MIRA INFORM REPORT

 

 

Report No. :

354786

Report Date :

22.12.2015

 

IDENTIFICATION DETAILS

 

Name :

METALS OF BAHRAIN CO WLL (MEBA)

 

 

Registered Office :

Building No. 1499, Block No. 951 Road No. 5140 Asker 54299 & 502 Manama

 

 

Country :

Bahrain

 

 

Date of Incorporation :

15.04.1992

 

 

Com. Reg. No.:

26835-1, Manama

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Subject is engaged in the manufacture of water line fittings, water coolers and air conditioning fittings, radiators and oil cooler fittings, aluminium and brass couplings, steel and brass fabrications.

 

 

No. of Employee :

160

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Bahrain

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SUMMARY

 

Company Name                                    : METALS OF BAHRAIN CO WLL (MEBA)

Country of Origin                                   : Bahrain

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 15th April 1992

Commercial Registration Number           : 26835-1, Manama

Chamber Membership Number               : 2859

Issued Capital                                       : BD 1,000,000

Paid up Capital                                     : BD 1,000,000

Total Workforce                         : 160

Activities                                               : Manufacture of water line fittings, water coolers and air conditioning fittings,  radiators and oil cooler fittings, aluminium and brass couplings, steel and brass fabrications.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Ms Valisa Tandapan, Financial Controller

 

 

COMPANY NAME

 

METALS OF BAHRAIN CO WLL (MEBA)

 

 

ADDRESS

 

 

Registered & Physical Address

 

Building            : Building No. 1499, Block No. 951

Street               : Road No. 5140

Area                 : Asker

 

PO Box            : 54299 & 502

 

Town                : Manama

Country            : Bahrain

 

Telephone         : (973-17) 830707 / 830535

Facsimile          : (973-17) 830004

Mobile              : (973-39) 651230

Email                            : info@metalsofbahrain.com / info@meba.bh

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                    Position

 

·       Abdullah Fareed Khalifa                                Jordanian                      Managing Director

 

·       Rami Abdullah Fareed Khalifa                       Jordanian                      Director

 

·       Fareed Abdullah Fareed Khalifa                     Jordanian                      Director

 

·       Tawfiq Jamal                                                        -                           Human Resources Manager

 

·       Ms Valisa Tandapan                                             -                           Financial Controller

 

·       Mohamed Sayed                                                  -                           Production Manager

 

·       Mohamed Rashid                                                 -                           Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 15th April 1992

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 26835-1, Manama

 

Chamber Member No.  : 2859

 

Issued Capital              : BD 1,000,000

 

Paid up Capital            : BD 1,000,000

 

Name of Shareholder (s)                                          Percentage

 

·       Rami Abdullah Fareed Khalifa                                   55%

 

·       Abdullah Fareed Khalifa                                            25%

 

·       Fareed Abdullah Fareed Khalifa                                 20%

 

 

AFFILIATED COMPANIES

 

·       Khalifa Industrial Co

Amman

     Jordan

 

·       New Cast For Industry Marketing Services WLL

PO Box: 54299

Manama

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of water line fittings, water coolers and air conditioning fittings, radiators and oil cooler fittings, aluminium and brass couplings, steel and brass fabrications.

 

Subject was ISO 9001 accredited in 1999.

 

Meba's clients include industrial firms involved in heavy duty valve production, P.V.C. manufacturers, auto parts, A.C. manufacturers, pump manufacturers and plumbing materials suppliers.

 

Import Countries: Europe and India

 

International Suppliers:

 

·       TUV                         India

·       Gargi Chemicals       India

·       ALBA                       Bahrain

·       Babco                      Bahrain

·       Shaheen Group        Bahrain

 

Operating Trend: Steady

 

Subject has a workforce of approximately 160 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 4,320,000                            BD 4,700,000

 

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

 

The above figures were provided by Ms Valisa Tandapan, Financial Controller

 

 

BANKERS

 

·       National Bank of Bahrain BSC

Government Road

PO Box: 106

Manama

Tel: (973-17) 258800

Fax: (973-17) 263876

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

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.66.32

UK Pound

1

Rs.98.99

Euro

1

Rs.72.13

UAE Dh

1

Rs.18.05

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ANK

 

 

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.