MIRA INFORM REPORT

 

 

Report Date :

25.11.2008

 

IDENTIFICATION DETAILS

 

Name :

A. ALI ESSA ALDAAYSI CO WLL

 

 

Registered Office :

Store Complex 775, Road No. 415, Block 704, Salmabad Industrial Area, PO Box 685, Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2007

 

 

Year of Establishment :

1958

 

 

Com. Reg. No.:

1116, Manama

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Importers, Wholesalers and Retailers of General Foodstuff and Consumer Products

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 250,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

SUMMARY

 

Company Name                                     : A. ALI ESSA ALDAAYSI CO WLL

Doing Business As                                : ALDAAYSI COLD STORE

Country of Origin                                    : Bahrain

Legal Form                                            : With Limited Liability - WLL

Start Date                                             : 1958

Commercial Registration Number                        : 1116, Manama

Chamber Membership Number                : 899

Issued Capital                                        : BD 4,000,000

Paid up Capital                                      : BD 4,000,000

Total Workforce                                     : 70

Activities                                               : Importers, wholesalers and retailers of general foodstuff and consumer

                                                              products

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 250,000

 

 

COMPANY NAME

 

A. ALI ESSA ALDAAYSI CO WLL

 

DOING BUSINESS AS: ALDAAYSI COLD STORE

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Store Complex 775

Street               : Road No. 415, Block 704

Area                 : Salmabad Industrial Area

PO Box             : 685

Town                 : Manama

Country             : Bahrain

Telephone         : (973-17) 783399 / 785053 / 684092 / 684604 / 784986

Facsimile          : (973-17) 785014 / 684299

Email                : aldaaysi@batelco.com.bh

 

Premises

 

Subject operates from a medium sized suite of offices, a warehouse, a supermarket and cold storage facilities that are owned and located in the Industrial Area of Manama.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       A’ali Area                                                                                         Supermarket premises

Manama

     Tel : (973-17) 641051

 

·       Hamad Town                                                                                     Supermarket premises

 

·       Sitra                                                                                                 Supermarket premises

 

·       Tijar Road                                                                                         Cold storage facilities

Manama

Tel : (973-17) 243072 / 250542

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Abd Ali Essa Ibrahim Al Daaysi                                                          Managing Director

 

·       Ibrahim Abd Ali Essa Ibrahim Al Daaysi                                                          Director

 

·       Jaffar Abd Ali Essa Ibrahim Al Daaysi                                                 Director

 

·       Saeed Abd Ali Essa Ibrahim Al Daaysi                                                            Director

 

·       Hussain Abd Ali Essa Ibrahim Al Daaysi                                             Director

 

·       Zuhair Abd Ali Essa Ibrahim Al Daaysi                                                            Director

 

·       Hassan Essa Al Khayat                                                                     General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1958, however it was incorporated in 1973 and registered

  on 12th July 1999

 

History                         : Subject was originally established in 1958 as a Sole Proprietorship under the name of “A. Ali

  Essa Aldaaysi Est” and owned by Mr Abdali Ali Essa Aldaaysi.

 

  However in 1973, the business was transferred to the current owners who registered the

  subject as a With Limited Liability – WLL under the name of “A. Ali Essa Aldaaysi Co WLL”

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 1116, Manama

 

Chamber Member No. : 899

 

Issued Capital              : BD 4,000,000

 

Paid up Capital            : BD 4,000,000

 

Name of Shareholder (s)

 

·       Abd Ali Essa Ibrahim Al Daaysi

 

·       Ibrahim Abd Ali Essa Ibrahim Al Daaysi

 

·       Jaffar Abd Ali Essa Ibrahim Al Daaysi

 

·       Saeed Abd Ali Essa Ibrahim Al Daaysi

 

·       Hussain Abd Ali Essa Ibrahim Al Daaysi

 

·       Zuhair Abd Ali Essa Ibrahim Al Daaysi

 

 

OPERATIONS

 

Activities: Importers, wholesalers and retailers of general foodstuff and consumer products, including fresh, frozen,  canned and dry food, household appliances, detergents, disinfectants and other cleaning products.

 

Subject operates 4 supermarkets in Bahrain.

 

Import Countries: Saudi Arabia, the United Kingdom, Germany and Spain

 

Brand Names: AL KAWTHER

 

Operating Trend: Steady

 

Subject has a workforce of 70 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Bahraini Dinar (BD)

 

                                                Year Ending 31/12/06:                Year Ending 31/12/07:

 

Total Sales                                BD 5,050,000                            BD 5,475,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       National Bank of Bahrain BSC

Government Road

PO Box : 106

Manama

Tel : (973-17) 258800

Fax : (973-17) 263876

 

·       Bank of Bahrain & Kuwait

43 Government Avenue

PO Box : 597

Manama

Tel : (973-17) 253388

Fax : (973-17) 275785

 

·       ABN Amro Bank

Al Furdha Avenue

PO Box : 350

Manama

     Tel : (973-17) 224896 / 225420

     Fax : (973-17) 262241

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              December 2006

Credit amount                                        150,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

 

GENERAL COMMENTS

 

A. Ali Essa Aldaaysi Co WLL has operations dating back to 1958 and is engaged in the import, wholesale and retail of general foodstuff and consumer products through its 4 supermarkets in Bahrain.

 

The company is owned by the Aldaaysi family who are well known and respected in the local business community.

 

According to local sources, subject’s financial position is healthy and profitable and it meets its payment obligations in a timely manner. As such the above credit figure is deemed admissible.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.97

UK Pound

1

Rs.75.45

Euro

1

Rs.64.21

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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