MIRA INFORM REPORT

 

 

Report No. :

307168

Report Date :

12.02.2015

 

IDENTIFICATION DETAILS

 

Name :

AL MEABAD ELECTRICAL SERVICES ESTABLISHMENT

 

 

Registered Office :

Muharaq Industrial Area, PO Box 50340, Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

11.08.1984

 

 

Com. Reg. No.:

18008-4

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the import and distribution of electrical equipment and related accessories.

 

 

No. of Employees :

50

 

 

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 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                                    : AL MEABAD ELECTRICAL SERVICES ESTABLISHMENT

Country of Origin                                   : Bahrain

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 11th August 1984

Commercial Registration Number           : 18008-4, Manama

Chamber Membership Number               : 15592

Invested Capital                                    : BD 70,000

Total Workforce                                     : 50

Activities                                               : Distributors of electrical equipment and related accessories.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

COMPANY NAME

 

AL MEABAD ELECTRICAL SERVICES ESTABLISHMENT

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Muharaq Industrial Area

PO Box                        : 50340

Town                : Manama

Country             : Bahrain

Telephone         : (973-17) 341162

Facsimile          : (973-17) 341978

Mobile              : (973-39) 454374

Email                : mes_bahrain@yahoo.com / almeabadelectricalservice@yahoo.com

 

Premises

 

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

 

Branch Office (s)

 

Location                                                                                   Description

 

Building No. 99                                                                         Rented showroom premises

Complex No. 905

Street 83

East Riffa

Tel: (973-17) 779651
Fax: (973-17) 772850

Sheikh Hamad Street                                                                 Rented showroom premises

Manama

Tel: (973-17) 258898
Fax: (973-17) 250089

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Hassan Jaffar Ali Hussain Al Meabad                                         Proprietor & General Manager

 

Kamal Ali                                                                                  Assistant General Manager

 

Adnan Nazeer                                                                            Sales Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 11th August 1984

 

History : Subject changed legal form from a General Partnership to a Sole Proprietorship on 26th September 2004.

 

Legal Form      : Sole Proprietorship

 

Commercial Reg. No.   : 18008-4, Manama

 

Chamber Member No.  : 15592

 

Invested Capital           : BD 70,000

 

Mr Hassan Jaffar Ali Hussain Al Meabad            is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of electrical equipment and related accessories.

 

Import Countries: United Arab Emirates, China and India

 

International Suppliers:

 

Yashi International                     India

Agriwal International                   India

Ortem Fan                                 India

Voldam International                  China

Haider International                    China

Moeiz Trading                           Dubai, United Arab Emirates

Safety Electrical Co                   Dubai, United Arab Emirates

 

Operating Trend: Steady

 

Subject has a workforce of 50 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 3,100,000                            BD 3,375,000

 

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

 

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

 

 

BANKERS

 

Bahrain Development Bank

PO Box: 20501

Manama

Tel: (973-17) 537007

Fax: (973-17) 534005

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject meets its payment obligations in a timely manner and the business is considered to be a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.15

UK Pound

1

Rs.94.72

Euro

1

Rs.70.33

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.