MIRA INFORM REPORT

 

 

Report Date :           

12.07.2011

 

IDENTIFICATION DETAILS

 

Name :

P. HARIDAS SONS CO. WLL

 

 

Registered Office :

Building No. 00069, Road No. 0340, Block No. 304, P.O. Box 00434, Manama Center

 

 

Country :

Bahrain

 

 

Year of Establishment :

1883

 

 

Com. Reg. No.:

272-2

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Importers, Distributors and Commission agents of foodstuff, including almonds, chocolates and confectionaries, canned juices, honey, jam, non-alcoholic malt beverages, popcorn, olive oil, seafood, noodles, edible oils and nuts, biscuits and rice

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

BD 120,000

 

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Bahrain

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COmpany NAME

 

P. Haridas Sons Co. WLL (Correct)

P Haridas And Sons Company Wll (Requested)

 

 

company ADDRESS

 

Building :           Building No. 41

Street   :           Road No. 3401

Area     :           Maameer Industrial Area, Block No. 643, Sitra

P.O. Box :         434

Town     :           Manama

Country  :          Bahrain

Telephone:        (973) 1770 8189 / 1772 8855

Fax      :            (973) 1770 3648

E-Mail   :           phs434@batelco.com.bh / lowrance@pharidas.com

 

Shortform Name :  PHS

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                            Position

 

1. Bhagwan Ladharam Asarpota                          Managing Director

 

2. Aashish Bharat Ladhanam Asarpota                Director 

 

3. Jagdish Damodardas                                      Director

 

4. Lowrance S.O.                                               Assistant General Manager

 

5. Ram Chandran                                               Accounts Manager

 

Total Employees : 130

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers

or banks.

 

Subject is a very old and well established family owned company with

operations dating back to 1883.

 

We consider it is acceptable to deal with subject for MEDIUM amounts.

 

Opinion on maximum credit : BD 120,000

 

Trade risk assessment : Normal

 

Opinion on the credit figure of US DLRS 1,000,000:

 

The above figure is higher than normally seen in one amount, however could prove admissible in a short series of transactions provided

the total indebtedness is strictly monitored.

 

 

TRADE REFERENCES

 

NAME      :        AL FELAIJ BRUSHES INDUSTRIES COMPANY

Area      :          Wadi Kabir Area, Ruwi

P.O. Box  :        2266 Ruwi 112

Town      :          Muscat

Country   :         Oman

Telephone :       (968) 704481 / 700532

Fax       :           (968) 708352

  

NAME      :        BEST FOOD COMPANY

Area      :          Deira

P.O. Box  :        10602

Town      :          Dubai

Country   :         United Arab Emirates

Telephone :       (971 4) 285 7584 / 285 9045

 

 

PRINCIPAL BANKERS

 

NAME      :HSBC BANK MIDDLE EAST

Branch    : Al Khalifa Avenue

P.O. Box  :57

Town      : Manama

Telephone : (973) 1722 4555

Fax       :    (973) 1722 6822

 

The Company also has accounts with the following banks: 

 

1. BNP Paribas

   Main branch

   P.O. Box 5241

   Manama

   Telephone: (973) 1722 5275

   Fax      : (973) 1722 4697

 

2. Bank Muscat International (BMI)

   Car Park Building, Al Furdah Avenue

   P.O. Box 350

   Manama

   Telephone: (973) 1722 0924

   Fax      : (973) 1721 5004

 

3. Bank of Bahrain Kuwait (BBK)

   Main Branch

   P.O. Box 597

   Manama

   Telephone: (973) 1725 3388

   Fax      : (973) 1722 9822

 

4. State Bank of India – Bahrain

   Government Avenue

   PO Box 5466

   Manama

   Telephone: (973) 1750 5156

   Fax      : (973) 1721 2714

 

 

FINANCIAL INFORMATION

 

Private companies in Bahrain are not required to publish or

disclose balance sheets. However, the subject interviewed offered

the following information :

 

Sales Turnover : BD 4,000,000 - 2006 - exact

               : BD 4,500,000 - 2007 - exact

               : BD 5,000,000 - 2008 - exact

               : BD 5,000,000 - 2009 - exact 

               : BD 6,000,000 - 2009 – exact

               : BD 6,500,000 – 2010 – exact

               : BD 7,000,000 – 2011 – projected   

 

Net Profit     : not given but stated to be profitable

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 1883

 

History : The subject company was established in Bahrain on 21

          August 1986 under commercial registration number 272-2 on

          the basis of P.Haridas Sons Co WLL C.R. No. 272-1 which

          was registered with Chamber of Commerce in 1961 and later

          was deleted. However, subject's operations can be traced

          back to 1883 when the company started as a proprietorship

          business. Subject later registered the following

          branches/divisions :

                   

          - P.Haridas Sons Co WLL

           (Sub C.R. No. 272-3): Registered on 14/06/1994;

                     

          - P.Haridas Sons Co WLL

           (Sub C.R. No. 272-4): Registered on 24/08/1994;

                   

          - P.Haridas Sons Co WLL

           (Sub C.R. No. 272-5): Registered on 02/07/1996;

                      

          - P.Haridas Sons Co WLL

           (Sub C.R. No. 272-6): Registered on 23/02/1998;

         

          - Planet Fashions WLL

           (Sub C.R. No. 272-7): Registered on 26/11/2000;

                     

          - Archies Galary

           (Sub C.R. No. 272-8): Registered on 23/05/2001;

                    

          - P.Haridas Archies Galary

           (Sub C.R. No. 272-9): Registered on 06/04/2002;

                     

          - Planet Fashion

           (Sub C.R. No. 272-10): Registered on 23/11/2002;

         

          - Gulf Big Bazar WLL

           (Sub C.R. No. 272-11): Registered on 19/11/2005;

                     

          - P.Haridas Sons Company WLL

           (Sub C.R. No. 272-12): Registered on 06/07/2006;

                    

          - A.M. catering WLL

           (Sub C.R. No. 272-13): Registered on 10/10/2006.

