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Report Date : |
11.06.2013 |
IDENTIFICATION DETAILS
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Name : |
GULF MARKETS INTERNATIONAL WLL (GMI) |
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Registered Office : |
Bahrain Tower, 14th Floor Government Avenue PO Box 5854
Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
05.11.1977 |
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Com. Reg. No.: |
8130-1, Manama |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Subject operates several divisions like Building
Materials Division, Lifts & Escalators Division, Medical Division,
Foreign Company Representation Division, Agriculture and Animal Feeds
Division, IT Division. |
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No. of Employees : |
160 |
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 : |
Satisfactory |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Bahrain |
B1 |
B1 |
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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 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 : GULF MARKETS INTERNATIONAL WLL (GMI)
Country of Origin : Bahrain
Legal Form : With Limited Liability - WLL
Registration Date : 5th November 1977
Commercial Registration Number : 8130-1, Manama
Chamber Membership Number : 2744
Issued Capital : BD 250,000
Paid up Capital : BD 250,000
Total Workforce : 160
Activities : Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Garvin Mehta, Finance Manager
GULF MARKETS INTERNATIONAL WLL (GMI)
Building : Bahrain
Tower, 14th Floor
Street : Government
Avenue
PO Box : 5854
Town : Manama
Country : Bahrain
Telephone : (973-17) 226188
/ 221039 / 227654 / 233228 / 230654 / 213542
Facsimile : (973-17)
243625 / 224723
Email : gulfmkt@batelco.com.bh
/ info@gulfmarketsintl.com
Please note that subject’s previous address was, Al Fanar Building,
Building No. 98Y, Estiqlal Highway, Road No. 3901, Block 939, East Riffa,
Manama.
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
· Doha Rented
office & warehouse premises
Qatar
· Dubai Rented
office & warehouse premises
United Arab
Emirates
Name Nationality Position
· Fahd Hassan Yousef Ahmed Al Hamad Bahraini Managing
Director
· Rabab Mahdi Mohamed Ali Al Mahroos Bahraini Director
· Marwa Abdul Nabi Abdulla Al Shulla Bahraini Director
· Rawan Abdul Nabi Abdulla Al Shulla Bahraini Director
· Meshal Abdul Nabi Abdulla Al Shulla Bahraini Director
· Garvin Mehta - Finance
Manager
· Sumit Daga - Commercial
Manager
· Ganesh Raj Gopal - Marketing
Manager
· Nasreen Al Saffar - Human
Resources Manager
Date of
Establishment : 5th
November 1977
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 8130-1, Manama
Chamber Member No. : 2744
Issued Capital : BD 250,000
Paid up Capital : BD 250,000
· Alfanar Investment
Holding Co BSC (C) 99.95%
· Rabab Mahdi
Mohamed Ali Al Mahroos 0.05%
Name Percentage
Held
· Falcon Publishing
WLL -
Bahrain Tower, 14th
Floor
Government Road
PO Box: 5028
Manama
Tel: (973-17)
253162 / 256160 / 256161
· Falcon Management
Services -
Media Monitoring
Services
PO Box: 5028
Manama
· Gulf Public
Relations -
PO Box: 726
Manama
· Gulf Advertising
& Marketing -
PO Box: 726
Manama
· Gulf Translations -
PO Box: 726
Manama
· Middle East
Research & Consultancy -
PO Box: 30231
Manama
· Tele-Gulf
Directory Publication WLL -
· Gulf Hill &
Knowlton -
· Grafix Arabia
Advertising -
· Al Jazira
Marketing & Management Services -
· Al Fanar Travel
Agency -
· Aptech Information
Systems Ltd -
· Al Fanar Medical
Equipment & Services Co WLL 95.00%
· Scan Tech
International WLL 30.00%
· Gannon Dunkerley
Middle East WLL 20.00%
· International Technical
Supplies and Services WLL 66.70%
· Bahrain Alloys
Manufacturing Co 16.05%
· Pearl Elevator
International Co WLL 95.00%
· Multispec Systems
and Services WLL 95.00%
Activities: Subject’s operations are performed through the following divisions:
· Building Materials Division
Wholesalers
and retailers of general building materials, timber products, plastering
materials, construction
chemicals, metal
expansion items, bathroom accessories, polythene sheets, Gypsum boards, safety
shoes, water
pumps
and water heaters.
· Lifts & Escalators Division
Engaged in the
supply and installation of Window Cleaning Systems (BMU), Robotic Car Park
Systems, Domestic, Commercial and Industrial Roller Shutters and Automatic Barriers.
· Medical Division
Distributors of medical equipment, surgical, dental and laboratory
products.
· Foreign Company Representation Division
Representation of foreign companies.
· Agriculture and Animal Feeds Division
Distributors of animal feeds and agricultural products. sole Agent for the
South African company KK Animal Nutrition in the Middle East. KK Animal
Nutrition is a market leader, a major manufacturer and international supplier
of animal feed ingredients (feed phosphates, feed-grade urea, molasses by
product powder and feed-grade sulphur).
· IT Division
Providers of technological security
solutions. Sole Agents in the Middle East for Inttelix Software Technologies
Pvt. Ltd., who is a leader in Facial Biometric Security Solutions, specialising
in biometric engineering.
Import Countries : The United Kingdom, Germany, India, South Africa,
the United States of America and
neighbouring Arab states.
International Suppliers:
· BDK Group India
· Conmix Ltd United Arab Emirates
· Alnet (Pty) Ltd South Africa
Brand Names: 3M, SRL, XJ
SIEMENS, COX GOMYL, ORONA LIFTS, PLANMECA, GRACE CHEMICALS, KK
ANIMAL
NUTRITION, YARA PHOSPHATES OY and SELECTA
Operating Trend: Steady
Subject has a workforce of 160 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
7,370,000 BD
8,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Garvin Mehta, Finance Manager
·
Bank of Bahrain & Kuwait
43 Government
Avenue
PO Box: 597
Manama
Tel: (973-17)
253388
Fax: (973-17)
275785
·
National Bank of Bahrain BSC
Government Road
PO Box: 106
Manama
Tel: (973-17)
258800
Fax: (973-17)
263876
No complaints regarding subject’s payments have been reported.
Credit amount 486,018
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Canadian
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.57.78 |
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|
1 |
Rs.89.71 |
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Euro |
1 |
Rs.76.23 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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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 |
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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.