MIRA INFORM REPORT

 

 

Report Date :

08.11.2013

 

IDENTIFICATION DETAILS

 

Name :

AGAS INTERNATIONAL

 

 

Registered Office :

Villa No. 51, Block No. 44, Road No. 3403, Kerbabad Area, 15360 Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

13.01.2001

 

 

Com. Reg. No.:

20707-14, Manama

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the import and distribution of gas and oilfield equipment.

 

 

No. of Employees :

16

 

 

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 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

SUMMARY

 

Company Name                                     : AGAS INTERNATIONAL

Country of Origin                                    : Bahrain

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 13th January 2001

Commercial Registration Number            : 20707-14, Manama

Chamber Membership Number                : 18097

Invested Capital                                     : BD 75,000

Total Workforce                                     : 16

Activities                                               : Distributors of gas and oilfield equipment.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Abijeet Bhavat, Financial Controller

 

 

 

COMPANY NAME

 

AGAS INTERNATIONAL

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Villa No. 51, Block No. 44

Street               : Road No. 3403

Area                 : Kerbabad Area

 

PO Box             : 15360

 

Town                 : Manama

Country             : Bahrain

 

Telephone         : (973-17) 822240

Facsimile          : (973-17) 822241

Email                : info@agasintl.com / agasbah@batelco.com.bh

 

Please note that subject’s previous address was, P O Box No 2414, Seqiya, next To Pakistan Embassy Naman, Manama.

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Sheikh Khalid Bin Salman Mohamed Al Khalifa                                    Proprietor & General Manager

 

·       Prem Kumar                                                                                     Administration Manager

 

·       Abijeet Bhavat                                                                                   Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 13th January 2001

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 20707-14, Manama

 

Chamber Member No. : 18097

 

Invested Capital           : BD 75,000

 

Sheikh Khalid Bin Salman Mohamed Al Khalifa is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

·       Agas International Est

Al Khobar

Saudi Arabia

 

·       Agas Cutting Gas

Sharjah

United Arab Emirates

 

·       Agas Lubes WLL

Bahrain

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of gas and oilfield equipment.

 

Subject owns and operates a 300,000 MT per annum capacity Fuel Oil production plant. The entire produce from the plant is exported mainly to East Asia.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 16 employees.

 

 

FINANCIAL DATA

 

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 2,200,000                            BD 2,385,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local 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) (973) 522633 / 522530 / 522629

 

·       HSBC Bank Middle East

93 Al Khalifa Avenue

PO Box: 57

Manama 304

Tel: (973-17) 224555 / 222158

Fax: (973-17) 226822

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.57

UK Pound

1

Rs.100.62

Euro

1

Rs.84.62

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.