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MIRA INFORM REPORT
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Report No. : |
509165 |
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Report Date : |
12.05.2018 |
IDENTIFICATION DETAILS
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Name : |
MIDAL
CABLES COMPANY LIMITED |
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Registered Office : |
Building No. 744, Road No. 5128, Askar, Block No.
951, PO Box 5939, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
13.06.1977 |
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Com. Reg. No.: |
7108-1 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
The company is involved in the following activities: Manufacturers
of cables and EC grade re-draw rods for the electrical and wire industries as
well as overhead conductors for power transmission lines. |
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No. of Employees : |
500 (Subject) 1,300 (Group) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Bahrain |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
BAHRAIN - ECONOMIC OVERVIEW
Low oil prices have generated a budget deficit of at least a $4 billion deficit
in 2016, nearly 14% of GDP. Bahrain has few options for covering this deficit,
with meager foreign assets and a constrained borrowing ability. In the last
year the three major US credit agencies downgraded Bahrain’s sovereign debt
rating to “junk” status, citing persistently low oil prices and the
government’s inability to more effectively cut spending.
Oil comprises 86% of Bahraini budget revenues, despite past efforts to
diversify its economy and to build communication and transport facilities for
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.
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 driven by the majority Shia population; however, the economy recovered
in 2012-15, partly as a result of improved tourism. In addition to addressing
its current fiscal woes, Bahraini authorities face the long-term challenge of
boosting Bahrain’s regional competitiveness — especially regarding industry,
finance, and tourism — and reconciling revenue constraints with popular
pressure to maintain generous state subsidies and a large public sector. Over
the past year, the government lifted subsidies on meat, diesel, kerosene, and
gasoline and announced new higher prices for electricity and water, although it
plans to roll these increases out more gradually than previous subsidy cuts.
|
Source
: CIA |
COMPANY NAME
MIDAL CABLES COMPANY LIMITED (CORRECT)
MIDAL CABLES LTD (REQUESTED)
ADDRESS
Building :
Building No. 744
Street :
Askar Road No. 5128
Area :
Askar, Ras Abu Jarjur, Block No. 951, Opp. ALBA
P.O. Box No.: 5939
Town :
Manama
Country : Bahrain
Telephone :
(973) 1783 2832 / 1783 2815 (General Manager – Finance) / 1783 2814 (Financial
Manager) / 1783 2833 / 1783 2813 / 1783 2812 / Mobiles (973) 3347 6644
(Dushyant Kumar Paramhans) / (973)
3943 8090 / (973) 3965 3315
Fax :
(973) 1783 2936 / 1783 2932 / 1783 2933 / 1783
2933
E-Mail :
dkp@midalcable.com / irfan@midalcable.com / midalcbl@batelco.com.bh / midalcbl@midalcable.com
Website :
www.midalcable.com
Also known as : Midal Cables Ltd
SENIOR COMPANY PERSONNEL
Name Position
1. Khalid Rashid Shaikh Abdulrahman Alzayani Chairman
2. Guillermo Pereoro Valrela Vice Chairman
3. Hamed Rashid Abdulrahman Alzayani Managing
Director
4. Mohammed Mustafa Chief
Executive Officer
5. R.K. Chopra Assistant CEO -
International Operations for Midal
Group
6. Kersi Master Chief Operating
Officer - International Operations
7. Emam Jalal General Manager -
Production Maintenance, Purchasing
&
QSSHE
8. Ammar Al Khuzaei General Manager -
Marketing & Sales (Finished
Products
- Conductors)
9. Hasan Qarooni General Manager -
Marketing & Sales (Semi Finished
Products
- Rods & Wires)
10.Dushyant Kumar Paramhans General Manager – Finance
11.Irfan Jilani Financial
Manager
12.Hassan Radi Purchasing Manager
13.Mohammed Jaffer Human
Resources Manager
Total
Employees : 500 (Subject)
1,300 (Group)
PAYMENTS
No complaints have been heard regarding payments from
local suppliers or banks.
Subject is a well-established company operating since
1977 and is one of the world's largest cable manufacturers. The Company also is
the biggest user of molten aluminium from the ALBA smelter.
