MIRA INFORM REPORT

 

 

Report Date :           

07.02.2012

 

IDENTIFICATION DETAILS

           

Correct Name :

ABDULLAH AHMED NASS & SONS CO WLL

 

 

Registered Office :

Mina Salman Highway, Mina Salman Industrial Area, P O Box 669, Manama

 

 

Country :

Bahrain 

 

 

Date of Incorporation :

30.08.1976

 

 

Com. Reg. No.:

770-4, Manama

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Subject operates through several divisions

·         Nass Scafform

·         A A Nass Commercial Division

·         Nass Motors

·         Nass Foods Division

·         Nass Plumbing Division

·         Nass Landscaping

·         Nass Sand Processing Plant

·         Nass Ice & Sweet Water Plant

 

 

No. of Employees :

250

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 2,600,000

 

 

Status :

Good

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Bahrain

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : ABDULLAH AHMED NASS & SONS CO WLL

Also Known As                                      : A A NASS CO WLL / ABDULLA AHMED NASS GROUP

Country of Origin                                    : Bahrain

Legal Form                                            : With Limited Liability – WLL

Start Date                                             : 1963

Registration Date                                   : 30th August 1976

Commercial Registration Number                        : 770-4, Manama

Issued Capital                                        : BD 10,000,000

Paid up Capital                                      : BD 10,000,000

Total Workforce                                     : 250

Activities                                               : Subject operates several divisions (see below for details)

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 2,600,000

Person Interviewed                                 : Sirnas Prabhu, Chief Financial Officer

 

COMPANY NAME

 

ABDULLAH AHMED NASS & SONS CO WLL

 

 

ALSO KNOWN AS

 

A A NASS CO WLL / ABDULLA AHMED NASS GROUP

 

 

company ADDRESS

 

Registered & Physical Address

Street               : Mina Salman Highway

Area                 : Mina Salman Industrial Area

PO Box             : 669

Town                 : Manama

Country             : Bahrain

Telephone         : (973-17) 725522 / 725299

Facsimile          : (973-17) 728184

Mobile               : (973-39) 671456

Email                : aanass@batelco.com.bh / isa@aanass.net

 

Premises

Subject operates from a large suite of offices that are owned and located in the Industrial Area of Manama.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Abdullah Ahmed Nass                                                                       Chairman

 

·       Samir Abdullah Ahmed Nass                                                              Vice Chairman

 

·       Sami Abdullah Ahmed Nass                                                               Managing Director

 

·       Adel Abdullah Ahmed Nass                                                                Director

 

·       Ghazi Abdullah Ahmed Nass                                                              Director

 

·       Khalid Abdul Rahman Ahmed Nass                                                    Director

 

·       Yousef Ahmed Issa Nass                                                                   General Manager

 

·       Bashar Samir Nass                                                                           Marketing Manager

 

·       David Maky                                                                                       Procurement Manager

 

·       Hement Joshi                                                                                    Finance Manager

 

·       Sirnas Prabhu                                                                                   Chief Financial Officer

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1963, however subject was registered on 30th August 1976

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 770-4, Manama

 

Membership No.          : 402

 

Issued Capital              : BD 10,000,000

 

Paid up Capital            : BD 10,000,000

 

Name of Shareholder (s)

 

·       Abdullah Ahmed Nass

 

·       Samir Abdullah Ahmed Nass

 

·       Sami Abdullah Ahmed Nass

 

·       Adel Abdullah Ahmed Nass

 

·       Ghazi Abdullah Ahmed Nass

 

·       Khalid Abdul Rahman Ahmed Nass

 

 

AFFILIATED COMPANIES

 

Subject is a member of the Nass Group of Companies, which is a major diversified construction and trading organisation, which began business in Bahrain in 1963. Today with more 30 companies and 3000 employees the group operates throughout the Gulf region and has extensive worldwide interests

 

The Nass Group of Companies comprises the following concerns:

 

·       Delmon Ready Mixed Concrete Company WLL

·       Delmon Precast Company WLL

·       Shaw Nass Middle East WLL

·       Bahrain Bulk Handling WLL

·       Middle East Agriculture & Livestock Co WLL

·       Gulf Acid Industries WLL

·       A.A. Nass Contracting Co WLL

·       B.K. Nass WLL

·       TDI Nass International WLL

·       Shahnaz Enterprises Company WLL

·       Oil Marketing Corporation EC

·       Gulf Development Corporation

·       Abdullah Nass & Partners Ltd

·       Al Ghanim Nass Company WLL

·       Livestock & Agricultural Development Company Ltd

·       Nass Industrial Services WLL

 

