MIRA INFORM REPORT

 

 

Report Date :           

29.09.2011

 

IDENTIFICATION DETAILS

 

Name :

AFRICAN & EASTERN (BAHRAIN) WLL 

 

 

Registered Office :

Building No. 165, Road No. 4304, Mina Salman Industrial Area, Block No. 343

P.O.Box No. 49, Manama

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

15.03.1978

 

 

Com. Reg. No.:

8454-1

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trading as importers, commission agents, retailers and distributors of alcoholic beverages and liqueurs

 

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

 

Maximum Credit Limit :

BD 170,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct 

 

 

Litigation :

----

 

 

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 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Bahrain

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COmpany NAME

 

African & Eastern (Bahrain) WLL

 

 

company ADDRESS

 

Building             : Building No. 165

Street               : Road No. 4304 

Area                 : Mina Salman Industrial Area, Block No. 343

P.O.Box No.      : 49

Town                 : Manama

Country             : Bahrain

Telephone         : (973) 1781 3055 / (Mobile) (973) 3946 6408

Fax                   : (973) 1781 3060

E-Mail               : info@african&eastern.com

Website            : www.africanandeastern.com

 

Shortform Name :  A & E

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                Position

 

1. Abdulrahman Ali Abdulla Marshad   Chairman

 

2. Qassim Mohamed Yusuf Fakhro       Deputy Chairman

 

3. Peter David O'Brien                            Chief Executive Officer

   (British national)

 

4. Ravi Majhat                                        Financial Controller

 

5. Samul Beni                                        Chief Accountant

 

Total Employees : 47

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

We consider it is acceptable to deal with subject for MEDIUM amounts.

 

Opinion on maximum credit : BD 170,000

 

Trade risk assessment : Normal

 

Opinion on the credit figure of US DLRS 10,000,000 / 90 days :

 

We consider the above figure to be beyond the Company's financial

capabilities and recommend dealing on fully secured terms.

 

 

PRINCIPAL BANKERS

 

NAME               : AL AHLI UNITED BANK BSC

Branch              : Main branch 

PO Box             : 2424

Town                 : Manama

Telephone         : (973) 1722 0555

Fax                   : (973) 1722 0552

 

The Company also has an account with the following banks : 

 

1. Standard Chartered Bank

   Government Avenue

   PO Box 29

   Manama

   Telephone: (973) 1722 3636

   Fax      : (973) 1722 5001

 

2. Bank of Bahrain and Kuwait BSC (BBK)

   Government Avenue 43

   PO Box 4207

   Manama

   Telephone: (973) 1722 3388

   Fax      : (973) 1722 9822

 

 

FINANCIAL INFORMATION

 

Private companies in Bahrain are not required to publish or

disclose balance sheets. However, the subject interviewed offered

the following information :

 

Sales Turnover : BD  4,500,000 - 2004 - exact 

               : BD  5,500,000 - 2005 - exact

               : BD  6,000,000 - 2006 - exact

               : BD  6,800,000 - 2007 - exact

               : BD  7,500,000 - 2008 – exact

               : BD  8,200,000 - 2009 – exact

               : BD  8,500,000 - 2010 – exact

               : BD 10,000,000 – 2011 - projected

 

Net Profit     : not given but stated to be 15% of the sales

 

Total Invested Capital : BD 1,700,000 (as of June 2011)

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 15 March 1978

 

History : The subject company was established in Bahrain on 15 March 1978 under commercial registration number 8454-1.

 

Since its inception subject registered/deleted following branches/divisions :

                   

- African & Eastern          

  (Sub C.R. No. 8454-2): Registered on 08/04/1980 and was deleted on  

  08/12/2010;

                     

- African &Eastern (Bahrain) WLL

  (Sub C.R. No. 8454-3): Registered on 15/03/1978;

 

- African &Eastern (Bahrain) WLL

  (Sub C.R. No. 8454-4): Registered on 21/01/2010;

                    

- African & Eastern (Bahrain) WLL

  (Sub C.R. No. 8454-5): Registered on 19/01/2011.

 

Former shareholder Unilever, UK withdrew from subject in 2000.

 

C.R. No. : 8454-1 (expiry date : 15/03/2012)

 

Authorised Capital : BD 100,050

 

Paid up Capital : BD 100,050

 

Limited Liability Company with the following shareholders :

 

                                                                                    Percentage

 

1. Investment & Trading (Gulf) Enterprises           33.34%

   PO Box 773

   Manama

   Telephone: (973) 1753 4777

   Fax      : (973) 1753 3025

   C.R. No. : 1080 - 1 

 

2. National Hotels Company BSC (Diplomat Hotel)            33.33%

   P.O Box 5243

   Manama

   Telephone: (973) 1753 1666

   Fax      : (973) 1753 0843

   C.R. No. : 1665 - 1  

 

3. Bahrain Tourism Company (Crowne Plaza Bahrain)                   33.33%

   P.O. Box 5831

   Manama

   Telephone: (973) 1753 0530 / 1753 1122

   Fax      : (973) 1753 0867

   C.R. No. : 1977 - 1

 

Affiliated companies of African & Eastern (Bahrain) WLL :

 

Associates

 

1.  Bahrain Duty Free Shop Complex   (2.63%)

    Building 261

    Al Shabab Avenue

    Manama 1714

    Bahrain

    Telephone: (973) 1772 3100

    Fax      : (973) 1772 5511

    E-mail   : info@bdutyfree.com

    C.R. No. : 23509 - 1

 

2.  Al Fateh Real Estate Company

    PO Box 38342

    Ajman

    Telephone: (971 6) 746 7666

    C.R. No. : 49182 - 1

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Trading as importers, commission agents, retailers and distributors

of alcoholic beverages and liqueurs.

