MIRA INFORM REPORT

 

 

Report No. :

312707

Report Date :

18.03.2015

 

IDENTIFICATION DETAILS

 

Name :

RAMEZ INDUSTRIAL COMPANY (SPC)

 

 

Registered Office :

Building No. 379, Block No. 115, Central Market, Road No. 1507, Salman Industrial Area, P O Box: 21862, Manama, Hidd

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

31.08.2005

 

 

Com. Reg. No.:

57980-1, Manama

 

 

Legal Form :

Single Person Company – SPC

 

 

Line of Business :

Manufacturers of Plastic and Paper Products.

 

 

No. of Employees :

65

 

 

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 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

 

SUMMARY

 

Company Name                                    : RAMEZ INDUSTRIAL COMPANY (SPC)

Also Known As                                     : AL HIDD PAPER CONVERTING FACTORY

Country of Origin                                   : Bahrain

Legal Form                                           : Single Person Company – SPC

Registration Date                                  : 31st August 2005

Commercial Registration Number           : 57980-1, Manama

Issued Capital                                       : BD 50,000

Paid up Capital                                     : BD 50,000

Total Workforce                                     : 65

Activities                                               : Manufacturers of plastic and paper products.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Abdul Ghawi Al Omari, Financial Controller

 

COMPANY NAME

 

RAMEZ INDUSTRIAL COMPANY (SPC)

 

 

ALSO KNOWN AS

 

AL HIDD PAPER CONVERTING FACTORY

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Building No. 379, Block No. 115, Central Market

Street               : Road No. 1507

Area                 : Salman Industrial Area

 

PO Box            : 21862, Manama

 

Town                : Hidd

Country             : Bahrain

 

Telephone         : (973-17) 464414 / 243331

Facsimile          : (973-17) 464417 / 273339

Mobile              : (973-39) 788885

Email                : facp.manager@ramezgroup.com / info@ramezgroup.com / ricinfo@batelco.com.bh

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                       Nationality                    Position

 

·       Ramez Mohamed Noman Al Awadhi                          Bahraini                        Managing Director

 

·       Ibrahim Shalan                                                                 -                            Assistant General Manager

 

·       Joji Thomas                                                                    -                            Production Manager

 

·       Amar Saeed                                                                    -                            Sales Manager

 

·       Abdul Ghawi Al Omari                                                      -                            Financial Controller

 

·       Pradeep Kumar                                                               -                            Accountant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 31st August 2005

 

Legal Form                  : Single Person Company – SPC

 

Commercial Reg. No.   : 57980-1, Manama

 

Issued Capital              : BD 50,000

 

Paid up Capital            : BD 50,000

 

Name of Shareholder (s)                                                      Percentage

 

·       Ramez Mohamed Noman Al Awadhi                                      100%

 

 

AFFILIATED COMPANIES

 

·       Muthela Detergents

Dammam

Saudi Arabia

 

·       Ramez Jewellery

Thailand

 

·       Ramez For Antiques, Accessories & Household Utensils

China

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of plastic and paper products, including shopping and refuse bags, facial                            tissues, kitchen paper roll, aluminium trays and containers.

 

Import Countries: Europe and GCC countries.

 

International Suppliers:

 

·       Petro Rabigh                        Saudi Arabia

·       SABIC                                  Saudi Arabia

·       Abu Dhabi Paper Factory      United Arab Emirates

·       Borouge Pte Ltd                   United Arab Emirates

·       Garmco                                Bahrain

 

Operating Trend: Steady

 

Subject has a workforce of 65 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 2,865,000                            BD 3,040,000

 

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

 

The above figures were provided by Mr Abdul Ghawi Al Omari, Financial Controller

 

 

BANKERS

 

·       Arab Bank Plc

Government Avenue

PO Box: 395

Manama

Tel: (973-17) 229988

Fax: (973-17) 210443

 

 

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.62.69

UK Pound

1

Rs.92.99

Euro

1

Rs.66.37

 

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.