Midal Cables Ltd is a member of the Saudi Cable Group
of Companies, Saudi Arabia and the Al Zayani Group of companies, Bahrain.
We consider it is acceptable to deal with subject for
LARGE amounts.
Trade risk assessment : Normal
PRINCIPAL BANKERS
NAME : HSBC
OF THE MIDDLE EAST
Branch : Al
Khalifa Avenue
PO Box : 57
Town :
Manama
Telephone: (973) 1722 4555
Fax : (973)
1722 6822
The Company
also has an account with the following banks:
1. Bank of Bahrain & Kuwait (BBK)
Main Branch
PO Box 597
Manama
Telephone:
(973) 1721 1125
Fax : (973) 1721 1125
2. BNP Paribas (formerly Banque Paribas)
Main Branch
PO Box 5241
Manama
Telephone:
(973) 1722 5275
Fax : (973) 1722 4697
FINANCIAL INFORMATION
Private companies in Bahrain are not required to
publish or disclose balance sheets. However, the subject interviewed offered
the following information :
Sales Turnover
: US DLRS 150,000,000 - 2004 -
exact
:
US DLRS 200,000,000 - 2005 - exact
: US DLRS
250,000,000 - 2006 - exact
: US DLRS
444,000,000 - 2007 - exact
: US DLRS
450,000,000 - 2008 - exact
: Not Given - 2009
: US DLRS
500,000,000 – 2010 – exact
: Not
Given - 2011
: US DLRS
550,000,000 – 2012 – approx
: Not Given - 2013
: SR 3,004,976,000 – 2014 – exact
: SR 3,598,511,000 – 2015 – exact
: SR 2,970,375,000 – 2016 - exact
Net Profit
: SR 234,829,000 – 2014 - exact
: SR 168,135,000 – 2015 - exact
: SR 84,045,000 – 2016 - exact
* Full 2017 financial result are not yet available.
Financial year ends 31 December.
The following information applies to Metal Form Co.,
subject’s affiliated company (latest available) :
Sales Turnover
: US DLRS 12,000,000 - 2010 -
approx
: US DLRS
10,000,000 - 2011 - approx
Net Profit
: Not given but stated to
be profitable
Financial year
ends 31 December.
The following Consolidated Balance Sheets as at
31 December 2016 applies to Saudi Cable Company, subject's parent company:
2016 2015
(in thousands of SR)
ASSETS
Current assets:
Cash and bank balances 29,359 60,094
Trade receivables 466,030 521,414
Unbilled revenue
47,218 64,322
Inventories
281,417 331,802
Retentions receivable - current portion 74,147 88,698
Prepayments and other current assets 110,763 156,230
Total current assets 1,008,934 1,222,560
Non-current assets:
Investments in securities 661 650
Investments in equity accounted investees 470,971 469,985
Retentions receivable - non-current portion 51,853 71,988
Investment properties 28,794 29,757
Property, plant and equipment 600,641 681,578
Deferred tax asset 5,568 5,834
Intangible assets 29,150 150,542
Total non-current assets 1,187,638 1,410,334
Total assets
2,196,572 2,632,894
LIABILITIES AND EQUITY
Current liabilities:
Short-term loans 142,522 742,122
Long-term loans - current portion 265,671 177,209
Obligations under finance lease – current portion 9,358
9,454
Trade payables
406,865 463,995
Accrued expenses and other current liabilities 277,874
392,827
Due to related parties 68,790 62,949
Zakat and income-tax 91,056 80,191
Total current liabilities 1,262,136 1,928,747
Non-current liabilities:
Long-term loans 594,515 173,472
Obligations under finance lease 14,871 20,126
Employees’ end of service benefits 69,686 69,444
Total non-current liabilities 679,072 263,042
Total liabilities 1,941,208 2,191,789
EQUITY
Share capital
760,000 760,000
Statutory reserve - 63,432
Fair value reserve 5,095 (13,694)
Foreign currency translation reserve (14,348) (9,143)
Accumulated losses (501,000) (365,644)
Total equity attributable to the shareholders’
of the Parent Company 249,747 434,951
Non-controlling interests (NCI) 5,617 6,154
Total equity
255,364 441,105
Total liabilities and equity 2,196,572 2,632,894
INCOME STATEMENT
Revenue
1,564,555 1,918,059
Costs of revenue
(1,488,599)(1,849,654)
Gross profit 75,956 68,405
General and administrative expenses (129,161) (114,620)
Selling and distribution expenses (51,924) (55,859)
Loss from operations (105,129) (102,074)
Financial charges-net (65,258) (21,733)
Impairment of intangible assets (111,931) -
Share of profit from equity accounted investees 42,577
83,763
Other income – net 51,460
54,778
Net (loss) / income for the year before zakat and
income-tax and non-controlling interests (188,281) 14,734
Zakat and income-tax (10,952) (13,900)
Net (loss) / income for the year before
Noncontrolling interests (199,233) 834
Non-controlling interests 445 853
Net (loss) / income for the year attributable to
The Company’s shareholders (198,788) 1,687
* Full 2017 financial result are not yet available.
