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Report Date : |
25.09.2012 |
IDENTIFICATION DETAILS
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Name : |
FALCON CEMENT COMPANY BSC (C) |
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Registered Office : |
Building No. 1215,
Block No. 955, Road No. 5524, Al
Hafirah Area, Riffa, P O Box
37024, Manama |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
19.12.2005 |
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Com. Reg. No.: |
59031-1 |
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Legal Form : |
Bahraini Shareholding Company Closed BSC (C) |
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Line of Business : |
Producers of clinker and cement. |
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No. of Employees : |
120 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
bahrain - ECONOMIC OVERVIEW
Bahrain is one of the most diversified economies in the Persian Gulf. Highly developed communication and transport facilities make Bahrain home to numerous multinational firms with business in the Gulf. As part of its diversification plans, Bahrain implemented a Free Trade Agreement (FTA) with the US in August 2006, the first FTA between the US and a Gulf state. Bahrain's economy, however, continues to depend heavily on oil. Petroleum production and refining account for more than 60% of Bahrain's export receipts, 70% of government revenues, and 11% of GDP (exclusive of allied industries). Other major economic activities are production of aluminum - Bahrain's second biggest export after oil - finance, and construction. Bahrain competes with Malaysia as a worldwide center for Islamic banking and continues to seek new natural gas supplies as feedstock to support its expanding petrochemical and aluminum industries. In 2011, Bahrain experienced economic setbacks as a result of domestic unrest. Bahrain's reputation as a financial hub of the Gulf has been damaged, and the country now risks losing financial institutions to other regional centers such as Dubai or Doha. Economic policies aimed at restoring confidence in Bahrain's economy, such as the suspension of an expatriate labor tax, will make Bahrain's foremost long-term economic challenges - youth unemployment and the growth of government debt - more difficult to address.
|
Source : CIA |
Company Name : FALCON CEMENT COMPANY BSC (C)
Country of Origin : Bahrain
Legal Form : Bahraini Shareholding Company Closed BSC (C)
Registration Date : 19th December 2005
Commercial Registration Number : 59031-1
Issued Capital : BD 8,500,000
Paid up Capital : BD 8,500,000
Total Workforce : 120
Activities : Producers of clinker and cement.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Altaf, Finance Manager
FALCON CEMENT
COMPANY BSC (C)
Registered &
Physical Address
Building : Building No. 1215,
Block No. 955
Street : Road No. 5524
Area : Al Hafirah Area, Riffa
PO Box : 37024
Town : Manama
Country : Bahrain
Telephone : (973-17) 77144446 / 77144443
Facsimile : (973-17) 77144445
Email : info@falcon-cement.com
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of Manama.
Name Position
·
Hesham
Ahmed Nasser Abdul Qader Chairman
·
Alaa H
A Al Roumi Managing
Director
·
Ahmed
Ali Abdulla Al Karimi Director
·
Mohamed
Ali Abdulla Al Karimi Director
·
Fouad
Rashed Factory
Manager
·
Abdulrahman
Aqeel Al Awadim Administration
Manager
·
Mohamed
Altaf Finance
Manager
Date of Establishment : 19th
December 2005 (Production began in March 2009)
Legal Form :
Bahraini Shareholding
Company Closed BSC (C)
Commercial Reg. No. : 59031-1
Issued Capital : BD 8,500,000
Paid up Capital : BD 8,500,000
Name of Shareholder
(s) Percentage
·
BCC
Building Materials BSC (C) 75%
·
Ahmed
Ali Abdulla Al Karimi 15%
·
Mohamed
Ali Abdulla Al Karimi 5%
·
Cemena Holding
Company BSC (C) 5%
Activities: Engaged in the production of clinker and
cement.
The company signed a turnkey agreement with Bahrain Motor Company WLL on 17th January 2006 to set up a 600 tons per day cement plant in Hafirah. Keeping in view the greater demand of cement in the country, the company decided to increase the capacity of the plant from 600 TPD to 1,000 TPD and signed a variation agreement with BMC on December 13, 2006 to this effect.
Production
Capacity: 1.2 million tons
per year.
Import
Countries: Europe and GCC
countries.
Operating Trend: Steady
Subject has a
workforce of 120 employees.
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 3,920,000 BD 4,200,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Mohamed Altaf,
Finance Manager
·
British
Bank of the Middle East
93 Al Khalifa Avenue
PO Box: 57
Manama
Tel: (973-17) 224555
Fax: (973-17) 226822
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.53.29 |
|
UK Pound |
1 |
Rs.86.44 |
|
Euro |
1 |
Rs.68.95 |
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 |
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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 |
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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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
|
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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.