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Report Date : |
04.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
GULF ALUMINIUM
ROLLING MILL CO BSC (C) (GARMCO) |
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Registered Office : |
North Sitra
Industrial Area, Entrance 3, P O Box 20725, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2013 |
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Year of Establishment : |
1981 |
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Com. Reg. No.: |
11300 |
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Legal Form : |
Bahraini Shareholding Company Closed |
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Line of Business : |
Engaged in the
production of aluminium flat products, sheets, coils, roll formed sheets and
circles. |
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No of Employees : |
approximately 1,120
employees, with 85% of them being Bahraini. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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) |
|
Bahrain |
b1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 : GULF ALUMINIUM ROLLING MILL CO BSC (C) (GARMCO)
Country of Origin : Bahrain
Legal Form : Bahraini Shareholding Company Closed – BSC (C)
Registration Date : 1981
Commercial Registration Number : 11300
Issued Capital : BD 44,000,000
Paid up Capital : BD 38,684,400
Total Workforce : 1,120
Activities : Production of aluminium flat products, sheets, coils, roll formed sheets
and circles.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Parkash V Nair Narayanan, Chief Financial Officer
GULF ALUMINIUM ROLLING MILL CO BSC (C)
(GARMCO)
Registered &
Physical Address
Location : North Sitra Industrial Area,
Entrance 3
PO Box : 20725
Town : Manama
Country : Bahrain
Telephone : (973-17) 731000 / 734601 / 734600
Facsimile : (973-17) 730542 / 739800
Email : information@garmco.com / sales@garmco.com
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Manama.
Name Position
·
Aref
Saleh Khamis Chairman
·
Salem
Bin Nasser Al Ismaily Director
·
Abdul
Rahman Al Shaibi Director
·
Faisal
Hamad Al Roomi Director
·
Ibtehal
Abdulla A Al Nesuf Director
·
A Aziz
Bin Sulaiman Al Humaid Director
·
Hasan
Bin Ali Al Ghannam Al Boainain Director
·
Patrick
Beckett Director
·
Abdulla
Bin Ali Bin Zaher Al Hinai Director
·
Mohamed
Khalid Ghanem Al Ghanem Director
·
Zakareya
A Rahim Buallay General
Manager
·
Adel
Hamad A Rahman Hamad Chief
Executive Officer
·
A
Razzaq Mohamed Amin Operations
Manager
·
Sameer
Abdulla Abubaker Engineering
Manager
·
Mohamed
Isa Ebrahim Abbas Technical
Manager
·
Parkash
V Nair Narayanan Chief
Financial Officer
·
Khalid
Majid Khalifa Al Majid Human
Resources Manager
·
Wagdi
Mohamed El Shirawi Marketing
Manager
·
Taj
Sheikh Mohamed Costing
Manager
Date of Establishment : 1981
Legal Form :
Bahraini Shareholding
Company Closed – BSC (C)
Commercial Reg. No. : 11300
Issued Capital : BD 44,000,000
Paid up Capital : BD 38,684,400
Name of Shareholder
(s) Percentage
·
Government
of Bahrain 37.29%
·
Saudi Basic
Industries Corporation (Sabic) 30.40%
PO Box: 5101
Riyadh 11422
Saudi Arabia
Tel: (966-1) 4012033
Fax: (966-1) 4012045
·
Industrial
Bank of Kuwait 16.98%
Commercial Area No. 9
PO Box: 3146
Safat 13032
Kuwait
Tel: (965) 2457661
Fax: (965) 2462057
·
Gulf
Investment Corporation 5.90%
Kuwait
·
Republic
of Iraq 4.71%
·
Sultanate
of Oman 2.36%
·
Qatar
Holding 2.36%
·
Garmco
Foil Mill Co WLL
North Sitra Industrial Area
PO Box: 20725
Manama
Tel: (973-17) 734696
Fax: (973-17) 739830
·
GARMCO
USA
55 Triangle Street
Danbury
CT 06810-6983
United States of America
Tel: (1-203) 7432731
Fax: (1-203) 7444996
Email: ussales@garmco.com
·
GARMCO (HK)
Limited
Rm. 2409 Hopewell Centre
183 Queen's Road East
Wanchai
Hong Kong
Tel: (852-2) 8662230
Fax: (852-2) 5283709 / 8611508
Email: tonyk@garmcohk.com.hk
·
GARMCO
(S) Pte Ltd.
