MIRA INFORM REPORT

 

 

Report Date :

16.03.2013

 

IDENTIFICATION DETAILS

 

Name :

GULF PROCURERS FOR INDUSTRIAL SUPPLY WLL

 

 

Registered Office :

Almoayyed Tower, 22nd Floor, Office No. 2236, Al Seef

 

 

Country :

Bahrain

 

 

Date of Incorporation :

28.05.2007

 

 

Com. Reg. No.:

65340-1

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Distributors of oil and oil related products

 

 

No. of Employees :

06

 

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                                    : GULF PROCURERS FOR INDUSTRIAL SUPPLY WLL

Country of Origin                                   : Bahrain

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 28th May 2007

Commercial Registration Number           : 65340-1

Issued Capital                                       : BD 20,000

Paid up Capital                                     : BD 20,000

Total Workforce                                     : 6

Activities                                               : Distributors of oil and oil related products

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                : Amine Jheir, Managing Director

 

 

 

 

COMPANY NAME

 

GULF PROCURERS FOR INDUSTRIAL SUPPLY WLL

 

 

Company ADDRESS

 

Registered & Physical Address

Building            : Almoayyed Tower, 22nd Floor, Office No. 2236

Town                : Al Seef

Country             : Bahrain

Telephone         : (973-17) 568199

Facsimile          : (973-17) 567901

Email                : sales@gulfpros.com / ajheir@gulfpros.com / bd@gulfpros.com

 

Premises

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Al Seef.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                                Position

·       Amine Jheir                                                  Australian                                  Managing Director

·       Mohamed Khashman M Al Ossaimi               Saudi                                        Director

·       Ibrahim Al Homoud                                            -                                          Business Development Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 28th May 2007

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 65340-1

 

Issued Capital              : BD 20,000

 

Paid up Capital            : BD 20,000

 

Name of Shareholder (s)                                                     Percentage

·       Amine Jheir                                                                          51%

·       Mohamed Khashman M Al Ossaimi                                       49%

 

 

AFFILIATED COMPANIES

 

·       Gulf Procurers for Industrial Supply WLL (Saudi Arabia)

PO Box: 76661

Al Khobar 31952

Saudi Arabia

Tel: (966-3) 8878537

Fax: (966-3) 8878534

 

·       Sky Gulf Saudi Arabia

Al Khobar 31952

Tel: (966-3) 8878537

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of oil and oil related products, such as, bitumen, fuel oil, base oil, diesel oil and lubricants.

 

Import Countries: Europe and Saudi Arabia

 

International Suppliers:

 

·       SABIC                      Saudi Arabia

·       Saudi Aramco          Saudi Arabia

·       Madeen                    Saudi Arabia

 

Subject has a workforce of 6 employees.

 

 

FINANCIAL DATA

 

Companies registered in Bahrain are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Gulf International Bank BSC

     Al Dowali Building

     3 Palace Avenue

     PO Box: 1017

     Manama

     Tel: (973-17) 534000 / 534300 / 530030

     Fax: (973-17) 522633 / 522530 / 522629

 

 

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.54.16

UK Pound

1

Rs.81.74

Euro

1

Rs.70.50

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.