MIRA INFORM REPORT

 

 

Report Date :

11.02.2013

 

IDENTIFICATION DETAILS

 

Name :

KHALIL ALI AKBAR LARI GROUP BSCC

 

 

Registered Office :

Al Nour Palace Building, 103 Palace Avenue, PO Box 591, Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

26.04.1969

 

 

Com. Reg. No.:

1054-1

 

 

Legal Form :

Bahrain Shareholding Company Closed

 

 

Line of Business :

Import, distribution and retail of general consumer products.

 

 

No. of Employees :

163

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Bahrain

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

 

SUMMARY

 

Company Name                                     : KHALIL ALI AKBAR LARI GROUP BSCC

Country of Origin                                    : Bahrain

Legal Form                                            : Bahrain Shareholding Company Closed - BSCC

Registration Date                                   : 26th April 1969

Commercial Registration Number            : 1054-1, Manama

Chamber Membership Number                : 163

Issued Capital                                        : BD 1,000,000

Paid up Capital                                      : BD 1,000,000

Total Workforce                                     : 50

Activities                                               : Import, distribution and retail of general consumer products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Mahmoud Idriss, Finance Manager

 

 

 

COMPANY NAME

 

KHALIL ALI AKBAR LARI GROUP BSCC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Al Nour Palace Building

Street               : 103 Palace Avenue

PO Box             : 591

Town                 : Manama

Country             : Bahrain

 

Telephone         : (973-17) 311178 / 292972 / 211141

Facsimile          : (973-17) 311148 / 292998 / 210785

Mobile               : (973-39) 605040 / 900871

Email                : lari@batelco.com.bh

 

Premises

 

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

 

Branch Office (s)

 

            Location                                                                                              Description

 

Manama Souq                                                                           Rented showroom premises

Manama

Tel: (973-17) 211141

 

Tijjar Avenue                                                                              Rented showroom premises

Near Al Jazira Hotel

Manama

 

Exhibition Road                                                                         Rented showroom premises

Manama

Tel: (973-17) 710007

 

Riffa Area                                                                                  Rented showroom premises

Riffa

Tel: (973-17) 717722

 

 

 

KEY PRINCIPALS

 

            Name                                                                                       Position

 

Abdul Rasool Mohamed Sadiq Ali Akbar Lari                                            Managing Director

 

Abul Razzaq Khalil Akbar Lari                                                                 Director

 

Ali Khalil Akbar Lari                                                                                Director

 

Khalil Ali Akbar Lari                                                                                Director

 

Mahmoud Idriss                                                                                     Finance Manager

           

Ayman Shwaki                                                                                      Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 26th April 1969

 

Legal Form                  : Bahrain Shareholding Company Closed - BSCC

 

Commercial Reg. No.  : 1054-1, Manama

 

Chamber Member No. : 163

 

Issued Capital              : BD 1,000,000

 

Paid up Capital            : BD 1,000,000

 

Name of Shareholder (s)                                                                Percentage

 

Abdul Rasool Mohamed Sadiq Ali Akbar Lari                                            25%

 

Abul Razzaq Khalil Akbar Lari                                                                 25%

 

Ali Khalil Akbar Lari                                                                                25%

 

Haj Khalil Lari Sons Co WLL                                                                   25%     

 

 

AFFILIATED COMPANIES

 

Al Nour Palace for Lighting

PO Box: 591

Manama

Bahrain

Tel: (973-17) 292972

Fax: (973-17) 292998

 

Khalil Akbar Lari Est

PO Box: 16586

Doha

Qatar

Tel: (974) 44355606

Fax: (974) 44355707

 

 

OPERATIONS

 

Activities: Engaged in the import, distribution and retail of general consumer products, including tea, sugar, rice,  biscuits, confectionery and chocolate.

 

Import Countries: Italy and Spain

 

International Suppliers:

 

Loacker             Italy

Tarao                Spain

Sagri                 Spain

 

Operating Trend: Steady

 

Subject has a workforce of 50 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 12,000,000                           BD 15,500,000

 

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

 

The above figures were provided by Mr Mahmoud Idriss, Finance Manager

 

 

BANKERS

 

Bank of Bahrain & Kuwait

43 Government Avenue

PO Box: 597

Manama

Tel: (973-17) 253388

Fax: (973-17) 275785

 

Bahraini Saudi Bank BSC

Exhibition Road Branch

PO Box: 1159

Manama

Tel: (973-17) 294974

Fax: (973-17) 290601

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                 January 2002

Credit amount                                        91,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Euros

 

 

GENERAL COMMENTS

 

With operations dating back to 1969, Khalil Ali Akbar Lari Group BSCC is very well established in the local business market with 4 showrooms in Bahrain selling a wide range of general consumer products.

 

According to local sources, subject’s financial position is satisfactory and payment obligations are fulfilled in a timely manner. As such the company is deemed a sound trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.57

UK Pound

1

Rs.84.25

Euro

1

Rs.71.78

 

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.