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MIRA
INFORM REPORT
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Report Date : |
08.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
GENERAL TRADING & FOOD PROCESSING CO BSC (TRAFCO) |
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Registered Office : |
Trafco Building, Mina
Salman Industrial Area, Building 42, Block 343, Road 117, PO Box 20202, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
30.06.2008 |
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Date of Incorporation : |
1978 |
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Com. Reg. No.: |
8500, Manama |
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Legal Form : |
Bahraini Shareholding Company – BSC |
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Line of Business : |
Distributors and Processors of Foodstuff Products. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
US$ 1,000,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : GENERAL TRADING & FOOD PROCESSING CO BSC (TRAFCO)
Country of Origin : Bahrain
Legal Form : Bahraini Shareholding Company – BSC
Registration Date : 1978
Commercial Registration Number : 8500, Manama
Issued Capital : BD 10,000,000
Paid up Capital : BD 10,000,000
Total Workforce : 170
Activities : Distributors and processors of foodstuff products.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 1,000,000
COMPANY NAME
GENERAL TRADING
& FOOD PROCESSING CO BSC (TRAFCO)
ADDRESS
Registered & Physical Address
Building : Trafco Building
Location : Mina Salman Industrial Area,
Building 42, Block 343, Road 117
PO Box : 20202
Town : Manama
Country : Bahrain
Telephone : (973-17) 729000 / 729731 / 729107 /
728407
Facsimile : (973-17) 727380
Email : trafco@batelco.com.bh
Premises
Subject operates
from a large suite of offices, a warehouse and a factory covering an area of
2,000 square metres that are owned and located in the Industrial Area of
Manama.
Branch Office
(s)
Location Description
·
Manama Central
Market Distribution
centre
Manama
Tel : (973-17) 241019
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East Riffa Distribution
centre
Manama
Tel : (973-17) 662417
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Catering
Section Distribution
centre & cold storage facilities
Central Market
Manama
Tel : (973-17) 276603
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Central Market
Branch Distribution
centre
Muharraq
Manama
Tel : (973-17) 320278
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Arad Area Snack
food factory
Manama
KEY PRINCIPALS
·
Ebrahim
Mohamed Ali Zainal Chairman
·
Yousuf Salah
Al Saleh Vice
Chairman
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Sami Mohamed
Jallal Managing
Director
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Khalid
Abdulrahman Al Moayed Director
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Fouad Ibrahim
Kanoo Director
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Khalid Maskati Director
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Ibrahim
Salahuddin Director
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Dr Esam
Abdulla Fakhroo Director
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Abdul Reda
Mohamed Al Daylami Director
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Jehad Yousuf
Amin Director
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Ali Yousuf
Abdulrahman Director
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V Sundar Rajan General
Manager
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Sameer A Al
Khan Assistant
General Manager
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S Sridhar Finance
Manager
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Ali Ramadan
Nasser Cold
Storage Manager
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Suresh Menon IT
Manager
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P J Prasanth Purchasing
Manager
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Azzam Moutragi Sales
Manager
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K Narayanan Catering
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1978
Legal Form :
Bahraini Shareholding
Company – BSC
Commercial Reg. No. : 8500, Manama
Issued Capital : BD 10,000,000
Paid up Capital : BD 10,000,000
Name of
Shareholder (s) Percentage
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Members of the
general public and private investors 80 %
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Bahraini
government 20 %
AFFILIATED COMPANIES
·
The Food
Supply Company Ltd
Arad Industrial Area
PO Box : 23721
Muharraq
Tel : (973-17) 672837
Fax : (973-17) 675156
Email : foosco@batelco.com.bh
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Bahrain Danish
Dairy Co
Hajer Avenue, Block 463, Najar
PO Box : 601
Manama
Tel : (973-17) 591591
Fax : (973-17) 591150
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Bahrain Flour
Mills Co
PO Box : 26787
Manama
Tel : (973-17) 729984
Fax : (973-17) 729312
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Bahrain Water
Bottling & Beverages Co BSC
PO Box : 50495
Manama
Tel : (973-17) 336700
Fax : (973-17) 336988
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Bahrain Kuwait
Danish Dairy
Manama
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Bahrain Fresh
Fruits Company
Manama
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Bahrain
National Coldstores Co
Manama
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Awal Dairy Co
WLL
Manama
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Kuwait Bahrain
Dairy Co WLL
Kuwait
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Bahrain Fresh
Fruits Co WLL
Manama
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Bahrain
Livestock Company WLL
Manama
OPERATIONS
Activities: Engaged in the import and distribution of a
wide range of foodstuff products, including frozen meats, fresh foods, canned
food, rice and fast moving consumer goods.
