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Report Date : |
09.07.2014 |
IDENTIFICATION DETAILS
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Name : |
INTERNATIONAL AGENCIES CO LTD (INTERCOL) |
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Registered Office : |
Ali Al Wazzan Building, Block 304, Building |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.05.1963 |
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Com. Reg. No.: |
188-1, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject’s activities are performed through the following divisions: ·
Consumer Products
Division ·
Medical Division ·
Freight Services
Division ·
Lubricants &
Chemicals Division ·
Marine, Automotive
& Technical Division ·
Science & Industry
Division |
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No. of Employees |
450 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Bahrain |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
BAHRAIN ECONOMIC OVERVIEW
Bahrain has made great efforts to diversify its economy; 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. In 2012, petroleum production and refining accounted for 77% of Bahrain's export receipts, 87% of government revenues, and 19% 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 recovered in 2012-13, partly as a result of improved tourism. Some 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 : INTERNATIONAL AGENCIES CO LTD (INTERCOL)
Country of Origin : Bahrain
Legal Form : Limited Liability Company
Registration Date : 1st May 1963
Commercial Registration Number : 188-1, Manama
Chamber Membership Number : 226
Issued Capital : BD 600,000
Paid up Capital : BD 600,000
Total Workforce : 450
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Manikkan Menan, Finance Manager
INTERNATIONAL AGENCIES CO LTD (INTERCOL)
Building : Ali Al
Wazzan Building, Block 304, Building No. 4017
Street : 131 Al
Khalifa Avenue, Road No. 482
PO Box : 584
Town : Manama
Country : Bahrain
Telephone : (973-17) 228855
/ 728848 / 727600
Facsimile : (973-17)
210016 / 210013 / 727509
Mobile : (973-39)
663335
Email : intercol@intercol.com
/ intlprs@batelco.com.bh
Subject operates from a large suite of offices that are owned and
located in the Central Business Area of Manama.
Branch Office (s)
Location Description
· Mina Salman
Industrial Area Sales
office & warehousing
Tel: (973-17)
728691
Fax: (973-17)
728412
· Muharraq Sales
office & warehousing
Tel: (973-17)
321217
· Sitra Sales
office & warehousing
Tel: (973-17)
730325
Name Position
· Sadeq Mohamed Maki
Albaharna Managing
Director
· Taqi Mohamed Maki Albaharna Director
· Abdulrahman Ali
Abdulrahman Al Wazzan Director
· Isa Ali
Abdulrahman Al Wazzan Director
· Nawar Ali
Abdulrahman Al Wazzan Director
· Santosh Pai General
Manager
· Manikkan Menan Finance
Manager
· Harich Soni Technical Manager
· Reggie Jacoub Administration
Officer
Date of
Establishment : 1st
May 1963
Legal Form : Limited Liability
Company
Commercial Reg.
No. : 188-1, Manama
Chamber Member No. : 226
Issued Capital : BD 600,000
Paid up Capital : BD 600,000
· Sadeq Mohamed Maki
Albaharna 25.00%
· Taqi Mohamed Maki
Albaharna 25.00%
· Isa Ali
Abdulrahman Al Wazzan 16.67%
· Nawar Ali
Abdulrahman Al Wazzan 16.67%
· Abdulrahman Ali
Abdulrahman Al Wazzan 16.66%
Name Percentage Held
· Danzas
· Dahna Paint Middle East Holding BSC (C) 2.23%
· Paramount Computer Systems (
· Bahrain Special Technical Services Sts Co WLL 51.00%
· Nestle Bahrain Trading WLL 51.00%
· Life Insurance Corporation (International) BSC (C) 1.10%
· Consolidated Contractors (Bahrain) Company WLL 51.00%
· Celerity Shipping And Forwarding Company WLL 50.00%
· Federal Express (FedEx) -
· The New India Assurance Co Ltd -
· Hempel Marine Paints (Bahrain) Co -
· Paramount Computer Systems (Bahrain) Co -
Activities: Subject’s activities are performed through the following divisions:
·
Consumer Products Division
Engaged in the
import and distribution of FMCG, chilled and frozen foodstuff, cigarettes and
tobacco, home appliances, beauty and fragrance goods.
·
Medical Division
This division
specialises in the import and distribution of a complete range of diagnostics,
pharmaceuticals and hospital consumables. It also offers installation and
maintenance services for medical equipment.
·
Freight Services Division
This
division represents leading international shipping lines from the USA, Asia,
the Far East, Europe and the
Middle
East, and offers air, land and sea freight and logistics services, including
clearing and forwarding and
packing.
·
Lubricants & Chemicals Division
Intercol
is the sole distributor of "Shell" lubricants with applications in
the aviation, marine, industrial and
automotive
environments since March 1967. Intercol today also supplies specialized
industrial chemicals.
·
Marine, Automotive & Technical Division
Marine Services provides
comprehensive marine repair capabilities for propellers up to 42”, for which
turbo-balancing equipment is available; as well as engine systems, with an
in-house dynamometer for the testing of engines up to 1,000 HP; in addition to
water jet propulsion units; generators; fire fighting systems; air conditioning
units; electrical installations; and complete painting and anti-fouling
services.
Commercial
Vehicles and Automotive Maintenance Services is the sole distributor in the Kingdom of
Bahrain for Volvo trucks. Maintenance services are also provided.
The
division also offers climate controlled warehousing facilities.
·
Science & Industry Division
The Science &
Industry division has products and services in the following sectors:
- Telecom products
- Information Technology
- Projects & Systems Integration
- IT supplies
Import Countries : Europe, the Far East, Asia and the United States
of America.
International
Suppliers:
·
Nokia Japan
·
Phillip Morris United
Kingdom
·
GE Healthcare France
Subject has a workforce of approximately 450 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
50,000,000 BD
53,450,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Manikkan Menan,
Finance Manager
·
HSBC Bank Middle East
93 Al Khalifa Avenue
PO Box: 57
Manama 304
Tel: (973-17) 224555 / 222158
Fax: (973-17) 226822
·
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.
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.59.80 |
|
|
1 |
Rs.102.42 |
|
Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.