MIRA INFORM REPORT

 

 

Report No. :

318040

Report Date :

22.04.2015

 

IDENTIFICATION DETAILS

 

Name :

SHELL FISHERIES COMPANY WLL

 

 

Registered Office :

Building No. 815, Road No. 228, Block No. 702, Salmabad, P O Box: 32006 & 10519, Issa Town

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

03.12.2001

 

 

Com. Reg. No.:

47922-1

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Import, Process, Packaging and Distribution of Sea Food Products.

 

 

No. of Employees :

75

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Bahrain

A2

A2

 

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 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 2013, petroleum production and refining accounted for 73% of Bahrain's export receipts, 88% of government revenues, and 21% of GDP. Other major economic activities are production of aluminum - Bahrain's second biggest export after oil - finance, and construction. Bahrain 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 2012-14, 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. Lower oil prices in 2015 will likely exacerbate Bahrain’s budget deficit.

 

Source : CIA

 

 

SUMMARY

 

Company Name                                    : SHELL FISHERIES COMPANY WLL

Country of Origin                                   : Bahrain

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 3rd December 2001

Commercial Registration Number           : 47922-1

Chamber Membership Number               : 10184

Issued Capital                                       : BD 100,000

Paid up Capital                                     : BD 100,000

Total Workforce                                     : 75

Activities                                               : Process, packaging and distribution of sea food products

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Mohamed Arif, Financial Controller

 

 

COMPANY NAME

 

SHELL FISHERIES COMPANY WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Building No. 815

Street               : Road No. 228, Block No. 702

Area                 : Salmabad

 

PO Box            : 32006 & 10519

 

Town                : Issa Town

Country             : Bahrain

 

Telephone         : (973-17) 786110

Facsimile          : (973-17) 786840

Email                : info@shell-fisheries.com / sales@shell-fisheries.com

 

Premises

 

Subject operates from a medium sized suite of offices and a warehouse and a factory that are rented and located in the Industrial Area of Issa Town.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Sami Abdulrahman Mohamed Al Saif                                                 Managing Director

 

·       Mai Ibrahim Mohamed Al Shukri                                                         Director

 

·       Sataya Nesan                                                                                   General Manager

 

·       Ragu Nathan                                                                                    Sales Manager

 

·       Mohamed Arif                                                                                  Financial Controller                               

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 3rd December 2001

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 47922-1

 

Chamber Member No.  : 10184

 

Issued Capital              : BD 100,000

 

Paid up Capital            : BD 100,000

 

Name of Shareholder (s)                                                 Percentage

 

·       Sami Abdulrahman Mohamed Al Saif                              95%                        

 

·       Mai Ibrahim Mohamed Al Shukri                                        5%

 

 

OPERATIONS

 

Activities: Engaged in the import, process, packaging and distribution of sea food products.

 

Import Countries: Europe, Vietnam and Taiwan.

 

International Suppliers:

 

·       Namvet Corporation              Vietnam

·       Gallant Ocean                       Taiwan

 

Operating Trend: Steady

 

Subject has a workforce of 75 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Bahraini Dinar (BD)

 

                                    Year Ending 31/12/13:               Year Ending 31/12/14:

 

Total Sales                    BD 2,810,000                            BD 2,930,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Habib Bank

Government Avenue

PO Box: 566

Manama

Tel: (973-17) 254889 / 273285

Fax: (973-17) 276685

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject’s financial condition is satisfactory whilst payments are made in a timely manner. The company’s operating history is reportedly clear and the above credit figure is considered to be within subject’s financial means.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.92

UK Pound

1

Rs.93.57

Euro

1

Rs.67.34

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

               

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.