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Report Date : |
15.05.2012 |
IDENTIFICATION DETAILS
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Name : |
GULF INDUSTRIAL
INVESTMENT CO EC (GIIC) |
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|
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Registered Office : |
Factory No. 250,
Block 217, Street No. 1725, 50177, Hidd |
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Country : |
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Year of Establishment : |
1982 |
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Com. Reg. No.: |
19191-1, |
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Legal Form : |
Exempt Company
(E.C) |
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Line of Business : |
Producers of iron
ore pellets |
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No. of Employees : |
400 |
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 |
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Status : |
Good |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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 : GULF INDUSTRIAL INVESTMENT CO EC
(GIIC)
Country of Origin : Bahrain
Legal Form :
Exempt Company (E.C.)
Start Date :
1982
Registration Date : 17th
February 1988
Commercial
Registration Number : 19191-1,
Manama
Chamber Membership
Number : 4040
Authorised Capital : US$
80,000,000
Issued Capital : US$
45,500,000
Paid up Capital : US$
45,500,000
Total Workforce : 400
Activities :
Producers of iron ore pellets
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed : Essam Al
Othman, Finance Manager
GULF INDUSTRIAL
INVESTMENT CO EC (GIIC)
Registered & Physical
Address
Building : Factory No. 250, Block 217
Street : Street No. 1725
PO Box : 50177
Town : Hidd
Country : Bahrain
Telephone : (973-17) 673311 / 671970 / 679235 /
464222
Facsimile : (973-17) 675258 / 673960 / 678025
Email : giiccom@batelco.com.bh / giic@giic.com.bh
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Hidd.
Branch Office
(s)
Location Description
·
Salman
Industrial Area Office
premises
Tel: (973-17) 359323 / 359342
Name Position
·
Hisham
A M S Alrazzuqi Chairman
·
Khalid
A M S Al Qadeeri Vice
Chairman
·
Ali
Basdaq Director
·
K
Parasad Commercial
Manager
·
Essam
Al Othman Financial
Manager
·
Delip
George Chief
Financial Officer
·
Paul
Lovell Plant
Manager
Date of Establishment : Subject’s
operations date back to 1982, however it was registered on 17th
February 1988
Legal Form :
Exempt Company (E.C)
Commercial Reg. No. : 19191-1,
Manama
Chamber Member No. : 4040
Authorised Capital : US$
80,000,000
Issued Capital : US$ 45,500,000
Paid up Capital : US$ 45,500,000
Name of Shareholder
(s) Percentage
·
Gulf
United Steel Holding Co Bsc (C) 99.90%
Manama
·
Gulf
Investment Corporation 0.10%
Kuwait
Activities: Subject operates an iron ore pelletising
plant. The pellets are used in direct reduction (DR)
and blast
furnace (BF)
plants.
Subject has an annual
production capacity of 11 million tonnes.
Clients:
·
Qatar
Steel Company
·
Saudi
Iron and Steel Company (Hadeed)
Import
Countries: Brazil, Iran,
and India
Export Countries: Indian, Malaysia, Indonesia and GCC
countries.
Subject has a
workforce of approximately 400 employees.
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.
·
National
Bank of Bahrain BSC
Government Road
PO Box: 106
Manama
Tel: (973-17) 258800
Fax:
(973-17) 263876
No complaints
regarding subject’s payments have been reported.
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.53.71 |
|
UK Pound |
1 |
Rs.86.34 |
|
Euro |
1 |
Rs.69.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.