MIRA
INFORM REPORT
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Report Date : |
06.09.2007 |
IDENTIFICATION DETAILS
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Name : |
ARAB SHIPBUILDING
& REPAIR YARD CO BSC (C) (ASRY) |
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Registered Office : |
826 Al Houdh Aljaf Avenue, Corner of Dry Dock Road, P O Box 50110,
Hidd 128 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
3rd April 1975 |
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Com. Reg. No.: |
1860, |
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Legal Form : |
Bahrain Shareholding Company (Closed) – BSC (C) |
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Line of Business : |
Engaged in ship repairs and shipbuilding, with a repair yard
for Ultra-Large Crude Carriers (ULCC’s) and Very Large Crude Carriers
(VLCC’s), steel fabrication and land work, mechanical and electrical
engineering, external hull preparation
and coating and engine repairs. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 2,500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : ARAB SHIPBUILDING & REPAIR YARD CO BSC (C) (ASRY)
Country of Origin :
Legal Form : Bahrain Shareholding Company (Closed) – BSC (C)
Registration Date : 3rd April 1975
Commercial Registration Number :
1860,
Issued Capital : US$ 340,000,000
Paid up Capital : US$ 340,000,000
Total Workforce : 1,600
Line of Business : Shipbuilding and repairs.
Financial Condition : Good
Payments : Prompt
Operating Trend : Steady
COMPANY NAME
ARAB SHIPBUILDING
& REPAIR YARD CO BSC (C) (ASRY)
ADDRESS
Registered & Physical Address
Street :
PO Box : 50110
Town : Hidd 128
Country :
Telephone : (973-17) 671111
/ 674042 / 671711
Facsimile : (973-17)
670236
Email : asryco@batelco.com.bh
Premises
Subject operates
from a large suite of offices, a warehouse and a dockyard that are owned and located
in the
KEY PRINCIPALS
·
Daij
Bin Salman Bin Daij Al Khalifa Chairman
·
Zeyad Humood Al Zahrani Vice
Chairman
·
Hussain
Mohamed Ibrahim Vice
Chairman
·
Aref
Saleh Khamis Director
·
Adel Abdullah Al Baker Director
·
Saad Mohamed Al Wasmi Director
·
Mrs Awatif Mohamed Al Ali Director
· Khalid
Ali Al Hosani Director
·
Mohamed
Mohsin Al Jenaibi Director
· Saleh Bin Mohamed
Al Rasheed Director
· Salah Aziz Karim Director
· Nabeel Abdulghafoor
Ahmed Director
· Saleem Mohamed
Saleem Director
· Abdul Raoof Ebrahim Director
·
Mohamed M. Al Khateeb Chief
Executive Officer
· Fawzi Al Gosaibi Commercial
Manager
· Rolf Eriksson Sales
Manager
· Magdy Sharkawy Ship
Repair Manager
· Ron W Howard Finance
Manager
· Salman A Karim Personnel
Manager
· Hussain Al Arayedh Procurement
Manager
· K. Ramachandran IT
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 3rd
April 1975 (Operations began in September 1977)
Legal Form :
Bahrain Shareholding
Company (Closed) – BSC (C)
Commercial Reg. No. : 1860,
Issued Capital : US$ 340,000,000
Paid up Capital : US$ 340,000,000
Name of
Shareholder(s) Percentage
·
State
of
·
State
of
·
·
United
Arab Emirates 18.83%
·
State
of
·
·
Peoples
Libyan Arab Jamahiriyah 1.10%
AFFILIATED COMPANIES
·
ASRY
Marketing Services Ltd (ASRYMAR)
Tel : (44-207) 3189800
Fax : (44-207) 4939452
LINE OF BUSINESS
Operations : Engaged in ship repairs and shipbuilding,
with a repair yard for Ultra-Large Crude Carriers (ULCC’s) and Very Large Crude
Carriers (VLCC’s), steel fabrication and land work, mechanical and electrical
engineering, external hull preparation
and coating and engine repairs.
ASRY is well equipped with a 500,000 dwt (375m x 75m) graving dock and two floating docks for ships of 120,000 dwt and 80,000 dwt capacity. The floating docks have dimensions of 252m x 44m (free width) and 227m x 40m respectively. Ten repair berths, with a total length of over 2,500 metres, are supported by large modern workshops.
The Yard's facilities are complemented by six tugs of 32 tonnes, bollard-pull, four rail-mounted 15 tonne cranes, one rail-mounted 100 tonne crane, a 200 tonne floating crane, six 12 tonne cranes on the two floating docks and a flat top barge of 10,000 dwt
In 2001, the Yard become the first Ship Repair facility in the world to receive certification to the new ISO Standard 9001:2000.
Subject is
currently in the process of upgrading the slip way from a single slip way to
two, increasing its efficiency and productivity. The maximum length of vessel
will be 140m with a breadth of 20m and a displacement of 5,000 tonnes. This
facility will free almost 30% of the dock space in the large docks occupied now
by small vessels, and will significantly increase ASRY's ship repair market
share in the small and medium size vessels of around 15,000 dwt. Contracts have
now been awarded for the actual construction of the new facility and dredging
is now well in hand with the complex being operational by the beginning of
2008.
Import Countries
:
Operating Trend
: Steady
Subject has a
workforce of approximately 1,600 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
Year Ending
31/12/05: Year Ending
31/12/06:
Revenues US$ 110,888,000 US$ 140,000,000
Local sources
consider subject’s financial condition to be Good.
BANKERS
·
HSBC
Bank
PO Box : 57
Tel : (973-17) 224555 / 222158
Fax : (973-17) 226822
Email : bbmemnm@batelco.com.bh
·
National
Bank of
Government Road
PO Box : 106
Tel : (973-17) 258800
Fax : (973-17) 263876
PAYMENT HISTORY
Subject’s payment
record is reported to be met in a generally prompt manner.
Date of transaction March 2005
Credit amount 68,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record Still
Pending
Currency Pounds
Sterling
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
Established in
1975, subject is involved in ship repairs and shipbuilding and is a leading
concern in the Gulf Region.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk.
Maximum suggested
credit figure: US$ 2,500,000
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. |
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%)