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Report Date : |
28.03.2013 |
IDENTIFICATION DETAILS
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Name : |
GULF ALUMINIUM ROLLING MILL CO BSC (C) (GARMCO) |
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Registered Office : |
North Sitra Industrial Area, Entrance 3 PO Box 20725 Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2012 |
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Year of Incorporation : |
1981 |
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Com. Reg. No.: |
11300 |
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Legal Form : |
Bahraini Shareholding Company Closed – BSC (C) |
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Line of Business : |
Production of aluminium flat products, sheets, coils, roll formed sheets and circles. |
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No. of Employees : |
1,120 |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 : GULF ALUMINIUM ROLLING MILL CO BSC (C) (GARMCO)
Country of Origin : Bahrain
Legal Form : Bahraini Shareholding Company Closed – BSC (C)
Registration Date : 1981
Commercial Registration Number : 11300
Issued Capital : BD 44,000,000
Paid up Capital : BD 38,684,400
Total Workforce : 1,120
Activities : Production of aluminium flat products, sheets, coils, roll formed sheets and circles.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Parkash V Nair Narayanan, Chief Financial Officer
GULF ALUMINIUM ROLLING MILL CO BSC (C) (GARMCO)
Location : North Sitra
Industrial Area, Entrance 3
PO Box : 20725
Town : Manama
Country : Bahrain
Telephone : (973-17) 731000
/ 734601 / 734600
Facsimile : (973-17)
730542 / 739800
Email : information@garmco.com
/ sales@garmco.com
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Manama.
Name Position
· Aref Saleh Khamis Chairman
· Salem Bin Nasser
Al Ismaily Director
· Abdul Rahman Al
Shaibi Director
· Faisal Hamad Al
Roomi Director
· Ibtehal Abdulla A
Al Nesuf Director
· A Aziz Bin
Sulaiman Al Humaid Director
· Hasan Bin Ali Al
Ghannam Al Boainain Director
· Patrick Beckett Director
· Abdulla Bin Ali Bin Zaher Al Hinai Director
· Mohamed Khalid Ghanem Al Ghanem Director
· Zakareya A Rahim
Buallay General
Manager
· Adel Hamad A
Rahman Hamad Chief
Executive Officer
· A Razzaq Mohamed
Amin Operations
Manager
· Sameer Abdulla
Abubaker Engineering
Manager
· Mohamed Isa
Ebrahim Abbas Technical
Manager
· Parkash V Nair
Narayanan Chief
Financial Officer
· Khalid Majid
Khalifa Al Majid Human
Resources Manager
· Wagdi Mohamed El Shirawi Marketing
Manager
· Taj Sheikh Mohamed Costing
Manager
Date of
Establishment : 1981
Legal Form : Bahraini
Shareholding Company Closed – BSC (C)
Commercial Reg.
No. : 11300
Issued Capital : BD 44,000,000
Paid up Capital : BD 38,684,400
· Government of
Bahrain 37.29%
· Saudi Basic
Industries Corporation (Sabic) 30.40%
PO Box: 5101
Riyadh 11422
Saudi Arabia
Tel: (966-1)
4012033
Fax: (966-1) 4012045
· Industrial Bank of
Kuwait 16.98%
Commercial Area
No. 9
PO Box: 3146
Safat 13032
Kuwait
Tel: (965) 2457661
Fax: (965) 2462057
· Gulf Investment
Corporation 5.90%
Kuwait
· Republic of Iraq 4.71%
· Sultanate of Oman 2.36%
· Qatar Holding 2.36%
· Garmco Foil Mill
Co WLL
North Sitra
Industrial Area
PO Box: 20725
Manama
Tel: (973-17)
734696
Fax: (973-17)
739830
· GARMCO USA
55
Triangle Street
Danbury
CT
06810-6983
United States
of America
Tel:
(1-203) 7432731
Fax:
(1-203) 7444996
Email: ussales@garmco.com
· GARMCO (HK)
Limited
Rm. 2409
Hopewell Centre
183
Queen's Road East
Wanchai
Hong Kong
Tel:
(852-2) 8662230
Fax:
(852-2) 5283709 / 8611508
Email: tonyk@garmcohk.com.hk
· GARMCO (S) Pte
Ltd.
No. 2
Taus Basin Link
Singapore
2263
Tel: (65)
8621011
Fax: (65)
8625900
Email: garmcos@singnet.com.sg
· GARMCO (Australia)
Pty Ltd.
52A
Winterton Road
Clayton
Victoria
3168
Australia
Tel:
(61-3) 95455211
Fax:
(61-3) 95455233
Email: sue@garmco.com.au
Activities: Engaged in the production of aluminium flat products, sheets, coils,
roll formed sheets and circles.
Subject was originally established in 1981,
however production did not commence until November 1985. The mill was
officially inaugurated by HH Sheikh Issa Bin Suliman Al Khalifa, the Amir of
Bahrain on 19th January 1986.
The plant was constructed by Kaiser
Engineering, USA and the machinery was installed by Kobe Steel of Japan who
also undertook the start-up operation and the training of local staff.
Garmco's two main products are feedstock for
foil manufacturers and feedstock for automated paint lines, each accounting for
30 per cent of the total turnover. All of the primary aluminium it uses is
sourced from Aluminium Bahrain (Alba).
The original GARMCO facility had an annual
capacity of 40,000 tonnes. Through equipment enhancement, this increased to
70,000 tonnes by 1990. GARMCO then invested in a second cold-rolling mill and
related facilities, resulting in the current annual capacity of 125,000 tonnes.
A further update of the facilities was done in 2004 to raise the capacity to
145,000 tonnes. In 2005 another fine tuning on the existing equipment was
carried out to reach a capacity of 165,000 tonnes.
Import Countries: United States of America, United Kingdom, Italy,
Sweden and Japan
International Suppliers:
· Otto Junker GmbH Germany
Export Countries: Garmco exports 90% of its production outside the
GCC region, reaching such major markets as Australia, Korea, China, Japan, Singapore,
Indonesia and Malaysia as well as Europe and the United States of America
Operating Trend: Steady
Subject has a workforce of approximately 1,120 employees, with 85% of
them being Bahraini.
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
197,246,000 BD 153,800,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Parkash V Nair Narayanan, Chief
Financial Officer
·
National Bank of Bahrain BSC
NBB Tower
Government Road
PO Box: 106
Manama
Tel: (973-17)
258800
Fax: (973-17)
263876
·
Al Ahli Commercial Bank
Government Avenue
PO Box: 5941
Manama
Tel: (973-17)
244333
Fax: (973-17)
241301
· 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
Email: gibmktg@batelco.com.bh
·
Bank of Bahrain & Kuwait
43 Government
Avenue
PO Box: 597
Manama
Tel: (973-17)
253388
Fax: (973-17)
275785
No complaints regarding subject’s payments have been reported.
Credit amount 11,000
Amount overdue 0
Payment terms 30
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
Gulf Aluminium Rolling Mill Co BSC (C) (GARMCO) was founded in 1981 and
has become the largest downstream aluminium facility in the Arabian Gulf
region.
The company is owned by the governments of Bahrain, Oman, Qatar and
Iraq, as well as the large regional companies, Saudi Basic Industries
Corporation (Sabic), Industrial Bank of Kuwait, and Gulf Investment
Corporation.
During the course of this investigation nothing detrimental was
uncovered regarding the manner in which payment obligations are fulfilled and
the operating history is clear. As such we are of the opinion that the subject
is trustworthy for normal business relations.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.27 |
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|
1 |
Rs.82.49 |
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Euro |
1 |
Rs.69.88 |
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 |
|
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.