MIRA INFORM REPORT

 

 

Report Date :

19.05.2012

 

IDENTIFICATION DETAILS

 

Name :

GULF CLOSURES WLL

 

 

Registered Office :

Building No. 936, Block No. 601 Road No. 115 Sitra Industrial Area PO Box 2715 Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

22.06.1992

 

 

Com. Reg. No.:

27278-1

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Manufacturers of closures, caps and lids.

 

 

No. of Employees :

125

 

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

 

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 – 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

 

SUMMARY

 

Company Name                                     : GULF CLOSURES WLL

Country of Origin                                    : Bahrain

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 22nd June 1992

Commercial Registration Number            : 27278-1

Chamber Membership Number                : 2608

Issued Capital                                        : BD 775,000

Paid up Capital                                      : BD 775,000

Total Workforce                                     : 125

Activities                                               : Manufacturers of closures, caps and lids.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Suresh Nambair, Finance Manager

 

 

 

COMPANY NAME

 

GULF CLOSURES WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Building No. 936, Block No. 601

Street               : Road No. 115

Area                 : Sitra Industrial Area

 

PO Box             : 2715

 

Town                 : Manama

Country             : Bahrain

 

Telephone         : (973-17) 458866 / 458861

Facsimile          : (973-17) 735318

Mobile               : (973-39) 637556

Email                : mark.makhlouf@csiclosures.com / suresh.nambair@csiclosures.com

  roise.kurian@csiclosures.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Khalid  Rashid Shaik Abdulrahman Al Zayani                                       Chairman

 

·       Hamid Khalid Rashid Shaik Abdulrahman Al Zayani                             Managing Director

 

·       Ahmed Shareef                                                                                 General Manager

 

·       Suresh Nambair                                                                                Finance Manager

 

·       Roise Kurian                                                                                     Procurement Manager

 

·       Mark Makhlouf                                                                                  Commercial Manager

 

·       A Parasd                                                                                          Accountant

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 22nd June 1992

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 27278-1

 

Chamber Member No. : 2608

 

Issued Capital              : BD 775,000

 

Paid up Capital            : BD 775,000

 

Name of Shareholder (s)                                                       Percentage

 

·       Al Zayani Investments Co                                                       51%

Manama

 

·       Closure System International BV                                            49%

Netherlands

 

 

AFFILIATED COMPANIES

 

·       Euro Motors

PO Box: 2226

Manama

Tel: (973-17) 750750

 

·       Zayani Motors

PO Box: 26

Manama

Tel: (973-17) 703703

 

·       Zayani Leasing

PO Box: 26

Manama

Tel: (973-17) 703703

 

·       First Motors

PO Box: 11173

Manama

Tel: (973-17) 457700

 

·       Alu Wheel

PO Box: 5570

Manama

Tel: (973-17) 830007

 

·       Midal Cables

PO Box: 5939

Manama

Tel: (973-17) 830111

 

·       Zayani Properties

PO Box: 5553

Manama

Tel: (973-17) 531177

 

·       JDN

PO Box: 26

Manama

Tel: (973-17) 530808

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of closures, caps and lids.

 

Subject supplies Coca Cola and Pepsi Cola in the Middle East and the Indian Subcontinent beverage         markets.

 

Production Capacity: 1.3 billion units per year.

 

Import Countries: Europe and GCC countries.

 

Operating Trend: Steady

 

Subject has a workforce of 125 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 6,860,000                            BD 7,125,000

 

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

 

The above figures were provided by Mr Suresh Nambair, Finance Manager

 

 

BANKERS

 

·       Arab Bank Plc

Government Avenue

PO Box: 395

Manama

Tel: (973-17) 229988

Fax: (973-17) 210443

 

 

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.54.87

UK Pound

1

Rs.86.46

Euro

1

Rs.69.49

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

 

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.