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Report Date : |
03.02.2014 |
IDENTIFICATION DETAILS
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Name : |
SIKA GULF BSCC |
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Registered Office : |
Building No. 925,
Road No. 115, Block 601, Sitra Industrial Area, P O Box 15776, Adliya |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
18.01.1995 |
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Com. Reg. No.: |
33352-1, Sitra |
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Legal Form : |
Bahraini Shareholding Company Closed – BSCC |
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Line of Business : |
Engaged in the production of chemicals for the construction industry,
including concrete admixtures, specialty mortars, epoxies, structural
strengthening systems, industrial flooring, sealants, adhesives and re-enforcing materials. |
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No. of Employees : |
70 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 |
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Risk Category |
ECGC
Classification |
|
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 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 : SIKA GULF BSCC
Country of Origin : Bahrain
Legal Form : Bahraini Shareholding Company Closed – BSCC
Registration Date : 18th January 1995
Commercial Registration Number : 33352-1, Sitra
Issued Capital : BD 1,000,000
Paid up Capital : BD 1,000,000
Total Workforce : 70
Activities : Producers of chemicals for the construction industry.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Santosh Shatti, Financial Controller
SIKA GULF BSCC
Registered &
Physical Address
Location : Building No. 925, Road No. 115,
Block 601
Area : Sitra Industrial Area
PO Box : 15776
Town : Adliya
Country : Bahrain
Telephone : (973-17) 738188 / 735560
Facsimile : (973-17) 732476
Email : sika@batelco.com.bh / sika.gulf@bh.sika.com
Premises
Subject operates
from a medium sized suite of offices, a factory and a warehouse that are owned and
located in the Industrial Area of Adliya.
Name Nationality Position
·
Abdulaziz
Zeidan Saudi Managing Director
·
Dr
Hassan Al Mulla Saudi Director
·
Charles
Thomas Kidd Canadian Director
·
Karl
Kurz Swiss Director
·
Adrian
Josef Widmer Swiss Director
·
Stefan
Mosli Swiss Director
·
Gaby El Chaer - General
Manager
·
Santosh Shatti - Financial
Controller
Date of Establishment : 18th
January 1995
Legal Form :
Bahraini Shareholding
Company Closed – BSC (C)
Commercial Reg. No. : 33352-1,
Sitra
Chamber Mem. No. : 6219
Issued Capital : BD 1,000,000
Paid up Capital : BD 1,000,000
Name of Shareholder
(s) Percentage
·
Sika
Arabia Holding Company WLL 99.99%
Manama
·
Sika AG 0.01%
Geernweg 9
Zurich 8048
Switzerland
Tel: (41-1) 4364040
·
Sumam
Trading Est
Al Oruba Plaza, 2nd Floor
PO Box: 58647
Riyadh
Saudi Arabia
Tel: (966-1) 4196991
Fax:
(966-1) 4193607
·
Geap
Traders LLC
PO Box: 36334
Dubai
United Arab Emirates
Tel: (971-4) 2868656
Fax:
(971-4) 2868657
·
Sika
UAE LLC
Dubai
United Arab Emirates
Tel: (971-4) 4398200
·
Sika
Saudi Arabia
Jeddah
Saudi Arabia
Activities: Engaged in the production of chemicals for the
construction industry, including concrete
admixtures,
specialty mortars, epoxies, structural strengthening systems, industrial flooring, sealants, adhesives and re-enforcing materials.
Import
Countries: Switzerland,
Germany and Italy.
Brand Names: SIKA
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 31/12/12: Year
Ending 31/12/13:
Total Sales BD 8,850,000 BD 9,681,751
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Santosh Shatti,
Financial Controller
·
National
Bank of Bahrain BSC
NBB Tower
Government Road
PO Box: 106
Manama
Tel: (973-17) 258800
Fax: (973-17) 263876
·
Arab
Bank Plc
Government Avenue
PO Box: 395
Manama
Tel: (973-17) 229988
Fax: (973-17) 210443
No complaints
regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 180
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
Established in
1995, subject is involved in the production of chemicals for the construction industry,
such as sealants, adhesives, epoxies and mortar.
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.62.48 |
|
|
1 |
Rs.102.95 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
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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 |
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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 |
|
<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.