 

Subject also provides delivery services to hotels, restaurants and

clubs.

 

Subject previously traded in frozen food products, caramel

chocolates, ice cream and industrial products.

 

Imports from UK, Belgium, Switzerland, Australia, India, USA and

South Africa.

 

Subject only sells locally and does not engage in re-export business.

 

Agencies held :

 

- Dunarad Corp, USA; 

 

- Ub Global Corporation Limited, India;

 

- Sutter Home, USA;  

 

- Nicol S International Pvt Ltd, India; 

 

- V&S Vin & Sprit Aktiebolag, Sweden;  

 

- Fuller Smith And Turner Plc, UK; 

 

- Carma Ag Dubendore, Switzerland; 

 

- Miller Brewing, USA; 

 

- Invergordon Distillers Group Plc, United Kingdom; 

 

- United Distillers Plc,  United Kingdom;

 

- Champagne Ruinart, France;  

 

- John Barr & Company, United Kingdom; 

 

- Unilever Export Ltd, United Kingdom; 

 

- Ets Fourcroy SA, Belgium;   

 

- Roccadelle Macil Spa, India;   

 

- A. Ferguson & Company Ltd, United Kingdom;

 

- Jaboulet Vercherre, France;   

 

- Henkes Verenigde Distilleredrjen B.V (Henkes United

  Distilleries), The Netherlands;

 

- Pellisson SA, France;  

 

- Georges Duboeuf, France;   

 

- Moillard, France;

 

- Marcel Sautejeau, France;

 

- William Pitters, France; 

 

- Societa Vini Itliani Di Precio Spa (Svip) Export Division, Italy; 

 

- Carlton And United Breweries Limited, Australia;

 

- Okura Shuzo Co. Ltd, Japan   

 

- Cantina Sociale Cooperativa Di Marino, SARL, Italy;

 

- Pere Anselme, France; 

 

- Erven Warnink BV, the Netherlands;

 

- Saccone & Speed International Ltd, United Kingdom;

 

- G. Grampa & Sons Proprietary Limited, Australia; 

 

- K. E. O Limited, Cyprus;

 

- Austin Nichols, USA; 

 

- Bronte Liqueur Company Limited, United Kingdom;

 

- Alexis Lichine And Co, France;

 

- St Pauli Brauerei, Germany; 

 

- J Koll & Cie, Germany; 

 

- Camus La Grande Marque, France; 

 

- Gilbert And John Greenall Ltd, United Kingdom; 

 

- Vine Products Limitted, United Kingdom;

 

- Piper Heidsieck, France;

 

- The Highland Distilleries Co. Ltd, United Kingdom; 

 

- Doornkaat Aktiengesellschaft, Germany; 

 

- Pedro Domecq SA, United Kingdom; 

 

- E. Isolabella & Figlio S.P.A, Italy; 

 

- Carvalho Ribeiro & Ferreira Lda, Portugal; 

 

- United Rum Merchants Ltd. United Kingdom; 

 

- Holsten Braueret, Germany;  

 

- Bass Export Limited, United Kingdom; 

 

- Bardinet S.A. Manufacturer, France;

 

- Escheneauer, France;  

 

- Hill Thomson Co Ltd, United Kingdom; 

 

- The Irish Mist Liqueur Co. Ltd, Ireland; 

 

- J. Ntonio Mompo SA, Spain; 

 

- Scottish And Newcastle Breweries Ltd, United Kingdom;

 

- Merrydown Wine Co. Ltd, United Kingdom; 

 

- Kingsburn Blenders Ltd, United Kingdom; 

 

- Hedges And Butler Ltd, United Kingdom; 

 

- Carew & Co Ltd 9 Manufacturer, India; 

 

- The Finsbury Distillery Co Ltd, United Kingdom; 

 

- Robert Macnish And Co. Ltd, United Kingdom;

 

- Justerini & Brooks Ltd, United Kingdom; 

 

- Brasseries Artois, Belgium; 

 

- Wm. Sanderson & Son Ltd, United Kingdom; 

 

- Societe Ja Hennessy And Co, France; 

 

- Hp Bulmer Limited (Manufacturer), United Kingdom; 

 

- Alexander Blending Co Ltd, United Kingdom; 

 

- J. And W. Nicholson And Co. Ltd, United Kingdom;

 

- White Horse Distillers Ltd, United Kingdom; 

 

- Carlsberg Breweries, Denmark; 

 

- Booths Distillers Ltd, United Kingdom; 

 

- Wm Teacher And Sons Ltd, United Kingdom.

 

 

FACILITIES

 

The Company has the following facilities :

 

Rented premises comprising administrative offices and a depot located

at the heading address as well as two retail outlets located in

Mina Salman (see 'Branch Offices' section).

 

Subject had a branch in Manama which closed down in 2010.

 

 

BRANCH OFFICES

 

1. Shop Mina Salman Retail Shop

   Telephone: (973) 1772 5081

   (two retail outlets)

 

2. Mina Salman

 

 

SPECIAL NOTE

 

Interviewed: Samul Beni (Chief Accountant).

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.91

UK Pound

1

Rs.76.53

Euro

1

Rs.66.43

 

 

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.