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Report Date : |
17.11.2012 |
IDENTIFICATION DETAILS
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Name : |
BAKRI INTERNATIONAL ENERGY COMPANY LTD (BIE) |
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Formerly Known As : |
Bakri Bunker
Trading Company Ltd |
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Registered Office : |
Al |
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Country : |
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Date of Incorporation : |
14.08.1977 |
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Com. Reg. No.: |
4030012900, Jeddah |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Source, transport, store, process, supply, distribute and market crude oil, petroleum, gas, jet fuel, and chemical related products |
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No. of Employees : |
300 |
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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Saudi
Arabia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Saudi Arabia - ECONOMIC OVERVIEW
Saudi Arabia has
an oil-based economy with strong government controls over major economic
activities. It possesses about one-fifth of the world's proven petroleum
reserves, ranks as the largest exporter of petroleum, and plays a leading role
in OPEC. The petroleum sector accounts for roughly 80% of budget revenues, 45%
of GDP, and 90% of export earnings. Saudi Arabia is encouraging the growth of
the private sector in order to diversify its economy and to employ more Saudi
nationals. Diversification efforts are focusing on power generation,
telecommunications, natural gas exploration, and petrochemical sectors. Almost
6 million foreign workers play an important role in the Saudi economy,
particularly in the oil and service sectors, while Riyadh is struggling to
reduce unemployment among its own nationals. Saudi officials are particularly
focused on employing its large youth population, which generally lacks the
education and technical skills the private sector needs. Riyadh has
substantially boosted spending on job training and education, most recently
with the opening of the King Abdallah University of Science and Technology -
Saudi Arabia''s first co-educational university. As part of its effort to
attract foreign investment, Saudi Arabia acceded to the WTO in December 2005
after many years of negotiations. The government has begun establishing six
"economic cities" in different regions of the country to promote
foreign investment and plans to spend $373 billion between 2010 and 2014 on
social development and infrastructure projects to advance Saudi Arabia''s
economic development.
|
Source : CIA |
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
BAKRI INTERNATIONAL
ENERGY COMPANY LTD (BIE)
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.
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
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
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
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.
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.
·
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
No complaints
regarding subject’s payments have been reported.
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.54.99 |
|
UK Pound |
1 |
Rs.87.21 |
|
Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.