MIRA INFORM
REPORT
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Report Date : |
11.04.2011 |
IDENTIFICATION DETAILS
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Name : |
GARMCO FOIL MILL CO WLL |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12. 2009 |
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Date of Incorporation : |
11.04.2000 |
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Com. Reg. No.: |
45004-1, |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Manufacturer of aluminium sheet, foil, tin and coils. |
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$ 600,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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a2 |
a2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name : GARMCO FOIL MILL CO WLL
Country of Origin :
Legal Form : With Limited Liability - WLL
Registration Date : 11th April 2000
Commercial Registration Number : 45004-1,
Issued Capital : BD 2,730,000
Paid up Capital : BD 2,730,000
Total Workforce : 800
Activities : Manufacture of aluminium sheet, foil, tin and coils.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 600,000
Person Interviewed :
COMPANY NAME
GARMCO FOIL MILL CO
WLL
company
ADDRESS
Registered & Physical
Address
Location :
PO Box : 20725
Town :
Country :
Telephone : (973-17) 734696 / 731000
Facsimile : (973-17) 739830 / 730542
Email : khalid.almajid@garmco.com / prakash@garmco.com
Premises
Subject operates from
a large suite of offices and a factory that are owned and located in the
Industrial Area of Manama.
KEY
PRINCIPALS
Name Position
·
Adel Hamad Abdulrahman Hamad Chief
Executive Officer
·
Magdi Al Sherawi General
Manager
·
Ahmed
Mohamed Hubail Commercial
Manager
·
Tariq Saeed Abdullah Administration
Manager
·
Ibrahim Al Aradi Plant
Manager
·
Abdulrazzaq Yamin Production
Manager
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LEGAL
FORM & OWNERS
Date of Establishment : 11th
April 2000
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 45004-1,
Issued Capital : BD 2,730,000
Paid up Capital : BD 2,730,000
Name of Shareholder (s) Percentage
·
Gulf
Aluminium Rolling Mill Co BSCC (Garmco) 100%
PO Box: 20725
Tel: (973-17) 731000 / 734601
Fax: (973-17) 730542 / 739800
OPERATIONS
Activities: Engaged in the manufacture of aluminium
sheet, foil, tin and coils.
Production Capacity: 22,000 tonnes per annum
Import
Countries:
Operating Trend: Steady
Subject has a
workforce of approximately 800 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: Bahraini
Dinar (BD)
Year
Ending 31/12/08: Year Ending
31/12/09:
Total Sales BD 17,600,000 BD 20,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr N Prakash, Finance Manager
BANKERS
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National
Bank of
Government Road
PO Box: 106
Tel: (973-17) 258800
Fax: (973-17) 263876
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Al Ahli
Commercial Bank
Government Avenue
PO Box: 5941
Tel: (973-17) 244333
Fax: (973-17) 241301
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Gulf
International Bank BSC
Al
PO Box: 1017
Tel: (973-17) 534000 / 534300
/ 530030
Fax: (973-17) 522633 / 522530
/ 522629
Email: gibmktg@batelco.com.bh
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Bank of
PO Box: 597
Tel: (973-17) 253388
Fax: (973-17) 275785
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL
COMMENTS
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.04 |
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|
1 |
Rs.72.20 |
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Euro |
1 |
Rs.63.40 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.