Financial year ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 13 June 1977
History : Midal Cables was originally set up as a US
DLRS 4 million
joint venture between Zayani Investments of Bahrain
and Olex Cables of Australia as the first cable factory in the Gulf. The seal
of approval was given in 1978 when the factory and plant were completion and
the Prime Minister, Shaikh Khalifa bin Salman Al Khalifa formally opened the
premises.
In 1982, Saudi Cable Company purchased 29 per cent of
Olex's shares, reducing Olex's share to 20 per cent, in order to integrate
cable production between Bahrain and Saudi Arabia. In April 1986, Olex Cables
Ltd sold it shares in Midal Cables Ltd to Saudi Cable Company.
C.R. No.: 7108-1 (expiry date: 13 June 2019)
BCCI Membership No.: 2350
Authorised Capital : BD 25,000,000
Paid-Up Capital : BD 25,000,000
Limited
Liability Company with the following directors and shareholders:
Directors
1. Khalid Rashid Shaikh Abdulrahman Alzayani
(Bahraini
national)
2. Guillermo Pereoro Valrela
(Spanish
national)
3. Hamed Rashid Abdulrahman Alzayani
(Bahraini
national)
4. Rashid Hamid Al Zayani
5. Zalmi Fazeel
6. Dionysius A Metzemaekers
Shareholders Percentage
1. Intersteel S.P.C 50%
Flat 81
Building 419
Road 1705
Manama Block
317
C.R. No.:
30524-1
(Member of
Zayani Investment Group.)
2. Saudi Cable Company 50%
Salim Bin
Himadain Building
Medina Road
Industrial
Estate Phase II
PO Box 4403
Jeddah 21491
Saudi Arabia
Telephone:
(966 12) 638 0080 (10 lines) / 638 0071 / 637 5335
Fax : (966 12) 643 8405 / 699 3935 / 637 9877
/ 637 7991
C.R. No. :
4030009931 (expiry date : 27/02/2017 / 30/05/1438 H)
JCCI
Membership No.: 82
Affiliated
companies of Midal Cables Company Limited:
Subsidiaries
1. Bahrain Welding Wire Products Manufacturing Co
WLL 99.987%
Building No.
1072
Road No. 5141
Askar, Block
No. 951
PO Box 38574
Manama
Telephone:
(973) 1783 0313 / 1783 0456 / 1783 0373 / 1783 0614 /
Fax : (973) 1783 0176
2. Aluminum Wheels Co. 99. 995%
Askar
C.R. No.:
26391-1
3. Midal Gulf Company WLL 90%
Building No.
744
Road No. 5128
Askar, Block
No. 951
Telephone:
(973) 1796 5677
C.R. No.
