MIRA INFORM REPORT

 

 

Report Date :

15.03.2012

 

IDENTIFICATION DETAILS

 

Name :

GARMCO FOIL MILL CO WLL

 

 

Registered Office :

North Sitra Industrial Area, 20725 Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

11.04.2000

 

 

Com. Reg. No.:

45004-1, Manama

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Manufacture of Aluminium Sheet, Foil, Tin And Coils.

 

 

No. of Employees :

800

 

 

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$ 2,500,000

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 30, 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                                     : GARMCO FOIL MILL CO WLL

Country of Origin                                    : Bahrain

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 11th April 2000

Commercial Registration Number            : 45004-1, Manama

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$ 2,500,000

Person Interviewed                                 : Narayan Prakash, Finance Manager

 

COMPANY NAME

 

GARMCO FOIL MILL CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : North Sitra Industrial Area

 

PO Box             : 20725

 

Town                 : Manama

Country             : Bahrain

 

Telephone         : (973-17) 734696 / 731000

Facsimile          : (973-17) 739830 / 730542

Mobile               : (973-39) 416702 / 673702

Email                : khalid.almajid@garmco.com / prakash@garmco.com / graham.bruce@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                                                      Chairman

 

·       Magdi Al Sherawi                                                                              Director

 

·       Graham Bruce                                                                                  Director

 

·       William Ray Witherspoon                                                                   Director

 

·       Narayan Prakash                                                                              Finance Manager

 

·       Ahmed Mohamed Hubail                                                                    Commercial Manager

 

·       Tariq Saeed Abdullah                                                             Administration Manager

 

·       Ibrahim Al Aradi                                                                                Plant Manager

 

·       Abdulrazzaq Yamin                                                                           Production Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 11th April 2000

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 45004-1, Manama

 

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%

     North Sitra Industrial Area, Entrance 3

     PO Box: 20725

     Manama

     Bahrain

     Tel: (973-17) 731000 / 734601

     Fax: (973-17) 730542 / 739800

 

 

AFFILIATED COMPANIES

 

     Name                                                                                        Percentage Held

 

·       Garmco Australia                                                                              100%

Australia

 

·       Garmco USA                                                                                    100%

United States of America

 

·       Garmco Korea                                                                                    80%

South Korea

 

·       Garmco Singapore                                                                              75%

Singapore

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of aluminium sheet, foil, tin and coils.

 

Production Capacity: 22,000 tonnes per annum

 

Import Countries: China and the United Kingdom

 

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 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                BD 21,864,654                           BD 23,619,672

 

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

 

The above figures were provided by Mr Narayan Prakash, Finance Manager

 

 

BANKERS

 

·       National Bank of Bahrain BSC

NBB Tower

Government Road

PO Box: 106

Manama

Tel: (973-17) 258800

Fax: (973-17) 263876

 

·       Al Ahli Commercial Bank

Government Avenue

PO Box: 5941

Manama

Tel: (973-17) 244333

Fax: (973-17) 241301

 

·       Gulf International Bank BSC

     Al Dowali Building

     3 Palace Avenue

     PO Box: 1017

     Manama

     Tel: (973-17) 534000 / 534300 / 530030

     Fax: (973-17) 522633 / 522530 / 522629

     Email: gibmktg@batelco.com.bh

 

·       Bank of Bahrain & Kuwait

43 Government Avenue

PO Box: 597

Manama

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.90

UK Pound

1

Rs.78.14

Euro

1

Rs.65.08

 

 

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.