MIRA INFORM REPORT

 

 

Report Date :

30.07.2012

 

IDENTIFICATION DETAILS

 

Name :

BAKRI INTERNATIONAL ENERGY COMPANY LTD (BIE)

 

 

Formerly Known As :

Bakri Bunker Trading Company Ltd

 

 

Registered Office :

Al Bakri Building, Al Andalus Street, P O Box 3757, Jeddah 21481

 

 

Country :

Saudi Arabia 

 

 

Date of Incorporation :

14.08.1977

 

 

Com. Reg. No.:

4030012900, Jeddah

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Source, transport, store, process, supply, distribute and market crude oil,  petroleum, gas, jet fuel, and chemical related products

 

 

No. of Employees :

300

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

 

Status :

Good

Payment Behaviour :

Regular

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Saudi Arabia 

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SUMMARY

 

Company Name                         : BAKRI INTERNATIONAL ENERGY COMPANY LTD (BIE)

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 14th August 1977

Commercial Registration Number            : 4030012900, Jeddah

Chamber Membership Number                : 21037

Issued Capital                                        : SR 500,000

Paid up Capital                                      : SR 500,000

Total Workforce                                     : 300

Activities                                               : Source, transport, store, process, supply, distribute and market crude

oil,  petroleum, gas, jet fuel, and chemical related products

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                 : Amr Nashar, Finance Manager

 

 

 

 

COMPANY NAME

 

BAKRI INTERNATIONAL ENERGY COMPANY LTD (BIE)

 

 

comkpany ADDRESS

 

Registered & Physical Address

 

Building             : Al Bakri Building

Street               : Al Andalus Street

PO Box             : 3757

Town                 : Jeddah 21481

Country             : Saudi Arabia

Telephone         : (966-2) 6523867 / 6523948 / 6519995 / 6516666

Facsimile          : (966-2) 6524297 / 6512908 / 6512072

Email                : bieemail@albakri.com / info@bakribnc.com

 

Premises

 

Subject operates from a large suite of offices that are owned and located in the Central Business Area of Jeddah.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Hani Abdul Qader Bakri Mohamed Saleh                                             Managing Director

 

·       Ghassan Abdul Qader Bakri Mohamed Saleh                                      Director

 

·       Zuhair Abdul Qader Bakri Mohamed Saleh                                           Director

 

·       Mohamed Abdul Qader Bakri Mohamed Saleh                                     Director

 

·       Waleed Abdul Qader Bakri Mohamed Saleh                                        Director

 

·       Raad Abdul Qader Bakri Mohamed Saleh                                            Director

 

·       Amr Nashar                                                                                      Finance Manager

 

·       Capt Ahmed Masood                                                                         Marketing Manager

 

·       Mohamed Abdul Ghaffar                                                                     Commercial Manager

 

·       Joma Hussain                                                                                   Legal Advisor

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 28/08/1397 Hijri (corresponding to 14th August 1977)

 

History                         : Subject was originally established in 1977 under the name of “Bakri Bunker Trading

  Company Ltd”. However at the beginning of 2000 subject changed its name to the current style of “Bakri International Energy Company Ltd”.

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 4030012900, Jeddah

 

Chamber Member No. : 21037

 

Issued Capital              : SR 500,000

 

Paid up Capital            : SR 500,000

 

Name of Partner (s)                                                      Percentage

 

·       A K Bakri & Sons Holding                                              100%

     Al Bakri Building

     Al Maadi Street

     Al Ruwais District

     PO Box: 3757

     Jeddah 21481

     Tel: (966-2) 6519995

     Fax: (966-2) (966-2) 6512908

     Email: info@albakri.com

 

 

AFFILIATED COMPANIES

 

Subject is a member of the Bakri Group of Companies, which consists of the following concerns:

 

·       Bakri Navigation Company Limited

Bakri Building

Andalus Street

PO Box: 3757

Jeddah

Tel: (966-2) 6519995

Fax: (966-2) 6512908 / 6512072

 

·       Al Khomasia Shipping & Maintenance Co Ltd

       Bakri Building

Andalus Street

Jeddah

Tel: (966-2) 6519995

Fax: (966-2) 6512908

 

·       Al Bakri Trading and Contracting

Bakri Building

Andalus Street

Jeddah

Tel: (966-2) 6519995

Fax: (966-2) 6512908

 

·       Bakri National Commercial Co

Bakri Building

Andalus Street

Jeddah

Tel: (966-2) 6519995

Fax: (966-2) 6512908

 

·       Penta Commercial Agencies

Shemaisi

     Riyadh

     Tel: (966-1) 4644939

     Fax: (966-1) 4644939

 

·       Red Sea Marine Services

       Bakri Building

Andalus Street

PO Box: 3757

Jeddah 21481

Tel: (966-2) 6519995

Fax: (966-2) 6512908

 

·       Marketing Integrated Services Center (MISC)

PO Box: 3260

Jeddah

Tel: (966-2) 6510410

Fax: (966-2) 6510410

 

·       Bakri Trading Company Ltd

Al Maadi Street

PO Box: 3757

Jeddah 21481

Tel: (966-2) 6519995

Fax: (966-2) 6512908

 

·       Bakri Travel & Tourism Agency

Bakri Building

Andalus Street

PO Box: 3757

Jeddah 21481

Tel: (966-2) 6519995

Fax: (966-2) 6512908

 

·       Chevron Texaco Al Bakri Lubricants Company

Bakri Building

Andalus Street

PO Box: 3757

Jeddah 21481

Tel: (966-2) 6519995

Fax: (966-2) 6512908

 

 

OPERATIONS

 

Activities: Subject is involved in a number of activities, mainly to source, transport, store, process, supply, distribute and market crude oil, petroleum, gas, jet fuel, and chemical related products. It is also involved in shipbuilding and repair services.

 

BIE is also licensed to refuel airplane in King Abdulaziz International Airport in Jeddah, Saudi Arabia and in Khartoum International Airport, in Khartoum, Sudan. BIE is also a well-known Ports Managers and Dry-Dock Facilities Managers. BIE is a long standing and active member of "The International Bunker Industry Association (IBIA)." BIE also conforms to the Constitution and acquired the membership of "Oil Companies International Marine Forum (OCIMF)."

 

Subject has a workforce of approximately 300 employees.

 

 

FINANCIAL DATA

 

Companies registered in Saudi Arabia are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Saudi American Bank

Madinah Road

PO Box: 490

Jeddah 21411

Tel: (966-2) 6603993

 

·       Riyad Bank

Prince Fahad Street

PO Box: 9324

Jeddah 21413

Tel: (966-2) 6513333

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Bakri International Energy Company Ltd (BIE) was established in 1977 and has gained a good reputation for the quality of its products and services.

 

The company is run in a professional manner dealing with many reputable clients and it is a member of the Bakri Group of Companies, deemed trustworthy for respecting their financial trade commitments.

 

Local sources report that the operating history is clear with no problems noted regarding the manner in which payment obligations are fulfilled. As such the company is deemed a sound trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.41

UK Pound

1

Rs.86.93

Euro

1

Rs.68.10

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.