 

OPERATIONS

 

Activities: Subject’s operations are performed through the following divisions:

 

·         Nass Scafform

 

Address:           Al Aker, Ma Ameer

                                           PO Box: 669

                                           Manama

                                           Tel: (973-17) 701584 / 732146

                                           Fax: (973-17) 701351

                                           Email: corporate@nassscafform.com

 

            Contact:            Brian Fox - Contracts Manager

 

                                                                 Activities: Formed in 1990, Nass Scafform is engaged in the provision of

scaffolding and formwork services. The division employs over 200 workers and is ISO 9002 certified. Clients include Bapco (Oil refinery), GPIC (Petrochemical plant) and Alba (Aluminium smelter).

 

 

Address:           Sitra Highway

Ma Amer Area

PO Box: 669

Manama

Tel: (973-17) 703123 / 400054

Fax: (973-17) 703090 / 400836

 

            Activities:          Engaged in the import and distribution of heavy machinery.

 

·         Nass Motors

 

Address:           Sheikh Salman Highway

                                    Khamis

                                    PO Box: 669

                                    Manama

                                    Tel: (973-17) 403493 / 403509

                                    Fax: (973-17) 784434

 

            Activities:          Engaged in the import and retail of cars and automotive spare parts.

                                    Agents for Renault

 

 

Address:           PO Box: 2770
Manama

Tel: (973-17) 400054
Fax: (973-17) 400836

 

            Activities:          Under this division subject specialises in the import and distribution

of foodstuff products.

 

 

Address:           PO Box: 669

                        Manama

                        Tel: (973-17) 731152

                        Fax: (973-17) 732420

 

            Activities:          This division offers plumbing services as well as acting as sanitary

ware fitting contractors.

 

 

Address:           PO Box: 669

                        Manama

                        Tel: (973-17) 612383

                        Fax: (973-17) 612384

 

            Activities:          Specialists in the provision of geographical information, mapping

services and landscaping contractors.

 

·         Nass Sand Processing Plant

 

                   Address:           Maajilis Al Tawon Highway

                                           Al Aker, Sitra

                                           PO Box: 669

                                           Manama

                                           Tel: (973-17) 700757 / 701854

                                           Fax: (973-17) 702764

 

                   Activities:          Operators of a sand processing plant.

 

·         Nass Ice & Sweet Water Plant

 

Address:           Maajilis Al Tawon Highway

                                           Sitra

                                           PO Box: 669

                                           Manama

                                           Tel: (973-17) 700757 / 700883

                                           Fax: (973-17) 702764

 

            Activities:          Engaged in the production, processing and cutting of ice.

 

Import Countries: Europe and the United States of America

 

International Suppliers:

 

·       Texas Inc                 United States of America

·       IMI Yorkshire            United Kingdom

·       Neylor                      United Kingdom

·       Zenith                       Germany

·       Esale                       Sweden

·       Fracasso                  Italy

·       Retesa                     Spain

·       Poclain                     France

 

Subject employs approximately 250 people. The Abdullah Ahmed Nass Group of Companies has a workforce of approximately 3,000 employees.

 

 

FINANCIAL DATA

 

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

 

·       National Bank of Bahrain BSC

NBB Tower

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

 

·       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

 

·       Al Ahli Commercial Bank

Government Avenue

PO Box: 5941

Manama

Tel: (973-17) 244333

Fax: (973-17) 241301

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction      January 2002               June 2006                    June 2007                    June 2008

Credit amount                71,000                          14,000                          14,000                          21,000

Amount overdue 0                                  0                                  0                                  0

Payment terms              60 days                         30 days                         30 days                         30 days

Payment Method           Letters of Credit             Letters of Credit             Letters of Credit             Letters of Credit

Paying record                No Complaints               No Complaints               No Complaints               No Complaints

Currency                       Euros                            Pounds Sterling             Pounds Sterling             Euros

 

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.68

UK Pound

1

Rs.76.75

Euro

1

Rs.63.57

 

 

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.