MIRA
INFORM REPORT
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Report Date : |
04.07.2007 |
IDENTIFICATION DETAILS
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Name : |
GULF PHARMACY
& GENERAL STORES |
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Registered Office : |
Villa No. 390,
Block No. 330, Road No. 3009, New Zini, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
12th June 1985 |
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Com. Reg. No.: |
961/3 |
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Legal Form : |
General Partnership |
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Line of Business : |
Distributors of general consumer and health products. Distributors of medical and dental equipment. |
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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Maximum Credit Limit : |
US$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : GULF PHARMACY & GENERAL STORES
Country of Origin :
Legal Form : General Partnership
Registration Date : 12th June 1985
Commercial Registration Number : 961/3
Partners Capital : BD 150,000
Total Workforce : 150
Line of Business : Subject operates several divisions (see below for details).
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
GULF PHARMACY &
GENERAL STORES
ADDRESS
Registered & Physical Address
Building : Villa No. 390, Block No. 330
Street : Road No. 3009
Area : New Zini
PO Box : 2576
Town :
Country : Bahrain
Telephone : (973-17) 877107 / 239399 / 250883
Facsimile : (973-17) 877207 / 232230
Email : gctbah@batelco.com.bh
Premises
Subject operates
from a large suite of offices, a pharmacy and a warehouse that are owned and
located in the Central Business Area of Manama.
KEY PRINCIPALS
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Dr
Khalid Burhan Eddine Al Awadi Managing
Partner
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Samiya Burhan
Eddine Al Awadi Partner
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Fayqa
Burhan Eddine Al Awadi Partner
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Mohamed
Ibrahim Al Awadi Partner
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Fatima Ibrahim Al Awadi Partner
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Maryam Al Awadi Partner
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Nabila
Al Awadi Partner
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Reggie
D' Souza General
Manager
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Binu
M Varughese Consumer
Division Manager
LEGAL FORM &
OWNERS
Date of Establishment : 12th
June 1985
Legal Form :
Sharikat Tadhamun (General
Partnership)
Commercial Reg. No. : 961/3
Partners Capital : BD 150,000
Name of Partner (s)
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Dr
Khalid Burhan Eddine Al Awadi
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Samiya Burhan
Eddine Al Awadi
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Fayqa
Burhan Eddine Al Awadi
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Mohamed
Ibrahim Al Awadi
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Fatima Ibrahim Al Awadi
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Maryam Al Awadi
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Nabila
Al Awadi
Note to the Legal Form
Bahraini Company Law defines “Sharikat Tadhamun” as a company established between two or more general partners who will jointly and unlimitedly, to the extent of their personal assets, be responsible for the liabilities of the company. Creditors may claim the debts from either the company as a separate legal entity or from the general partners.
Notwithstanding the English translation of its name, this type of company should not be compared to the partnership concept under English Law. A Sharikat Tadhamun is considered a company and has the attributes of a corporation similar to that of a partnership under Scottish Law or to the “Societe en Nom Collectif” under French Law.
There are no legal requirements concerning the amount of capital of a general partnership. The shares of each partner, presented in cash, kind or rights, must not be issued in the form of negotiable instruments, nor can they be transferred or assigned without the unanimous approval of the partners unless the memorandum specifically provides otherwise.
LINE OF BUSINESS
Operations : Subject’s activities are performed through
the following divisions:
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Consumer Division
Distributors of general
consumer and health products.
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Medical Equipment Division
Distributors of medical and
dental equipment.
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Pharmacy Division
Subject operates the following pharmacies:
- Ibn Sina Pharmacy
- Zamzam Pharmacy
- Al Muwasa Pharmacy
- Gulf Pharmacy
Import Countries
: Europe and the
International
Suppliers :
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Smiths Medical
International United Kingdom
Operating Trend
: Steady
Subject has a
workforce of 150 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Bahraini
Dinar (BD)
Year
Ending 31/12/05 : Year
Ending 31/12/06 :
Total Revenue BD 4,600,000 BD 5,500,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Bank of
43 Government Avenue
PO Box : 597
Manama
Tel : (973-17) 253388
Fax : (973-17) 275785
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
1985, subject is owned and managed by members of the Al Awadi family who are
well respected in the local business community.
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
business is considered to be a fair trade risk and the above credit figure is
deemed to be within subject’s financial means.
Maximum suggested
credit figure: US$ 250,000
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)