MIRA INFORM REPORT

 

 

Report Date :

21.03.2014

 

IDENTIFICATION DETAILS

 

Name :

ABDALI ESSA AL NOOH AND SONS CO WLL

 

 

Registered Office :

Block No. 303, Al Nooh Building No. 1070 Sheikh Hamad Avenue, Road No. 321 PO Box 320 Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

04.05.1977

 

 

Com. Reg. No.:

34-1, Manama

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Engaged in the wholesale and retail of general building and construction materials

 

 

No. of Employees :

180

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

Payment Behaviour :

Regular

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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

 

 

 

SUMMARY

 

Company Name                                     : ABDALI ESSA AL NOOH AND SONS CO WLL

Country of Origin                                    : Bahrain

Legal Form                                            : With Limited Liability - WLL

Start Date                                             : 1952

Registration Date                                   : 4th May 1977

Commercial Registration Number            : 34-1, Manama

Chamber Membership Number                : 2236

Issued Capital                                        : BD 3,000,000

Paid up Capital                                      : BD 3,000,000

Total Workforce                                     : 180

Activities                                               : Wholesale and retail of general building and construction materials

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Ali Rajab, Finance Manager

 

 

 

COMPANY NAME

 

ABDALI ESSA AL NOOH AND SONS CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Block No. 303, Al Nooh Building No. 1070

Street               : Sheikh Hamad Avenue, Road No. 321

PO Box             : 320

Town                 : Manama

Country             : Bahrain

 

Telephone         : (973-17) 253994 / 252427 / 239494

Facsimile          : (973-17) 274685 / 266626

Email                : aealnooh@batelco.com.bh / info@al-nooh.net

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Manama.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Muharraq                                                                                          Rented showroom premises

 

·       Wahran                                                                                            Rented showroom premises

 

·       Naim                                                                                                Rented showroom premises

 

·       Jid Ali                                                                                               Rented showroom premises

 

·       Zinj                                                                                                  Rented showroom premises

 

·       Hamad Town                                                                         Rented showroom premises

 

·       Salmabad                                                                                         Rented warehouse premises

 

·       Budaiya                                                                                            Rented warehouse premises

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Saeed Abdali Al Nooh                                                                        Managing Director

 

·       Hassan Abdali Al Nooh                                                                      Director

 

·       Hussein Abdali Al Nooh                                                                     Director

 

·       Kuru Vila                                                                                          Commercial Manager

 

·       Ali Rajab                                                                                          Finance Manager

 

·       R J Mohan                                                                                        Accountant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1952, however it was registered on 4th May 1977

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 34-1, Manama

 

Chamber Member No. : 2236

 

Issued Capital              : BD 3,000,000

 

Paid up Capital            : BD 3,000,000

 

Name of Shareholder (s)                                  Percentage

 

·       Saeed Hameed Abdali Al Nooh                                   34.60%

 

·       Hassan Abdali Al Nooh                                              32.40%

 

·       Aneesa Abdali Al Nooh                                                5.00%

 

·       Sabah Abdali Al Nooh                                                  5.00%

 

·       Fatima Abdali Al Nooh                                                 5.00%

 

·       Layla Abdali Al Nooh                                                   5.00%

 

·       Seham Abdali Al Nooh                                                 5.00%

 

·       Razqiya Abdali Al Nooh                                               1.30%

 

·       Heirs of the late Hameed Abdali Al Nooh                       6.70%

 

 

AFFILIATED COMPANIES

 

·       Super Foods Co WLL

 

·       Andalusian Ornate Decor Co WLL

 

·       The National Institute for Industrial Training BSC

 

·       Bahrain Industrial Group Co BSC

 

·       Harbour 360 Business Center WLL

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of general building and construction materials.

 

Import Countries: Singapore, Saudi Arabia, India, United States of America and Europe

 

International Suppliers:

 

·       Akbarwood Enterprises Pte Ltd                      Singapore

·       Attieh Steel                                                  Saudi Arabia

·       Ballie                                                           United States of America

·       Cezarex                                                       Poland

·       Fritz Kohl                                                     Germany

·       ITAP SpA                                                     Italy

·       Hunsply                                                        India

·       Hindusytan                                                   India

 

Operating Trend: Steady

 

Subject has a workforce of approximately 180 employees.

 

 

FINANCIAL DATA

 

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 15,000,000                           BD 16,135,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr Ali Rajab, Finance Manager

 

 

BANKERS

 

·       HSBC Bank Middle East

93 Al Khalifa Avenue

PO Box: 57

Manama 304

Tel: (973-17) 224555 / 222158

Fax: (973-17) 226822

Email: bbmemnm@batelco.com.bh

 

·       National Bank of Bahrain BSC

NBB Tower

Government Road

PO Box: 106

Manama

Tel: (973-17) 258800

Fax: (973-17) 263876

 

·       Bahrain Islamic Bank

PO Box: 5240

Manama

Tel: (973-17) 231402

Fax: (973-17) 275734

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

 

GENERAL COMMENTS

 

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.61.13

UK Pound

1

Rs.101.17

Euro

1

Rs.84.59

 

 

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.