72151-1
Associates
1. Madem Gulf Industries W.L.L 49%
Road 383,
Building 113
Block 316
Manama
Telephone:
(973) 1783 2938
Date of
Registration: 24/04/2008
C.R. No. :
68484-1
2. Midal Cables International Ltd.
Suite No: 2
Vista Business Centre
50 Salisbury
Road
Hounslow
MiddleSex TW4
6JQ
United
Kingdom
Telephone:
(44 208) 538 0112
Fax : (44 208) 538 0152
3. Midal Cables International (Malaysia) Sdn Bhd
Suite 21.2
Menara Genesis
33 Jalan
Sultan Ismail
50250 Kuala
Lumpur
Malaysia
Mobile : (601) 2288 8715
Fax : (852) 8148 8952
Email : richardtan@midalinternational.com
4. Midal Cables Limited.
4 Robert
Speck Parkway,
Suite 1500,
Mississauga
Ontario L4Z
1S1
Canada
Telephone: (1
905) 402 3225
Fax : (1 905) 402 3227
5. Midal Cables (Kenya) Ltd.
Panari Sky
Center, Office No. 5
Mombasa Road,
Nairobi,
Kenya
Telephone:
(254 7222) 527258
Subject is also a member of Al Zayani Group of
companies, which also includes the following companies :
1. Aluminium Wheel Company (Aluwheel)
Askar Road
PO Box 5570
Manama
Telephone: (973) 1783 0007 / 1783
0111 / 1753 0808
Fax :
(973) 1783 0616
2. Al Zayani Trading Company
Al Zayani
Building
Al Rai, 4th
Ring Road
PO Box 41
Safat 13001
Kuwait
Telephone:
(965) 483 3514 / 483 3478 / 473 5220 / 472 0286 / 472
0289
Fax : (965) 476 5638 / 484 2766
3. Gulf Closures WLL
PO Box 2715
Manama
Telephone:
(973) 1773 5565 / 1773 5315 / 1748 4745
Fax : (973) 1773 5318
4. Intersteel WLL
Manama
5. Al Zayani Hotels Corporation
Manama
6. Al Zayani Travel and Tours
PO Box 2226
Manama
Telephone:
(973) 1727 3380
Fax : (973) 1727 1922
7. Al Zayani Properties
PO Box 5553
Manama
Telephone:
(973) 1753 1177
Fax : (973) 1753 4075
8. Bahrain Commercial Services WLL
PO Box 5553
Manama
Telephone:
(973) 1753 1177
Fax : (973) 1753 0659
9. Euro Motors
10.Zayani Motors WLL
Sitra
PO Box 26 /
5553 / 15253
Manama
Telephone:
(973) 1773 5840 / 1770 3703
Fax : (973) 1773 5842 / 1770 3333
11.Martinizing (Laundry and Dry Cleaning)
PO Box 5553
Manama
Telephone:
(973) 1740 3098
Fax : (973) 1740 4237
12.Tree of Life WLL
PO Box 5553
Manama
Telephone:
(973) 1770 0112
Fax : (973) 1753 0659
13.Delmon Hotel
PO Box 5661
Manama
Telephone:
(973) 1722 4000
Fax : (973) 1722 4107
14.Avis Rent-A-Car
PO Box 1548
Manama
Telephone:
(973) 1721 0121
Fax : (973) 1727 4211
15.Metal Form Co.
Building No.
1959
Road No. 5146
Askar, Block
No. 951
P.O.Box 5939
Manama
Telephone : (973) 1783 2812
Fax : (973) 1783 2949
C.R. No. :
33130–1 (expiry date: 18 December 2014)
BCCI
Membership No.: 15666
16.Gulf Trading and Engineering Co
PO Box 26332
Manama
Telephone:
(973) 1723 2085
Fax : (973) 1726 2745
17.Gulf Plastic Industries
35th Street
Mina Salman
Industrial Area
PO Box 894
Manama
Telephone:
(973) 1772 7877 / 1772 5577
Fax : (973) 1772 8987
18.Zayani Computer Systems
Sheikh
Mubarak Building
PO Box 5918
Manama
Telephone:
(973) 1727 6278
19.Dr Naja Rashid Zayani Clinic
Block 330
Road 3020
New Zinj 1148
PO Box 1860
and 32
Manama
Telephone:
(973) 1725 8499
Fax : (973) 1725 6686
20.Zayani Trading Agencies
PO Box 5542
Manama
Bahrain
Telephone:
(973) 1727 4381 / 1725 7146
Fax : (973) 1726 1620
21.Kuwait Automobile and Trading Company WLL
Thunayan Al
Ghanim Building
Fahad
Al-Salem Street
Ali Rai 4th
Ring Road
PO Box 41
Safat 13001
Kuwait
Telephone:
(965) 2472 1414 / 2476 5638 / 2472 0289
Fax : (965) 2476 5638 / 2484 2766
Affiliated
companies of Saudi Cable Company, Subject’s ultimate parent company:
