MIRA INFORM REPORT

 

 

Report Date :

29.10.2014

 

IDENTIFICATION DETAILS

 

Name :

BAHRAIN WATER BOTTLING & BEVERAGES CO SPC

 

 

Registered Office :

Building No. 140, Block No. 236, Road No. 30, Atraz Highway, Samaheej, PO Box 50495, Hidd

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

23.01.1995

 

 

Com. Reg. No.:

33396-1

 

 

Legal Form :

Single Person Co (SPC)

 

 

Line of Business :

Subject is engaged in the bottling and distribution of mineral water.

 

 

No of Employees :

57

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Bahrain

B1

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                                    : BAHRAIN WATER BOTTLING & BEVERAGES CO SPC

Country of Origin                                   : Bahrain

Legal Form                                           : Single Person Co (SPC)

Registration Date                                  : 23rd January 1995

Commercial Registration Number           : 33396-1

Chamber Membership Number               : 7304

Issued Capital                                       : BD 463,345

Paid up Capital                                     : BD 463,345

Total Workforce                                    : 57

Activities                                               : Bottling and distribution of mineral water

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Sandeep Sharma, Financial Manager

 

 

 

COMPANY NAME

 

BAHRAIN WATER BOTTLING & BEVERAGES CO SPC

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Building No. 140, Block No. 236, Road No. 30, Atraz Highway, Samaheej

PO Box            : 50495

Town                : Hidd

Country : Bahrain

Telephone         : (973-17) 336700

Facsimile          : (973-17) 336988

Mobile              : (973-39) 129143

Email                : bwbb@batelco.com.bh / accts.bwbb@baletco.com.bh

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are owned and located in the Central Business Area of Hidd.

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Fouad Ibrahim Khalil Kanoo                                                       Managing Director

 

Ibrahim Mohamed Ali Zainal                                                       Director

 

Ibrahim Salahuddine Ahmed Ibrahim                                           Director

 

Subradeep Mukherjee                                                                General Manager

 

Santosh Kishwani                                                                      Sales Manager

 

Lylala Ismail                                                                              Human Resources Manager

 

Roby Thomas                                                                           Production Manager

 

Sandeep Sharma                                                                       Financial Manager

 

 

LEGAL FORM & OWNERS

 

 

Date of Establishment  : 23rd January 1995

 

Legal Form      : Single Person Co (SPC)

 

Commercial Reg. No.   : 33396-1

 

Chamber Member No.  : 7304

 

Issued Capital              : BD 463,345

 

Paid up Capital            : BD 463,345

 

Name of Shareholder (s)                                                           Percentage

 

Trafco Group BSC                                                                         100%

Bahrain

 

 

AFFILIATED COMPANIES

 

General Trading & Food Processing Co (Trafco Group BSC) has stakes in the following companies:

 

Name                                                   County Incorporated                Ownership Interest

 

The Food Supply Co WLL                                  Bahrain                                     60%

 

Awal Dairy Co WLL                                            Bahrain                                     51%

 

Kuwait Bahrain Dairy Co WLL                             Kuwait                                      98%

 

Bahrain Fresh Fruits Co WLL                              Bahrain                                     50%

 

Bahrain Live Stock Company WLL                      Bahrain                                     25%

 

 

OPERATIONS

 

Activities: Engaged in the bottling and distribution of mineral water.

 

Import Countries: Europe and the Far East

 

Brand Names: TYLOS, SALSABIL and DELTA WATER

 

Operating Trend: Steady

Subject has a workforce of 57 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 743,844                               BD 1,248,796

 

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

 

The above figures were provided by Mr Sandeep Sharma, Financial Manager

 

 

BANKERS

 

Ahli United Bank

Government Avenue

PO Box: 5941

Manama

Tel: (973-17) 244333

Fax: (973-17) 241301

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                July 2007

Credit amount                                       150,000

Amount overdue                                    0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                       No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.35

UK Pound

1

Rs.98.93

Euro

1

Rs.77.92

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TPT

 

 

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.