MIRA INFORM REPORT

 

 

Report Date :

17.08.2013

 

IDENTIFICATION DETAILS

 

Name :

GULF CORPORATION FOR TECHNOLOGY WLL

 

 

Registered Office :

Building No 2038, Road 4156, Block 341, Al Juffair, PO Box: 2576, Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

20.03.1996

 

 

Com. Reg. No.:

35357-1

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Subject’s operations are performed through the following divisions:

Pharmaceutical Division, Medical & Scientific Division, Consumer Division

 

 

No. of Employees :

120

 

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 :

Satisfactory

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

 

SUMMARY

 

Company Name                                    : GULF CORPORATION FOR TECHNOLOGY WLL

Country of Origin                                   : Bahrain

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 20th March 1996

Commercial Registration Number           : 35357-1, Manama

Chamber Membership Number               : 7405

Issued Capital                                       : BD 240,000

Paid up Capital                                     : BD 240,000

Total Workforce                                     : 120

Activities                                               : Subject operates several divisions (see below for details)

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

COMPANY NAME

 

GULF CORPORATION FOR TECHNOLOGY WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Building No 2038, Road 4156, Block 341, Al Juffair

PO Box            : 2576

Town                : Manama

Country             : Bahrain

 

Telephone         : (973-17) 239399

Facsimile          : (973-17) 232230

Mobile              : (973-36) 372574

Email                : office@gctbahrain.com

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Manama

 

 

KEY PRINCIPALS

 

            Name                                                               Nationality                    Position

 

Khaled Burhanuddin Mohamed Alawadhi                        Bahraini                        Managing Director

 

Mohamed Burhanuddin Mohamed Alawadhi                    Bahraini                        Director

 

Faeqa Burhan Aldin Alawadhi                                         Bahraini                        Director

 

Nabeela Burhanuddin Mohamed Ali Alawadhi                  Bahraini                        Director

 

Saneya Burhanuddin Mohamed Alawadhi                        Bahraini                        Director

 

Maryam Burhanuddin Mohamed Alawadhi                       Bahraini                        Director

 

Reggie D Souza                                                                  -                             General Manager

 

C.S. Kumar                                                                         -                             Finance Manager

 

Binu M. Varughese                                                              -                             Consumer Manager

 

V. Nandakumar                                                                -                                 Pharma Division Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 20th March 1996

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 35357-1, Manama

 

Chamber Member No.  : 7405

 

Issued Capital              : BD 240,000

 

Paid up Capital            : BD 240,000

 

Name of Shareholder (s)                                                           Percentage

 

Khaled Burhanuddin Mohamed Alawadhi                                       25.00%

 

Mohamed Burhanuddin Mohamed Alawadhi                                   25.00%

 

Faeqa Burhan Aldin Alawadhi                                                      12.50%

 

Nabeela Burhanuddin Mohamed Ali Alawadhi                                12.50%

 

Saneya Burhanuddin Mohamed Alawadhi                                       12.50%

 

Maryam Burhanuddin Mohamed Alawadhi                                      12.50%

 

 

OPERATIONS

 

Activities:                                             Subject’s operations are performed through the following divisions:

 

Pharmaceutical Division

 

Under this division the subject specialises in both the retail and wholesale business. It operates 7 pharmacies providing a wide range of derma cosmetics, health products as well as prescription products.

 

Medical & Scientific Division

 

Engaged in the import and distribution of medical equipment, surgical dressings & disposables, dental equipment & supplies, diagnostic & lab equipment, lab furniture, imaging equipment, science & engineering educational equipment, hospital furniture, analytical & industrial equipment.

 

Consumer Division

 

The Consumer Products Division is the leading distributor to all Supermarkets, Hotels, Hospitals, and small retail stores.

 

Import Countries:                                 India, United States of America, Japan, Switzerland, France and the United Kingdom.

 

International Suppliers:

 

Arden Healthcare                                   United Kingdom

Bioscreen                                             France

Edward Geistlich Sons                          Switzerland

Baxter Export Corp                               United States of America

Kaminomoto                                         Japan

Hitachi Medical System                         Japan

Ranbaxy Laboratories                            India

Torrent Exports Ltd                               India

Geltec Innovative Healthcare                  India

Elite Green Pvt Ltd                                India

 

Operating Trend:                                  Steady

 

Subject has a workforce of approximately 120 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Bahraini Dinar (BD)

 

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

 

Total Sales                                BD 18,375,000                          BD 19,150,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

HSBC Bank Middle East

93 Al Khalifa Avenue

PO Box: 57

Manama 304

Tel: (973-17) 224555 / 222158

Fax: (973-17) 226822

Email: bbmemnm@batelco.com.bh

 

 

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.61.82

UK Pound

1

Rs.96.57

Euro

1

Rs.82.45

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.