Subsidiaries
1. Saudi Cable
Company for Marketing Limited
100%
Jeddah
Industrial Estate
PO Box 4403
Jeddah 21491
C. R. No.
4030036636
Telephone:
(966 2) 638 0080 / 3554
Fax : (966 2) 637 5447
2. Mass Projects
for Power and Telecommunications Limited
100%
Saudi Arabia
3. Mass Centers
for Distribution of Electrical Products Limited 100%
Saudi Arabia
4. Mass Holding
Anonim Sirketi
100%
Turkey
5. Mass Kablo
Sanayi Anonim Sirketi 100%
Barbaros
Bulvari
49 Preveze
Han
34353
Besiktas
Istanbul
Turkey
Telephone:
90 212 261 5163
Fax : 90 212 258 1656
6. Demirer
Kablo Tesisleri Sanayui Ve Ticaret Anonim Sirketi 100%
Barbaros
Bulvari 49
Besiktas
Istanbul
Turkey
Telephone:
(0212) 261 5163 (5 lines)
Fax : (0212) 261 8486
7. Kavel Kablo
Ve Elektrik Malzemesi Anonim Sirketi
100%
Istinye, Cayirbasi
Sokak 11
Istanbul
Turkey
Telephone:
(90 212) 277 6426
Fax : (90
212) 277 8976
8. Mass Plaza
Gayrimenkul Kiralama Ve Turizm Gelistirme 100%
Anonim
Sirketi
Turkey
9. Mass
International Trading Company Limited 100%
Ireland
(dormant)
10. Saudi Cable Company (U.A.E.) LLC 100%
United Arab
Emirates
Associates
1. Alimsan Company 79%
Turkey
2. Metal Form Co.
Building No.
1959
Road No. 5146
Askar, Block
No. 951
P.O.Box 5939
Manama
Telephone : (973) 1783 2812
Fax : (973) 1783 2949
C.R. No. :
33130–1 (expiry date: 18 December 2014)
BCCI
Membership No.: 15666
3. XECA International Technology 25%
Saudi Arabia
ACTIVITIES
The company is
involved in the following activities:
Manufacturers of cables and EC grade re-draw rods for
the electrical and wire industries as well as overhead conductors for power
transmission lines.
Production
also include:
- Aluminium Rod & Wires
- Continuous
Cast Aluminum / Alloy Rods »
- Hard Drawn
Aluminum / Alloy Wires »
- Overhead Line Conductors
- AAAC (All
Aluminium Alloy Conductors)
- AAC
(All-Aluminium Conductors)
- AACSR
(Aluminium Alloy Conductor Steel Reinforced)
- ACAR
(Aluminium Conductor Alloy Reinforced)
- ACSR
(Aluminium Conductor Steel Reinforced)
- ACSR/AS (Aluminium
Conductor Aluminium Clad Steel Reinforced)
- ACSR/TW
(Shaped wire Aluminum Conductor, Steel Reinforced)
- ACSS/AS
(Aluminum Conductors–Aluminum Clad Steel supported)
- High Thermal
and HTLS Conductors »
- Aluminium Clad Steel
- ACS Single
Wire
- ACS Stranded
- Extruded Products
- Circular
Solid Conductors
- Multi-void
Tubes
- Solid
Conductor 120
- Solid
Conductor 90
- Solid
Contuctor 180
- Thin Walled
Tubes
NACE Code: 2732 - Manufacture of other electronic and
electric wires and cables
2442 - Aluminium production
Subject uses molten aluminium direct from the ALBA
smelter.
