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Report Date : |
16.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
AL ALI ESSA
ALDAAYSI CO WLL |
|
|
|
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Registered Office : |
Store Complex
775, Road No. 415, Block 704, Salmabad Industrial Area, P O Box 685, Manama |
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Country : |
Bahrain |
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|
|
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Financials (as on) : |
31.12.2012 |
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|
|
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Year of Establishment : |
1973 |
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|
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Com. Reg. No.: |
1116-1, Manama |
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Legal Form : |
With Limited
Liability - WLL |
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|
|
|
Line of Business : |
Wholesalers and
retailers of general foodstuff and consumer products. |
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|
|
|
No. of Employees : |
70 |
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 |
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Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
No Complaints |
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|
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 : AL ALI
ESSA ALDAAYSI CO WLL
Doing Business As
: ALDAAYSI COLD STORE
Country of Origin : Bahrain
Legal Form :
With Limited Liability - WLL
Start Date :
1958
Registration Date : 12th
July 1999
Commercial
Registration Number : 1116-1,
Manama
Chamber Membership
Number : 899
Issued Capital : BD
4,000,000
Paid up Capital : BD
4,000,000
Total Workforce : 70
Activities :
Wholesalers and retailers of general foodstuff and consumer products.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mathew Nainan,
Accountant
AL ALI ESSA
ALDAAYSI CO WLL
ALDAAYSI COLD STORE
Building : Store Complex 775
Street : Road No. 415, Block 704
Area : Salmabad Industrial Area
PO Box : 685
Town : Manama
Country : Bahrain
Telephone : (973-17) 783399 / 785053 / 684092 /
684604 / 784986
Facsimile : (973-17) 785014 / 684299
Mobile : (973-39) 464237
Email : aldaaysi@batelco.com.bh
Subject operates
from a medium sized suite of offices, a warehouse, a supermarket and cold
storage facilities that are owned and located in the Industrial Area of Manama.
Branch Office
(s)
Location Description
·
A’ali
Area Supermarket
premises
Manama
Tel: (973-17) 641051
·
Hamad
Town Supermarket
premises
·
Sitra Supermarket
premises
·
Tijar
Road Cold
storage facilities
Manama
Tel: (973-17) 243072 / 250542
Name Position
·
Abd Ali Essa Ibrahim Aldaaysi Managing
Director
·
Jaffar Abd Ali Essa Ibrahim Aldaaysi Director
·
Saeed Abd Ali Essa Ibrahim Aldaaysi Director
·
Hussain Abd Ali Essa Ibrahim Aldaaysi Director
·
Zuhair Abd Ali Essa Ibrahim Aldaaysi Director
·
Ibrahim Abd Ali Essa Ibrahim Aldaaysi Operations Manager
·
Mathew
Nainan Accountant
·
Hussain
Abdullah Administration
Manager
Date of Establishment : Subject’s
operations date back to 1958, however it was incorporated in 1973 and
registered on 12th July 1999
History : Subject was originally established in 1958
as a Sole Proprietorship under the name of “A Ali Essa Aldaaysi Est” and owned
by Mr Abdali Ali Essa Aldaaysi.
However in 1973, the business
was transferred to the current owners who registered the
subject as a With Limited
Liability – WLL under the name of “Al Ali Essa Aldaaysi Co WLL”
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 1116-1,
Manama
Chamber Member No. : 899
Issued Capital : BD 4,000,000
Paid up Capital : BD 4,000,000
·
Aldaaysi Holding Company BSCC 99%
·
Abd Ali Essa Ibrahim Aldaaysi 1%
·
Abd Ali Essa Aldaaysi & Sons Real Estate
Manama
CR No. 43374-1
·
Al Ghadeer Foodstuff WLL
Manama
Activities: Importers,
wholesalers and retailers of general foodstuff and consumer products, including
fresh, frozen, canned and dry food, household appliances, detergents,
disinfectants and other cleaning products.
Subject operates 4 supermarkets in Bahrain.
Import
Countries: Saudi Arabia, the United Kingdom,
Germany and Spain
Brand Names: AL
KAWTHER
Operating Trend: Steady
Subject has a
workforce of 70 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 8,100,000 BD 8,550,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Bahrain BSC
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
·
ABN
Amro Bank
Al Furdha Avenue
PO Box: 350
Manama
Tel: (973-17) 224896 / 225420
Fax: (973-17) 262241
No complaints
regarding subject’s payments have been reported.
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
Al Ali Essa
Aldaaysi Co WLL has operations dating back to 1958 and is engaged in the
import, wholesale and retail of general foodstuff and consumer products through
its 4 supermarkets in Bahrain.
The company is owned
by the Aldaaysi family who are well known and respected 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.54.78 |
|
|
1 |
Rs.83.38 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.