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Report Date : |
06.04.2014 |
IDENTIFICATION DETAILS
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Name : |
NASS FOOD WLL |
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|
|
|
Registered Office : |
Shop No. 989, Road
No. 31, Block 634, Majlis Al Ta’awon Highway, Mina Salman Industrial Area, PO
Box: 669 Manama |
|
|
|
|
Country : |
Bahrain |
|
|
|
|
Date of Incorporation : |
12.02.2007 |
|
|
|
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Com. Reg. No.: |
60037-3 |
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|
|
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Legal Form : |
With Limited
Liability – WLL |
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|
|
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Line of Business : |
Import and
distribution of general foodstuff. |
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|
|
|
No. of Employees |
100 |
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 |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 Bahrain
experienced economic setbacks as a result of domestic unrest, however, the
economy is recovered in 2012-13, partly as a result of improved tourism.
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 long-term economic challenges - youth unemployment and the
growth of government debt - more difficult to address.
|
Source
: CIA |
Company Name : NASS FOOD
WLL
Country of Origin : Bahrain
Legal Form :
With Limited Liability - WLL
Registration Date : 12th
February 2007
Commercial Registration
Number : 60037-3
Chamber Membership
Number : 154487
Issued Capital : BD
22,000,000
Paid up Capital : BD
22,000,000
Total Workforce : 100
Activities :
Import and distribution of general foodstuff.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
NASS FOOD WLL
Registered & Physical Address
Location : Shop No. 989, Road No. 31, Block
634
Street : Majlis Al Ta’awon Highway
Area : Mina Salman Industrial Area
PO Box : 669
Town : Manama
Country : Bahrain
Telephone : (973-17) 703101 / 725522 / 703411 /
700901
Facsimile : (973-17) 728184 / 725074 / 703376
Email : nassfood@batelco.com.bh
Premises
Subject operates from
a medium sized suite of offices and a warehouse that are rented and located in
the Industrial Area of Manama.
Name Position
Samir Abdullah
Ahmed Nass Managing
Director
Sami Abdullah Ahmed
Nass Director
Koshi Mathew General
Manager
Wedad Nass Assistant
General Manager
Karam Ajeet Financial
Controller
Date of
Establishment : 12th February 2007
Legal Form : With Limited Liability - WLL
Commercial Reg.
No. : 60037-3
Chamber Member
No. : 154487
Issued Capital : BD 22,000,000
Paid up Capital : BD 22,000,000
Name of Shareholder (s) Percentage
Abdullah Ahmed Isa
Nass 10.20%
Samir Abdullah
Ahmed Nass 6.80%
Sami Abdullah Ahmed
Nass 6.80%
Adel Abdulla Ahmed
Nass 6.80%
Ghazi Abdulla Ahmed
Nass 6.80%
Fawzi Abdulla Ahmed
Nass 6.80%
Ahmed Abdulla Ahmed
Nass 6.80%
Local businessmen
and private investors 49.00%
Subject is a member
of the Nass Group of Companies, which is a major diversified construction and
trading organisation, which began business in Bahrain in 1963. Today with more
30 companies and 3,000 employees the group operates throughout the Gulf region
and has extensive worldwide interests
The Nass Group of
Companies comprises the following concerns:
Abdullah Ahmed Nass
Group WLL
Mina Salman Industrial Area
PO Box: 669
Manama
Tel: (973-17) 725522 / 725299
Fax: (973-17) 728184
Email: aanass@batelco.com.bh
Delmon Ready Mixed
Concrete Company WLL
Salamabad Road
PO Box: 936
Manama
Tel: (973-17)
783838
Fax: (973-17)
784467
Delmon Precast
Company WLL
PO Box: 936
Manama
Tel: (973-17)
783838
Fax: (973-17)
784467
