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MIRA
INFORM REPORT
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Report Date : |
05.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
INTERNATIONAL AGENCIES CO LTD (INTERCOL) |
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Registered Office : |
Ali Al Wazzan Building, 131 Al Khalifa
Avenue, PO Box 584, Manama |
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Country : |
Bahrain |
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Date of Incorporation : |
30.09.1957 |
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Com. Reg. No.: |
188, Manama |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Subject’s activities are performed through the following divisions Consumer Products Division, Medical Division, Freight Services Division,
Lubricants & Chemicals Division, Marine, Automotive & Technical
Division, Science & Industry Division |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 3,000,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : INTERNATIONAL AGENCIES CO LTD (INTERCOL)
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Registration Date : 30th September 1957
Commercial Registration Number : 188, Manama
Issued Capital : BD 1,000,000
Paid up Capital : BD 1,000,000
Total Workforce : 500
Line of Business : Subject operates several divisions (see below for details)
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
INTERNATIONAL AGENCIES CO LTD (INTERCOL)
ADDRESS
Registered & Physical Address
Building : Ali Al Wazzan Building
Street : 131 Al Khalifa Avenue
PO Box : 584
Town : Manama
Country : Bahrain
Telephone : (973) 228855
Facsimile : (973) 210016
Email : intercol@intercol.com
Premises
Subject operates from a large suite of offices that are owned and
located in the Central Business Area of Manama.
Branch Office (s)
Location Description
· Mina
Salman Industrial Area Sales office &
warehousing
Tel: (973-17)
728691
Fax: (973-17)
728412
· Muharraq Sales office & warehousing
Tel: (973-17)
321217
· Sitra Sales office & warehousing
Tel: (973-17)
730325
KEY PRINCIPALS
· Abdul
Rahman Ali Al Wazzan Managing Director
· Sadiq
Mohamed Al Baharna Director
· Nawar Ali Al
Wazzan Director
· Dr Nazzar Al
Bahrana General
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 30th
September 1957
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (With Limited Liability - WLL)
Commercial Reg.
No. : 188, Manama
Issued Capital : BD 1,000,000
Paid up Capital : BD 1,000,000
Name of Shareholder (s)
· Abdul
Rahman Ali Al Wazzan
· Sadiq
Mohamed Al Baharna
Notes to the legal Form
Limited Liability Companies, which are known in Bahrain as WLLs (“With Limited Liability”), are the most commonly used corporate entities in Bahrain. They are the equivalent of French SARLs, German GmbHs or private companies in the United Kingdom. The WLL is the most common form of company where 100 percent foreign ownership is permitted.
Under the Bahraini Commercial Companies Law a WLL may be formed by a minimum of 2 and a maximum of 50 natural or legal persons, whose liability is limited to their shares in the company’s capital. The minimum amount of paid-up capital required is BD 10,000. Contributions to capital may be made in cash of kind. With a normal renewable term of 25 years, equal shares must amount to at least BD 50 each. Public shares are not permitted nor is the negotiation of warrants. WLLs cannot conduct saving, banking or investment operations on behalf of others.
AFFILIATED COMPANIES
· Consolidated
Contractors Company (Bahrain) WLL
· Federal Express
(FedEx)
· The New India
Assurance Co Ltd
· Hempel Marine
Paints (Bahrain) Co
· Life Insurance
Corporation BSCC
· Paramount Computer
Systems (Bahrain) Co
LINE OF BUSINESS
Operations : Subject’s activities are performed through the
following divisions:
·
Consumer Products Division
Engaged in the
import and distribution of FMCG, chilled and frozen foodstuff, cigarettes and
tobacco, home appliances, beauty and fragrance goods.
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Medical Division
This
division specialises in the import and distribution of a complete range of
diagnostics, pharmaceuticals and hospital consumables. It also offers
installation and maintenance services for medical equipment.
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Freight Services Division
This division represents leading international shipping lines from the USA, Asia, the Far East, Europe and the Middle East, and offers air, land and sea freight and logistics services, including clearing and forwarding and packing.
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Lubricants & Chemicals Division
Intercol is the sole distributor of "Shell" lubricants with applications in the aviation, marine, industrial and automotive environments since March 1967. Intercol today also supplies specialized industrial chemicals.
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Marine, Automotive & Technical Division
Marine Services provides
comprehensive marine repair capabilities for propellers up to 42”, for which
turbo-balancing equipment is available; as well as engine systems, with an
in-house dynamometer for the testing of engines up to 1,000 HP; in addition to
water jet propulsion units; generators; fire fighting systems; air conditioning
units; electrical installations; and complete painting and anti-fouling
services.
Commercial
Vehicles and Automotive Maintenance Services is the sole distributor in the Kingdom of
Bahrain for Volvo trucks. Maintenance services are also provided.
The
division also offers climate controlled warehousing facilities.
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Science & Industry Division
The Science &
Industry division has products and services in the following sectors:
- Telecom products
- Information Technology
- Projects & Systems Integration
- IT supplies
Import Countries : Europe, the Far East, Asia and the United States
of America.
Subject has a workforce of approximately 500 employees.
FINANCIAL HIGHLIGHTS
Companies registered in Bahrain are not legally required to make their
accounts public and no financial information was released by the company or
submitted by outside sources.
BANKERS
·
HSBC Bank Middle East
93 Al Khalifa Avenue
PO Box : 57
Manama 304
Tel : (973-17) 224555 / 222158
Fax : (973-17) 226822
Email : bbmemnm@batelco.com.bh
·
National Bank of Bahrain BSC
NBB Tower
Government Road
PO Box : 106
Manama
Tel : (973-17)
258800
Fax : (973-17)
263876
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
International Agencies Co Ltd (Intercol) is a leading company in the
Bahraini market with operations dating back over 50 years. The company enjoys a
good reputation for the quality of its products and services.
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.
Maximum suggested credit figure: US$ 3,000,000
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%)