILS
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Name : |
BRC WELDMESH GULF WLL |
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Registered Office : |
Building No. 172, Road No. 4304, Mina Salman Industrial Area, No. 343,
PO Box 5341, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
03.02.1983 |
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Com. Reg. No.: |
1457-1 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Engaged in the manufacture, supply and fixing welded wire mesh,
security fencing and concrete reinforcement solutions. |
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No. of Employees : |
150 |
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 : |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Bahrain |
A2 |
A2 |
|
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 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. Lower oil
prices in 2015 will likely exacerbate Bahrain’s budget deficit.
|
Source
: CIA |
Company Name :
BRC WELDMESH GULF WLL
Country of Origin :
Bahrain
Legal Form :
With Limited Liability - WLL
Start Date :
1973
Registration Date :
3rd February 1983
Commercial Registration Number :
1457-1, Manama
Chamber Membership Number :
263
Issued Capital :
BD 400,000
Paid up Capital :
BD 400,000
Total Workforce :
150
Activities :
Manufacture, supply and fixing welded wire mesh, security fencing and
concrete reinforcement solutions.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Vinod T Iyer, Commercial Manager
BRC WELDMESH GULF WLL
Registered &
Physical Address
Building : Building No.
172
Street : Road No.
4304
Location : Mina Salman
Industrial Area, No. 343
PO Box : 5341
Town : Manama
Country : Bahrain
Telephone : (973-17) 728222
Facsimile : (973-17)
725562
Mobile : (973-39) 624092
Email : info@brcgulf.com
/ brcacc@batelcom.bh
/ vinod@brcgulf.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 Position
Emad Abdulrahman Khalil Al Moayad Managing
Director
Abdullah Tawfiq Abdulrahman Al Moayad Director
Sofyan Khalid Abdulrahman Al Moayad Director
Amal Tareq Abdulrahman Al Moayad Director
Sattam Sulaiman Abdul Mohsin Al Qobaisi Director
Harish G Thaker General Manager
Vinod T Iyer Commercial
Manager
Thomas Korean Finance
Manager
Date of Establishment : Subject’s
operations date back to 1973, however it was registered on 3rd
February 1983
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 1457-1, Manama
Chamber Member No. : 263
Issued Capital : BD 400,000
Paid up Capital : BD 400,000
Name of
Shareholder (s) Percentage
Abdulrahman Khalil Al Moayad Group WLL 100%
Activities: Engaged in the manufacture, supply and fixing welded wire mesh, security
fencing and concrete reinforcement solutions.
Subject’s products and services include rebar detailing and design, value engineering for best cost option, bar bending scheduling and optimisation, cutting and bending of rebars from straight bar stock or coil, standard and engineered fabric bearing the BRC brand name, a complete range of accessories (couplers, pull out bar boxes, shear rails, pre-cast lifting anchors and sockets).
Import Countries: United Kingdom, Qatar, United Arab Emirates, China
and India.
International
Suppliers:
Qatar Steel Qatar
Emirates Steel United
Arab Emirates
Operating Trend: Steady
Subject has a workforce of 150 employees.
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
4,800,000 BD
5,165,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
HSBC Bank Middle East
93 Al Khalifa Avenue
PO Box: 57
Manama 304
Tel: (973-17) 224555 / 222158
Fax: (973-17) 226822
No complaints regarding subject’s payments have been reported.
Date of transaction June
2014
Credit amount 320,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.76 |
|
|
1 |
Rs.99.60 |
|
Euro |
1 |
Rs.69.71 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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.