Shaw Nass Middle
East WLL
PO Box: 15545
Manama
Tel: (973-17)
830988
Fax: (973-17)
830939
Bahrain Bulk
Handling WLL
Khalifa Street
PO Box: 669
Manama
Tel: (973-17)
725522
Fax: (973-17)
728184 / 826050
Middle East
Agriculture & Livestock Co WLL
Mina Salman
Industrial Area
PO Box: 669
Manama
Tel: (973-17)
611167 / 612383
Fax: (973-17)
612591 / 612384
Email: meal@batelco.com.bh
Gulf Acid
Industries WLL
PO Box: 2770
Manama
Tel: (973-17)
730686
Fax: (973-17)
731991
A.A. Nass Contracting
Co WLL
A.A. Nass Building
Mina Salman
PO Box: 669
Manama
Tel: (973-17)
725522
Fax: (973-17)
728184
Email: nascivil@batelco.com.bh
B.K. Nass WLL
PO Box: 669
Manama
Tel: (973-17)
725522
Fax: (973-17)
728184
TDI Nass
International WLL
PO Box: 669
Manama
Tel: (973-17)
725522
Fax: (973-17)
722961
Shahnaz Enterprises
Company WLL
PO Box: 669
Manama
Tel: (973-17)
725522
Fax: (973-17)
728184
Oil Marketing
Corporation EC
PO Box: 669
Manama
Tel: (973-17)
725522
Fax: (973-17)
728184
Gulf Development
Corporation
PO Box: 669
Manama
Tel: (973-17)
725522
Fax: (973-17)
728184
Abdullah Nass &
Partners Ltd
PO Box: 10073
Jubail Industrial
City 31961
Saudi Arabia
Tel: (966-3)
3412096
Fax: (966-3)
3411495
Al Ghanim Nass Company
WLL
PO Box: 1632
Safat 13017
Kuwait
Tel: (965) 3982500
Fax: (965) 3982533
Livestock &
Agricultural Development Company Ltd
PO Box: 12109
Khartoum
Sudan
Tel: (249-11)
472771
Fax: (249-11)
472509
Nass Industrial
Services WLL
Khalifa Street
PO Box: 669
Manama
Tel: (973-17)
731152 / 701166
Fax: (973-17)
732420
Email: nassmech@batelco.com.bh
Activities: Engaged in the import and distribution of
general foodstuff.
The product range
includes:
• Whole Chicken Grillers, Boneless Chicken and Chicken Parts imported from
Brazil, China, USA, Holland.
• Beef imported from New Zealand, Brazil, India, USA.
• Veal imported from Australia.
• Lamb imported from New Zealand and China.
• Mutton imported from New Zealand.
• Vegetables and French Fries imported from Belgium, USA and China.
• Fish imported from UK, Norway and India.
• Rice imported from India.
• Butter, Cheese and Milk Powder imported from Denmark, Australia, Ireland and
Argentina.
• Tomato Paste, Whole Peeled Tomatoes and Tahina imported from Turkey and
Italy.
• Chilled Beef, Veal and Lamb imported from New Zealand and Australia.
• Tortillas and other Mexican products imported from Mexico and Sharjah.
• American Deli items imported from USA.
Nass Food’s market segmentation and target markets are hotels, supermarkets,
caterers, ship chandeliers and restaurants.
The company has a storage capacity of 1,000 metric tons which includes
freezers, chillers and dry stores.
Import
Countries: India, Thailand
and East Africa
Subject has a
workforce of 100 employees.
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.
National Bank of
Bahrain BSC
NBB Tower
Government Road
PO Box: 106
Manama
Tel: (973-17)
258800
Fax: (973-17)
263876
No complaints
regarding subject’s payments have been reported.
Nass Food WLL was established
in February 2008 and specialises in the import and distribution of general
foodstuff.
It is run in a
professional manner and is owned by members of the wealthy Nass family who are
prominent businessmen in Bahrain.
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.60.32 |
|
UK Pound |
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SDA |
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 |
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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 |
|
|
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 |
|
|
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 |
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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.