 

C.R. No. : 272-2 (expiry date : 21 August 2012)

 

BCCI Membership No.: 90 (issue date: 21 August 1986)

 

Authorised Capital : BD 200,000

 

Paid up Capital : BD 200,000

Limited Liability company with the following shareholders :

 

                                                                        Percentage

 

1. Asarpota Bhagwan Ladharam                             15%

   (Indian national)

 

2. Pradip Damoder Das                                                    15%

   (Indian national)

 

3. Husain Mohamed Ali Alrahma                           10%

   (Bahraini national)

 

4. Vinay Bharat                                                  10%

   (Indian national)

 

5. Govind Ladharam Parmanand                             10%

   (Indian national)

 

6. Jagdish Damodardas                                       10%

   (Indian national)

 

7. Ashish Bharat                                                  10%

   (Indian national)

 

8. Janak Govind                                                  5%

   (Indian national)

 

9. Uday Asaporta                                                    5%

   (Indian national)

 

10.Umang Govind                                                  5%

   (Indian national)

 

11.Rahul Pradip                                                  5%

   (Indian national)

 

Affiliated companies of P. Haridas Sons Co. WLL :

 

Associates

 

1.  Mina Markets WLL                                         49%

    Building No. 122, Road No. 36

    Al Mahooz Block No. 334

    P.O. Box 26849

    Manama

    Telephone: (973) 1772 8884

    Fax      : (973) 1772 8884

    C.R. No.: 35583-1

    Est: 15 May 1996

 

2.  Al Meena Supermarket

    PO Box 26849

    Manama

    Telephone: (973) 1772 8855

    Fax      : (973) 1772 8884

    Al Meena market offers a wide range of quality consumer products

    to its customers at very competitive prices. The product range

    includes general groceries, dairy products, fresh vegetables,

    frozen foods, beverages, snacks, cleaning products, toiletries

    and many others.

 

3.  Box Makers WLL

    P.O. Box 434

    Manama

    Telephone: (973) 1787 4975

    Fax      : (973) 1787 4972

    Providers of integrated packaging and printing services.

 

4.  Rainbow Printing House

    P.O. Box 434

    Manama

    Telephone: (973) 1787 4975

    Fax      : (973) 1787 4972

    Printing press.

 

5.  Quality Education School

    P.O. Box 21566

    Khalil Kanoo Gardens

    Near Salmaniya

    Manama

    Telephone: (973) 1727 7984

    Fax      : (973) 1723 1429

    Accredited to IGCSE & CBSE, Quality Education School is a high

    quality educational institution, embraces contemporary schooling

    concepts while incorporating traditional systems of teaching. We

    provide quality education for children of Bahrain from KG1

    onwards.

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Trading as importers, distributors and commission agents of

foodstuff, including almonds, chocolates and confectionaries, canned

juices, honey, jam, non-alcoholic malt beverages, popcorn, olive

oil, seafood, noodles, edible oils and nuts, biscuits and rice;

detergents, disposables, brushes, cigarettes, readymade garments,

perfumes, gift items and toys.

 

Imports from Singapore, India, Netherlands, UK, Germany, France,

USA, Switzerland, Denmark, Malta, Pakistan, Oman, UAE, Turkey,

Malaysia, China (Hong Kong) and Australia.

 

Subject does not export, all sales are domestic.

 

Agents for :

 

1.  Blue Diamond Almonds, USA.

2.  Donald Duck Unsweetened Juices from Citrus World Inc, USA.

3.  Plus-Pack Aluminium Food Containers, Denmark.

4.  Diamond Honey, Australia.

5.  Santan Coconut Milk Powder, Malaysia.

6.  Sanwa Noodles, Singapore.

7.  Mehran Spices, Pakistan.

8.  Best Nuts, Dubai (UAE).

9.  Emirates - Pofaki, Mr Krisps - Potato Chips, Corn Curls etc.

    Snacks, Dubai (UAE).

10. Malita Sweetened Fruit Drinks, packed in UAE by licence of      

    Akras, Austria.

11. Al-Felaij Brushes, Sultanate of Oman.

12. A.S. Danish Dairy Food, Moussy non-alcoholic malt beverages,

    Switzerland.

13. Nestle (Bonny Milk).

14. Global Export Marketing (American Garden).

15. Beacon (chocolate).

16. Parle (Biscuits).

17. Hero Holland (Tova).

 

 

FACILITIES

 

The Company has the following facilities :

 

10,000 square metres rented premises, comprising a warehouse and

offices located at the heading address, as well as 4 retail outlets

located elsewhere in Manama.

 

Until 2005, subject was located at Al Asfoor Building, Tijjar Road,

Manama.

 

 

REGISTERED OFFICE

 

Building No. 00069

Road No. 0340

Block No. 304

P.O. Box 00434

Manama Center

 

 

SPECIAL NOTE

 

You enquired on: P Haridas And Sons Company Wll. Please note that the correct name is as per heading.  

 

The address which you provided: Al Tijjar Roadal Asfour Building Manama applies to subject's former address. Please note that subject's current administrative office address is as per heading.

 

Interviewed: Ram Chandran (Accounts Manager)

 

 Bottom of Form

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.37

UK Pound

1

Rs.70.84

Euro

1

Rs.62.96

 

 

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

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.