Subject also
operates cold storage facilities and manufactures snack foods.
Import
Countries: Kenya,
Australia, New Zealand, the United Kingdom, Denmark, the Netherlands, Germany,
Italy,
France, Spain,
Brazil and the United States of America
International
Suppliers:
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United Dairyman The Netherlands
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American
Marketing Co United
States of America
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Anglia Canners United Kingdom
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Inga’s Butter
Cookies Denmark
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Juice Bowl United
States of America
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Dana Rice
Mills (Pvt) Ltd Pakistan
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Adel &
Sadeq Trading Co Bahrain
Operating Trend: Steady
Subject has a
workforce of approximately 170 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Bahraini
Dinar (BD)
Balance Sheet 30/06/08 31/12/07
Property, plant and
equipment 6,370,047 5,047,600
Intangible assets 76,612 50,530
Investments in
associates 2,648,365 1,841,587
Available for sale
investments 13,170,360 11,664,963
22,265,384 18,604,680
Inventories 8,826,045 6,711,071
Accounts receivable
and prepayments 7,079,054 7,134,408
Bank balance and
cash 1,678,134 979,693
17,583,233 14,825,172
Total assets 39,848,617 33,429,852
Share capital 8,067,505 6,253,880
Treasury shares (560,224) (366,560)
Share premium 3,386,862 1,104,863
Statutory reserve 1,938,539 1,938,539
General reserve 900,000 850,000
Proposed
appropriations - 1,881,107
Retained earnings –
distributable 2,358,433 452,371
Retained earnings –
non distributable 127,703 127,703
Cumulative changes
in fair value 6,699,602 6,802,815
22,918,420 19,044,718
Minority interests 1,276,780 1,120,636
Total equity 24,195,200 20,165,354
Term loans 2,234,829 2,123,696
Loan from minority
shareholder 677,000 450,000
Employees and
service benefits 784,701 778,738
3,696,530 3,352,434
Bank overdrafts 2,564,841 1,536,654
Accounts payable
and accruals 6,829,601 6,342,583
Term loans 1,433,110 1,276,401
Import loans 1,129,335 756,426
11,956,887 9,912,064
Total liabilities 15,653,417 13,264,498
Total equity and
liabilities 39,848,617 33,429,852
Statement of Income
Sales 17,662,860 29,798,204
Cost of sales 13,708,506 23,085,310
Gross profit 3,954,354 6,712,894
Investment income 836,881 929,719
Share of results of
associates 177,688 164,786
Miscellaneous
income - 23,283
Other income 312,422 419,663
Selling costs 762,960 1,468,626
General expenses 594,696 1,084,105
Depreciation 224,039 391,337
Financial charges 208,273 370,773
Profit for the year 2,083,298 2,370,723
Local sources
consider subject’s financial condition to be Good.
BANKERS
·
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
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Standard
Chartered Bank
Government Road
PO Box : 29
Manama
Bahrain
Tel : (973-17) 223636
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
General Trading
& Food Processing Co Bsc (TRAFCO) is well established in the local business
market with operations dating back 1978. It is engaged in the import and distribution
of a wide range of foodstuff products, as well as operating cold storage
facilities and manufacturing snack foods. The company deals with many reputable
international suppliers.
Subject is planning
to move to a custom built BD600k head office in the near future.
The company meets
its payment obligations in a generally prompt and timely manner and is
considered to be trustworthy for respecting its financial trade commitments. As
such the above credit figure is admissible.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.74 |
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UK Pound |
1 |
Rs.85.19 |
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Euro |
1 |
Rs.66.12 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)