MIRA
INFORM REPORT
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Report Date : |
14.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
BAHRAIN DUTY FREE SHOP COMPLEX BSC |
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Registered Office : |
Building 261, Al
Shabab Avenue, Bahrain International Airport, PO Box 1714, Manama |
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Country : |
Bahrain |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
15.07. 1990 |
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Com. Reg. No.: |
23509 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Operators of Duty Free Shops. |
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$ 1,500,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : BAHRAIN DUTY FREE SHOP COMPLEX BSC
Country of Origin : Bahrain
Legal Form : Joint Stock Company
Registration Date : 15th July 1990
Commercial Registration Number : 23509
Issued Capital : BD 4,356,000
Paid up Capital : BD 4,356,000
Total Workforce : 400
Activities : Operators of duty free shops.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 1,500,000
COMPANY NAME
BAHRAIN DUTY FREE
SHOP COMPLEX BSC
ADDRESS
Registered & Physical Address
Building : Building 261
Street : Al Shabab Avenue
Area : Bahrain International Airport
PO Box : 1714
Town : Manama
Country : Bahrain
Telephone : (973-17) 723100 / 321330 / 321220
Facsimile : (973-17) 723724 / 725511 / 321910
Email : info@bdutyfree.com
Premises
Subject operates
from a medium sized suite of offices and a shopping complex that are owned and
located in the Bahrain International Airport.
KEY PRINCIPALS
·
Farouk Yousuf
Almoayyed Chairman
·
Abdulla
Buhindi Managing
Director
·
Jalal Mohamed
Jalal Director
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Jassim Mohamed
Al Shaikh Director
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Faieq Al
Zayani Director
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Sheikh Mohamed
Bin Ali Bin Mohamed Al Khalifa Director
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Jawad Al Hawaj Director
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Nabil Al Zain Director
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Mohamed Al
Khan Director
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Ghassan Al
Sabbagh Director
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Abdul Razzak
Hassan Director
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Stephen
O’Connor General
Manager
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Dominic
Carroll Finance
Manager
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Adel Reda Marketing
Manager
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Eamonn Carty Retail
Manager
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Stuart William
Rourke Purchasing
Manager
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Bassam Al
Wardi Human
Resources Manager
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Hassan Ali Company
Secretary
LEGAL FORM & OWNERS
Date of Establishment : 15th
July 1990
Legal Form :
Joint Stock Company
Commercial Reg. No. : 23509
Issued Capital : BD 4,356,000
Paid up Capital : BD 4,356,000
Name of Shareholder (s)
·
Farouk Yousuf
Almoayyed
·
Esterad
Investment Co BSC
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Global Express
·
National
Investment Co
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Rouben’s
Stores
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Members of the
general public
AFFILIATED COMPANIES
·
Bahrain
International Retail Development Centre WLL
Manama
OPERATIONS
Activities: Engaged as operators of the Bahrain Airport
duty free shops and Bahrain Sea Port duty free shops, selling alcohol, cigarettes,
tobacco and gift items.
Subject also
markets duty free goods on board Gulf Air flights.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of approximately 400 employees.
FINANCIAL DATA
Financial highlights
provided by local sources are given below:
Currency: Bahraini
Dinar (BD)
Consolidated Balance Sheet 31/12/07 31/12/06
Cash 13,591,390 10,996,485
Accounts receivable 371,751 394,565
Inventories 3,698,288 3,474,676
Other current
assets 369,776 187,394
Total current
assets 18,031,205 15,053,120
Available for sale
investments 13,055,079 9,769,415
Property and
equipment 3,005,920 2,949,962
Total non-current
assets 16,060,999 12,719,377
Total assets 34,092,204 27,772,497
Accounts payable 6,213,858 4,471,269
Management fees 138,988 68,479
Royalty payable 2,497,365 2,035,951
Total current
liabilities 8,850,211 6,575,699
Total non-current
liabilities 240,049 2,785
Share capital 4,356,000 3,630,000
Statutory reserve 4,136,773 3,773,773
Fair value reserve 4,182,574 3,420,570
Property
revaluation reserve 606,264 676,471
Retained earnings 11,694,933 9,483,497
Total equity
attributable to shareholders 24,976,544 20,984,311
Minority interest 25,400 9,702
Total equity 25,001,944 20,994,013
Total liabilities
and equity 34,092,204 27,772,497
Consolidated Income Statement
Sales 31,236,785 28,986,953
Cost of sales 21,120,460 19,872,300
Gross profit 10,116,325 9,114,653
Salaries and
related costs 2,788,204 2,486,566
Management fees 719,662 784,642
Selling expenses 677,489 628,830
Depreciation 370,521 339,384
Other operating
expenses 741,809 772,543
Operating profit 4,818,640 4,102,688
Other income 292,603 237,017
Net operating
profit before royalty 5,111,243 4,339,705
Royalty to
Directorate of Civil Aviation 2,497,497 2,088,154
Net operating
profit after royalty 2,613,746 2,251,551
Non-operating
income 2,767,414 1,998,002
Net profit for the
year 5,381,160 4,249,553
Local sources
consider subject’s financial condition to be Good.
BANKERS
·
Bank of
Bahrain & Kuwait
43 Government Avenue
PO Box : 597
Manama
Tel : (973-17) 253388
Fax : (973-17) 275785
·
Al Ahli
Commercial Bank
Government Avenue
PO Box : 5941
Manama
Tel : (973-17) 244333
Fax : (973-17) 241301
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National Bank
of Bahrain BSC
Government Avenue
PO Box : 106
Manama
Tel : (973-17) 258800
Fax : (973-17) 263876
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 and the above credit figure is within
subject’s financial means.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.71 |
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UK Pound |
1 |
Rs.83.30 |
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Euro |
1 |
Rs.65.12 |
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%)