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Report Date : |
21.02.2013 |
IDENTIFICATION DETAILS
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Name : |
RAMSIS ENGINEERING WLL |
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Registered Office : |
Askar Industrial Area, Building 1093, Road 5135, Block 951 PO Box
28967 East Riffa |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2012 |
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Year of Incorporation : |
1976 |
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Com. Reg. No.: |
24228-1, Manama |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Subject operates several divisions like Manufacturing Division, Contracting Division |
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No. of Employees : |
600 |
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 : |
Good |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Bahrain |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 : RAMSIS ENGINEERING WLL
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Start Date : 1976
Registration Date : 9th January 1991
Commercial Registration Number : 24228-1, Manama
Chamber Membership Number : 2210
Issued Capital : BD 1,270,000
Paid up Capital : BD 1,270,000
Total Workforce : 600
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Jitendera Bhassin, Finance Manager
RAMSIS ENGINEERING WLL
Location : Askar
Industrial Area, Building 1093, Road 5135, Block 951
PO Box : 28967
Town : East Riffa
Country : Bahrain
Telephone : (973-17) 830606
/ 830801
Facsimile : (973-17)
830459 / 830696
Mobile : (973-39)
667993
Email : admin@ramsis.com.bh
Subject operates from a large suite of offices and a factory that are owned
and located in the Industrial Area of East Riffa.
Name Nationality Position
· Suhail Ismail Haji Agha Kazerooni Bahraini Managing Director
· Zuhair Ismail Haji Agha Kazerooni Bahraini Director
· Reza Ismail Haji Agha Kazerooni Bahraini Director
· Ali Ismail Haji Agha Kazerooni Bahraini Director
· Louis Nicholson - Projects
Manager
· Jitendera Bhassin - Finance
Manager
· Arvi Rao - Commercial
Manager
· Surinda Ram - Manufacturing
Manager
· Ahmed Abdullah - Production
Manager
Date of
Establishment : Subject’s
operations date back to 1976, however it was registered on 9th
January 1991
History : Subject was
originally incorporated in 1976. However in September 2000, subject absorbed
the operations of its sister concern, namely “Ramsis Contracting &
Maintenance Services Co WLL”.
Subsequently, subject was re-registered as a
With Limited Liability – WLL with a
manufacturing and contracting division, under the current style of
“Ramsis Engineering
WLL”.
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 24228-1, Manama
Chamber Member No. : 2210
Issued Capital : BD 1,270,000
Paid up Capital : BD 1,270,000
· Suhail Ismail Haji Agha Kazerooni 25%
· Zuhair Ismail Haji Agha Kazerooni 25%
· Reza Ismail Haji Agha Kazerooni 25%
· Ali Ismail Haji Agha Kazerooni 25%
· Enerserv Co WLL
Manama
Bahrain
Activities: Subject’s operations are performed through the following divisions:
·
Manufacturing Division
Engaged in the
manufacture of heat exchangers, pressure vessels, storage tanks, boilers and furnaces,
air fin coolers and pressure piping.
Subject is ISO
9001 certified
·
Contracting Division
Under this
division, subject act as general contractors, specialising in the construction
of chemicals refineries and plants, mechanical fabrication, tank refurbishment,
heat exchanger refurbishment as well as steel erection and heavy lifting.
Import Countries: United Kingdom
Operating Trend: Steady
Subject has a workforce of approximately 600 employees, although this
varies according to the volume of contracts.
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
36,700,000 BD
40,500,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Jitendera
Bhassin, Finance Manager
· National Bank of
Bahrain BSC
East Riffa Branch
PO Box: 106
Manama
Tel: (973-17)
775284
·
Bank of Bahrain & Kuwait
East Riffa Branch
PO Box: 597
Manama
Tel: (973-17)
771878 / 771299
No complaints regarding subject’s payments have been reported.
Credit amount 150,000 70,000
Amount overdue 0 0
Payment terms 60
days 30
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency US
Dollars Euros
Ramsis Engineering WLL is well established in the local market and is
owned by members of the Kazerooni family who are respected figures in the local
business community.
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.54.05 |
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|
1 |
Rs.83.45 |
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Euro |
1 |
Rs.72.53 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
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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 |
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<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.