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Report Date : |
29.05.2014 |
IDENTIFICATION DETAILS
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Name : |
AWAL GULF MANUFACTURING CO BSCC |
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Registered Office : |
Sitra Industrial Area, Building No. 429, Street No. 108, Block 601, PO
Box: 15919, Town:Manama |
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Country : |
Bahrain |
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Date of Incorporation : |
1976 |
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Com. Reg. No.: |
30362-1, Manama |
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Legal Form : |
Bahraini Shareholding Company Closed BSC (C) |
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Line of Business : |
Manufacture, installation and maintenance of heating, ventilation and
air conditioning systems |
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No of Employees : |
1,500 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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) |
|
Bahrain |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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 :
AWAL GULF MANUFACTURING CO BSCC
Country of Origin :
Bahrain
Legal Form :
Bahraini Shareholding Company Closed BSC (C)
Start Date :
1976
Registration Date :
28th August 1993
Commercial Registration Number :
30362-1, Manama
Chamber Membership Number :
3310
Issued Capital :
BD 10,000,000
Paid up Capital :
BD 10,000,000
Total Workforce :
1,500
Activities :
Manufacture, installation and maintenance of heating, ventilation and air
conditioning systems.
Financial Condition :
Fair
Payments : Nothing detrimental
uncovered
Operating Trend :
Steady
AWAL GULF MANUFACTURING CO BSCC
Registered & Physical Address
Location : Sitra
Industrial Area, Building No. 429, Street No. 108, Block 601
PO Box : 15919
Town : Manama
Country : Bahrain
Telephone : (973-17) 732990
/ 738333
Facsimile : (973-17)
731541 / 731529
Email : agmco@batelco.com.bh / khalid@awalgulf.com.bh / info@awalgulf.com
Premises
Subject operates from a large suite of offices a factory and a warehouse
that are owned and located in the Industrial Area of Manama.
Branch Office (s)
Location Description
PO Box : 741 Sales
Office & showroom
Mina Salman
Tel: (973-17) 727065
Fax: (973-17) 728997
Name Position
Mohamed Kanoo Chairman
Adel Mohamed Ali Mattar Managing
Director
Hani Al Shakhs Director
Khalid Mattar Director
Faisal Kanoo Director
Fawaz Al Kaaki Director
Akram R Hassoun Sales
Manager
S K Ghosh Manufacturing
Manager
G Krishna Kumar Finance
Manager
Omar Habib Export
Manager
S Raghuraman Development
Manager
Ratinder Nath Operations
Manager
L R Sethuraman Quality
Assurance Manager
Date of Establishment : Subject’s
operations date back to 1976, however it was registered on 28th
August 1993.
Legal Form : Bahraini
Shareholding Company Closed BSC (C)
Commercial Reg. No. : 30362-1, Manama
Chamber Member No. : 3310
Issued Capital : BD 10,000,000
Paid up Capital : BD 10,000,000
Name of Shareholder (s)
Mohamed Kanoo
Adel Mohamed Ali Mattar
Hani Al Shakhs
Khalid Mattar
Faisal Kanoo
Fawaz Al Kaaki
Awal Contracting and Trading Company WLL
PO Box: 741
Manama
Tel: (973-17) 725100
Fax: (973-17) 728997
Gulf Services Co WLL
Awalco Building
Mina Salman
PO Box: 405
Manama
Tel: (973-17) 729739 / 728962
Fax: (973-17) 728997
Activities: Engaged in the manufacture, installation and maintenance of heating,
ventilation and air conditioning
systems and units, ducted type fan coils,
humidifying plants, water coolers, ice making machines,
refrigerators, freezers and ovens.
Subject is ISO 9001 & 14001 acredited.
Production
Capacity: 610,000 units per annum.
Import Countries: United States of America, Sweden, United Kingdom,
Germany and Italy
International Suppliers:
Synder General Corp United States of America
Tecumseh Products Company United States of America
Copland United
States of America
ACCI Inc United
States of America
ETL Semko Sweden
Brand Names: POLAR BEAR, PEARL, UNIVERSAL, FRIZ COOL, AQUA
CHILL and CRYSTAL MOUNTAIN
Operating Trend: Steady
Subject has a workforce of approximately 1,500 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
14,600,000 BD
15,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
National Bank of Bahrain BSC
NBB Tower
Government Road
PO Box: 106
Manama
Tel: (973-17) 258800
Fax: (973-17) 263876
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 Kuwait
PO Box: 5290
Manama
Tel: (973-17) 532225
Fax: (973-17) 530658
No complaints regarding subject’s payments have been reported.
Awal Gulf is a refrigeration and air conditioning equipment
manufacturer, unique in its class and industry size in Bahrain. It has three
manufacturing plants in the Sitra Industrial Area and Bahrain International
Investment Park in Hidd with a work force well over 1,500.
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.59.07 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.80.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SHG |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.