MIRA INFORM REPORT

 

 

Report No. :

329827

Report Date :

03.07.2015

 

IDENTIFICATION DETAILS

 

Name :

MANAMA PACKAGING INDUSTRY WLL (MPI)

 

 

Registered Office :

Building No. 2128, Gate No. 2, Factory No. 1, Block No. 116, Road No. 1638, Muharraq, Hidd Industrial Area, PO Box 87, Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

22.06.1996

 

 

Com. Reg. No.:

35715-1

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Engaged in the manufacture of packaging materials, including plastics bags, polythene products, aluminium foil and plastic sheets.

 

 

No. of Employees :

230

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

Payment Behaviour :

Regular

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

 

 

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

SUMMARY

 

Company Name                                    : MANAMA PACKAGING INDUSTRY WLL (MPI)

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                                : Adeel Zulfakar Ali, Finance Manager

 

 

COMPANY NAME

 

MANAMA PACKAGING INDUSTRY WLL (MPI)

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Building No. 2128, Gate No. 2, 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 / adeel@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.

 

 

KEY PRINCIPALS

 

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

 

Adeel Zulfakar Ali                                               -                      Finance Manager

 

Javid Mohamed                                                  -                     Factory Manager

 

Zahoor Ahmed                                                    -                     Marketing Manager

 

Mohamed Arshad Khan                                      -                      Sales Manager

 

 

LEGAL FORM & OWNERS

 

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%

 

 

AFFILIATED COMPANIES

 

Manama Food Industry

Manama

 

Gulf Utensil Aluminium Factory

Manama

 

Naheed Contracting & Trading

Manama

 

 

OPERATIONS

 

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.

 

International Suppliers:

 

Tasnee                          Saudi Arabia

QAPCO                        Qatar

Equate                          Kuwait

Jindal Poly                    India

Al Rawad Plastic           Saudi Arabia

 

Operating Trend: Steady

 

Subject has a workforce of approximately 230 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 10,198,444                          BD 11,074,326

 

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

 

The above figures were provided by Mr Adeel Zulfakar Ali, Finance Manager

 

 

BANKERS

 

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

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                    December 2006                         April 2014                                 May 2015

Credit amount                           203,000                                     150,000                                       600,000

Amount overdue                        0                                                          0                                              0

Payment terms                          90 days                                    90 days                                    90 days

Payment Method                       Letters of Credit                        Letters of Credit                        Letters of Credit

Paying record                           No Complaints                          No Complaints                          No Complaints

Currency                                   Pounds Sterling                        Euros                                       Euros

 

 

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.63.57

UK Pound

1

Rs.99.20

Euro

1

Rs.70.35

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

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.