MIRA INFORM REPORT

 

 

Report Date :

04.10.2013

 

 

IDENTIFICATION DETAILS

 

Name :

ZALLAQ RESORT COMPANY BSC

 

 

Registered Office :

Building No. 2015 105 Zallaq Highway, Block 1055 Zallaq Area PO Box      5554 Manama

 

 

Country :

Bahrain

 

 

Date of Incorporation :

25.04.2013

 

 

Com. Reg. No.:

54907

 

 

Legal Form :

Bahraini Shareholding Company - BSC

 

 

Line of Business :

Subject is engaged in development of a 5 star luxury resort hotel.

 

 

No. of Employees :

100

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

New Business

 

--

 

Status :

New Business

Payment Behaviour :

Unknown

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

 

SUMMARY

 

Company Name                                     : ZALLAQ RESORT COMPANY BSC

Country of Origin                                    : Bahrain

Legal Form                                            : Bahraini Shareholding Company - BSC

Registration Date                                   : 25th April 2013

Commercial Registration Number            : 54907

Chamber Membership Number                : 18727

Issued Capital                                        : BD 32,000,000

Paid up Capital                                      : BD 32,000,000

Total Workforce                                     : 100

Activities                                               : Development of a 5 star luxury resort hotel

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

 

COMPANY NAME

 

 ZALLAQ RESORT COMPANY BSC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Building No. 2015

Street               : 105 Zallaq Highway, Block 1055

Area                 : Zallaq Area

PO Box             : 5554

Town                 : Manama

Country             : Bahrain

 

Telephone         : (973-17) 631660

Facsimile          : (973-17) 631664

Email                : admin@zallaqresort.com

 

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

 

·       Jasim Abdulrahman Al Zayani                                                            Chairman

 

·       Yaseen Shamlan Al Hasawi                                                               Vice Chairman

 

·       Abdulwahab Rashed Ahmed Al Haroon                                               Director

 

·       Mohamed Jasim Al Zayani                                                                 Director

 

·       Shawqi Ali Fakhroo                                                                           Director

 

·       Farooq Mahmood Al Mahmood                                                           Director

 

·       Abdul Hameed Kadhim Zaman                                                           Director                                    

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 25th April 2013

 

Legal Form                  : Bahraini Shareholding Company - BSC

 

Commercial Reg. No.  : 54907

 

Chamber Member No. : 18727

 

Issued Capital              : BD 32,000,000

 

Paid up Capital            : BD 32,000,000

 

Name of Shareholder (s)                                    

 

·       Government of Bahrain Represented by Bahrain Mumtalakat Holding Co BSC

 

·       Alamannai Trading and Investment

Bahrain

 

·       Maskati Commercial Services BSC

Bahrain

 

·       Khalil Ebrahim Kanoo WLL

Bahrain

 

·       Union Gulf Investment Co

Bahrain

 

·       Al Zayani Investments Co

Bahrain

 

·       Altameer Property Investment Co

Kuwait

 

·       Alfozan Trading and Construction Co

Kuwait

 

·       Tawfeq Abdulrahman Almoayed and Sons WLL

Bahrain

 

·       Jassim Abdulrahman Al Zayani and Sons WLL

Bahrain

 

·       Group A Real Estate Investment Co KSC Closed

Kuwait

 

·       Hussain Mahdi Al Maskati and Sons Co BSC

Bahrain

 

·       Ali Bin Yousif Fakhro and Sons Co

Bahrain

 

·       Ali and Mahmood Hussain sons of Mahmood Hussain Co BSC Closed

Bahrain

 

·       FAL Investments WLL

Bahrain

 

·       Family Investment Co Ltd

Bahrain

 

·       Bahrain Car Parks Co BSC

Bahrain

 

·       Mohamed Jalal and Sons Co Ltd WLL

Bahrain

 

·       Investment and Trading Enterprises

Bahrain

 

·       Saleh Bin Mobarak Alkaleefi

 

·       Dawani Group Holding BSC Closed

Bahrain

 

·       Abdulrahman Khalil Almoayed Group WLL

Bahrain

 

·       Mohamed Jasim Al Zayani

 

·       Yousuf Salahuddin Ebrahim Salahuddin

 

·       Farooq Mahmood Al Mahmood

 

·       Jasim Abdulrahman Al Zayani

 

·       Shawqi Ali Fakhroo

 

·       Yaseen Shamlan Al Hasawi

 

·       Abdulwahab Rashed Ahmed Al Haroon

 

·       Ali Hussain Abdulrahman Aljawder

 

·       Ali Mohamed Murad

 

·       Faris Abdulla M Alomran

 

·       Fahad Abdulla M Alomran

 

·       Mubarak A S Alhasawi

 

·       Lateefa Abdulrahman Alomran

 

·       Abedlelah Abdulrahman Alomran

 

·       Yaqub Y M S Aljouan

 

·       Emad Darwish A Aldarwish

 

·       Seham Abdulla Ali Alkhaja

 

·       Sayed Hashem Husain Ali Alqatari

 

·       Saikh Jaber Mubarak H Alsabah

 

·       H Sheikh Nasser Mohamed Al Ahmed J Asabah

 

·       Fahad Abdullah M Alomran

 

·       Adel Y N A Bourislee

 

 

OPERATIONS

 

Activities: Engaged in the development of a 5 star luxury resort hotel. Zallaq Resort Company BSC was established

     to develop a hotel which reflected the excellence and superiority of its surroundings; consisting of

     approximately 262 Keys including suites with spa, restaurants and conference hall.

 

Subject has a workforce of 100 employees.

 

 

FINANCIAL DATA

 

Subject is a newly formed business and as a result financial information is not currently available.

 

 

BANKERS

 

·       Habib Bank

Government Avenue

PO Box: 566

Manama

Tel: (973-17) 254889 / 273285

Fax: (973-17) 276685

 

 

GENERAL COMMENTS

 

In view of subject’s infancy, extensive payment and financial are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.93

UK Pound

1

Rs.100.44

Euro

1

Rs.84.24

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.