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Report Date : |
08.06.2013 |
IDENTIFICATION DETAILS
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Name : |
ALI RASHID AL AMIN CO BSCC |
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Registered Office : |
Building 733, Block 601, Road No. 113 Sitra Industrial Area PO Box 643
Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
27.03.1965 |
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Com. Reg. No.: |
823-20, Manama |
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Legal Form : |
Bahraini Shareholding Company Closed - BSCC |
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Line of Business : |
Subject operates several divisions like The Exhibition, Midway, Lulu Factory, Al Amin Industry Division, Al
Amin Fresh Fruit Division, Lily Flower Division |
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No. of Employees : |
525 |
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 : |
Regular |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Bahrain |
B1 |
B1 |
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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 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 : 823-20, Manama
Membership Number : 9543
Issued Capital : BD 1,000,000
Paid up Capital : BD 1,000,000
Total Workforce : 525
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
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
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. : 823-20, Manama
Membership No. : 9543
Issued Capital : BD 1,000,000
Paid up Capital : BD 1,000,000
· 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%
· Lubna Ali Rashid
Al Amin 5%
· 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 525 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 Sales 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.
Credit amount 65,000
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.56.74 |
|
|
1 |
Rs.88.53 |
|
Euro |
1 |
Rs.75.20 |
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.