|
Report Date : |
30.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
ALI RASHID AL AMIN CO BSCC |
|
|
|
|
Registered Office : |
Building 733,
Block 601, Road No. 113, Sitra Industrial Area, P O Box 643, Manama |
|
|
|
|
Country : |
Bahrain |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
27.03.1965 |
|
|
|
|
Com. Reg. No.: |
823-2, Manama |
|
|
|
|
Legal Form : |
Bahraini Shareholding Company Closed – BSCC |
|
|
|
|
Line of Business : |
Subject operates several divisions include · The Exhibition · Midway · Lulu Factory · Al Amin Industry Division · Al Amin Fresh Fruit Division · Lily Flower Division |
|
|
|
|
No. of Employees : |
470 |
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 |
|
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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Bahrain |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Bahrain ECONOMIC OVERVIEW
Bahrain has taken great strides in diversifying its economy and its 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. 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 and 2012, Bahrain experienced economic setbacks as a result of domestic unrest, however, several factors indicate that the economy is beginning to recover, such as the return of the formula one race and tourist cruise ships to Bahrain. Economic policies aimed at restoring confidence in Bahrain's economy, such as the suspension of an expatriate labor tax and frequent bailouts of Gulf Air, 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 : ALI RASHID AL AMIN CO BSCC
Country of Origin : Bahrain
Legal Form : Bahraini Shareholding Company Closed - BSCC
Registration Date : 27th March 1965
Commercial Registration Number : 823-2, Manama
Membership Number : 756
Issued Capital : BD 1,000,000
Paid up Capital : BD 1,000,000
Total Workforce : 470
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Joseph George, Assistant Finance Manager
ALI RASHID AL AMIN
CO BSCC
Registered &
Physical Address
Location : Building 733, Block 601, Road No.
113
Area : Sitra Industrial Area
PO Box : 643
Town : Manama
Country : Bahrain
Telephone : (973-17) 732220 / 732203 / 738667
Facsimile : (973-17) 730078
Email : aralamin@batelco.com.bh
Premises
Subject operates
from a medium sized suite of offices and a factory that are owned and located
in the Industrial Area of Manama.
Branch Office (s)
Location Description
·
Municipality
Road Rented
showroom premises
Muharraq
Tel: (973-17) 320384
·
Riffa
Highway Rented
showroom premises
Riffa
Tel: (973-17) 663594
·
Khalifa
Salman Street Rented
showroom premises
Muharraq
Tel: (973-17) 322440
·
Hidd
Main Market Rented
showroom premises
Hidd
Tel: (973-17) 790740
·
Avenue
No. 44 Rented
showroom premises
Arad
Tel: (973-17) 675557
·
Saar
Market Rented
showroom premises
Saar
Tel: (973-17) 791085
·
Central
Market Rented
showroom premises
Manama
Tel: (973-17) 270588
Name Nationality Position
·
Ali Rashid
Al Amin
Bahraini Managing
Director
·
Rashid
Ali Rashid Al Amin
Bahraini Director
·
Majed
Ali Rashid Al Amin
Bahraini Director
·
Khalid
Ali Rashid Al Amin
Bahraini Director
·
Zayed Ali Rashid Al Amin
Bahraini Director
·
Ms Lubna Ali Rashid Al Amin
Bahraini Director
·
Mrs Fatima Abdulrahman Al Meer - Director
·
S G
Ibrahim - Commercial
Manager
·
K P
Sudhesh - Finance
Manager
·
Joseph
George - Assistant
Finance Manager
Date of Establishment : 27th
March 1965
Legal Form :
Bahraini Shareholding
Company Closed - BSCC
Commercial Reg. No. : 823-2,
Manama
Membership No. : 756
Issued Capital : BD 1,000,000
Paid up Capital : BD 1,000,000
Name of Shareholder
(s) Percentage
·
Ali
Rashid Al Amin 50%
·
Rashid
Ali Rashid Al Amin 10%
·
Majed
Ali Rashid Al Amin 10%
·
Khalid
Ali Rashid Al Amin 10%
·
Zayed Ali Rashid Al Amin 10%
·
Ms Lubna Ali Rashid Al Amin
5%
·
Mrs Fatima Abdulrahman Al Meer 5%
·
The
Food Supply Co WLL
Municipality Road
PO Box: 23721
Muharraq
Tel: (973-17) 672837
Fax: (973-17) 675150
·
Banz
Trading & Cold Storage
Mina Salman Port Area
PO Box: 2244
Manama
Tel: (973-17) 727874 / 727719
Fax: (973-17) 725435
·
A &
B Logistic Services Co WLL
Manama
·
RAMA
Kaza Trading Co WLL
Manama
·
Food
Storage Co Ltd
Al Khobar 31952
Saudi Arabia
·
A R
Industries (Al Amin Industries)
Doha
Qatar
Activities: Subject’s operations are performed through
the following divisions:
· The Exhibition
This division operates 3 warehouses in
Bahrain and is engaged in the distribution of fresh, chilled, dry, caned and frozen
foodstuff, as well as cosmetics, perfumes, household goods and other consumer
products.
· Midway
Midway is a total of 3 retail showrooms in
Bahrain specialising in the retail of fresh, chilled, dry, canned and frozen
foodstuff.
· Lulu Factory
Lulu Factory is engaged in the
production of vinegar as well as the packaging of dry foodstuff.
· Al Amin Industry Division
Suppliers
of industrial materials, silica and fly ash.
· Al Amin Fresh Fruit Division
Wholesalers and retailers of fruit and
vegetables.
· Lily Flower Division
Distributors of fresh flowers.
Import
Countries: France, Italy,
Spain, the United Kingdom, Denmark, Germany and South Korea
International
Suppliers:
·
Rivoire
& Carret France
·
Ducros
France France
·
Noxell
Corp (IK) Ltd United Kingdom
·
Silver
Foods United
Kingdom
·
Bristol
Myers Germany
·
Chesco Denmark
·
Kimball
(Cheong Chan) South Korea
Brand Names: LULU
Operating Trend: Steady
Subject has a
workforce of approximately 470 employees.
Financial highlights
provided by local sources are given below:
Currency: Bahraini
Dinar (BD)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Revenue BD 30,100,000 BD 31,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Joseph George, Assistant Finance Manager
·
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
·
Al Ahli
Commercial Bank
Government Avenue
PO Box: 5941
Manama
Tel: (973-17) 244333
Fax:
(973-17) 241301
No complaints
regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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.54.27 |
|
UK Pound |
1 |
Rs.84.23 |
|
Euro |
1 |
Rs.70.90 |
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.