No. 2 Taus Basin Link
Singapore 2263
Tel: (65) 8621011
Fax: (65) 8625900
Email: garmcos@singnet.com.sg
·
GARMCO
(Australia) Pty Ltd.
52A Winterton Road
Clayton
Victoria 3168
Australia
Tel: (61-3) 95455211
Fax: (61-3) 95455233
Email: sue@garmco.com.au
Activities: Engaged in the production of aluminium flat
products, sheets, coils, roll formed sheets and circles.
Subject was originally established in 1981, however production did not
commence until November 1985. The mill was officially inaugurated by HH Sheikh
Issa Bin Suliman Al Khalifa, the Amir of Bahrain on 19th January
1986.
The plant was constructed by Kaiser Engineering, USA and the machinery
was installed by Kobe Steel of Japan who also undertook the start-up operation
and the training of local staff.
Garmco's two main products are feedstock for foil
manufacturers and feedstock for automated paint lines, each accounting for 30
per cent of the total turnover. All of the primary aluminium it uses is sourced
from Aluminium Bahrain (Alba).
The original GARMCO facility had an annual capacity of 40,000 tonnes.
Through equipment enhancement, this increased to 70,000 tonnes by 1990. GARMCO
then invested in a second cold-rolling mill and related facilities, resulting
in the current annual capacity of 125,000 tonnes. A further update of the
facilities was done in 2004 to raise the capacity to 145,000 tonnes. In 2005 another
fine tuning on the existing equipment was carried out to reach a capacity of
165,000 tonnes.
Import
Countries: United States of
America, United Kingdom, Italy, Sweden and Japan
International
Suppliers:
·
Otto
Junker GmbH Germany
Export
Countries: Garmco exports 90% of its production outside the GCC region,
reaching such major markets as Australia, Korea, China, Japan, Singapore,
Indonesia and Malaysia as well as Europe and the United States of America
Operating Trend: Steady
Subject has a
workforce of approximately 1,120 employees, with 85% of them being Bahraini.
Financial
highlights provided by local sources are given below:
Currency: Bahraini
Dinar (BD)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Revenue BD 153,800,000 BD 159,500,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Parkash V Nair Narayanan, Chief Financial Officer
·
National
Bank of Bahrain BSC
NBB Tower
Government Road
PO Box: 106
Manama
Tel: (973-17) 258800
Fax: (973-17) 263876
·
Al Ahli
Commercial Bank
Government Avenue
PO Box: 5941
Manama
Tel: (973-17) 244333
Fax: (973-17) 241301
·
Gulf
International Bank BSC
Al Dowali Building
3 Palace Avenue
PO Box: 1017
Manama
Tel: (973-17) 534000 / 534300
/ 530030
Fax: (973-17) 522633 / 522530
/ 522629
Email: gibmktg@batelco.com.bh
·
Bank of
Bahrain & Kuwait
43 Government Avenue
PO Box: 597
Manama
Tel: (973-17) 253388
Fax: (973-17) 275785
No complaints
regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 30
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
Gulf
Aluminium Rolling Mill Co BSC (C) (GARMCO) was founded in 1981 and has become
the largest downstream aluminium facility in the Arabian Gulf region.
The
company is owned by the governments of Bahrain, Oman, Qatar and Iraq, as well
as the large regional companies, Saudi Basic Industries Corporation (Sabic),
Industrial Bank of Kuwait, and Gulf Investment Corporation.
During
the course of this investigation nothing detrimental was uncovered regarding
the manner in which payment obligations are fulfilled and the operating history
is clear. As such we are of the opinion that the subject is trustworthy for
normal business relations.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.21 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.80.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
|
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 |
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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 |
|
-- |
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.