Midal Cables became the first Company in the Gulf to
manufacture
aluminium alloy for overhead line conductors.
The agreement was reached in April 1986 with the US
Southwire
company to provide process technology and designs to
modify
existing casting and rolling lines. The alloy in the
past
was imported from Europe. Production started in 1987.
Annual Production Capacity : 180,000 tons of
conductors per year
180,000 tons of
aluminium per year
Overseas suppliers include : Felten & Guilleaume
Energeietechnik
AG (Schanzenstrabe
28, D-5000 Koln
80, Germany) and
Barclays Metals
Ltd (Plantation
House, 10-15
Mincing Lane,
London EC3M 3AR, UK)
Some completed contracts :
1. 1987 - supply of 7,000 tonnes alloy - reinforced
aluminium
conductors to
Saudi Consolidated Electric Company for the Eastern
Region
(SCECO-EAST)
2. 1987 - 190 tonnes of aluminium rods exported to
National Cable
and Wire
Manufacturing Company, Amman, Jordan.
3. 1988 - supply of 10,000 tonnes alloy - reinforced
aluminium
conductors to
SCECO Central.
4. 1991 - supply of electrical conductors to
Bangladesh. The
equipment is
for the second rural electrical project, financed by
development
aid.
Value of
contract : US DLRS 1,200,000
5. 1991 - supply of aluminium equipment for the
Damietta power
station.
Value of
contract : US DLRS 4,600,000
6. Subject invested US$ 15 million in a fully owned
subsidiary in
India to manufacture
aluminium wire rods and conductors for
transmission
projects. The projct was approved by India's Foreign
Investment
Promotion Board at the end of July 1998.
7. In July 2000 Islamic Development Bank financed US$
10 million loan
for financing
operation of Aluminium Alloy Wires from the subject
to Enica
Biskra Spa, Algeria.
8. Inb July 2000 Norsk Hydro ASA, Norway, and
Aluminium Wheel Co WLL
(Aluwheel) of
Bahrain have announced that Midal Group/Aluwheel has
acquired 80%
of Hydro's automotive aluminium wheel producer, Hydro
Aluminium
Fundo as, in Hoyanger.
Hydro will
maintain a 20% share until 2001, when it will be
transferred
to Aluwheel.
Aluwheel
casts wheels for the automotive industry in its Bahrain
plant and
iscontrolled by Midal Cables through Al Zayani
Investments
and Saudi Cables.
Imports are worldwide, mainly from UK, Germany, USA,
India and China.
Exports to 60 countries in 5 continents.
FACILITIES
The Company has the following facilities :
Leased premises comprising several large
administrative offices and a manufacturing unit with warehousing facilities
located at the heading address.
REGISTERED OFFICE
Building No. 744
Road No. 5128
Askar, Block No. 951
PO Box 5939
Manama
BRANCH OFFICES
The Group
operates the following worldwide offices and production units :
1. Europe (London)
Telephone:
(44 20) 7629 2034
Fax : (44 20) 7409 2557
2. USA (Newark, CA)
Telephone: (1
510) 657 8745
Fax : (1 510) 657 6218
3. Lebanon (Beirut)
Telephone:
(961) 181 0731
Fax : (961) 181 0309
4. Jordan (Amman)
Telephone:
(962 6) 669 4734
Fax : (962 6) 669 4738
5. Tunisia (Tunis)
Telephone:
(216 78) 872 348
Fax : (216 78) 872 348
6. Pakistan (Karachi)
Telephone:
(92 21) 453 1252
Fax : (92 21) 453 1259
7. India (Mumbai)
Telephone:
(91 22) 645 9137
Fax : (91 22) 643 5267
8. Malaysia (Kuala Lumpur)
Telephone:
(60 3) 2148 7481
Fax : (60 3) 2148 8388
SPECIAL NOTE
Theenquired on: MIDAL
CABLES LTD. Please note that subject is also known by this name. Subject's
correct registered name is as per heading.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.22 |
|
|
1 |
INR 90.88 |
|
Euro |
1 |
INR 80.09 |
|
BHD |
1 |
INR 178.68 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.