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Report Date : |
13.09.2012 |
IDENTIFICATION DETAILS
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Name : |
VITOL |
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Registered Office : |
National Bank of |
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Country : |
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Date of Incorporation : |
30.01.1982 |
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Com. Reg. No.: |
12030-1 |
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Legal Form : |
Exempt Company (E.C.) |
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Line of Business : |
Transporters of oil and petroleum products |
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No. of Employees : |
12 |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Bahrain |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 |
BAHRAIN - ECONOMIC OVERVIEW
Bahrain is one of the most diversified
economies in the Persian Gulf. 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. Petroleum production and refining account for more than 60% of Bahrain's
export receipts, 70% of government revenues, and 11% of GDP (exclusive of
allied industries). 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. Bahrain's reputation as a
financial hub of the Gulf has been damaged, and the country now risks losing
financial institutions to other regional centers such as Dubai or Doha.
Economic policies aimed at restoring confidence in Bahrain's economy, such as
the suspension of an expatriate labor tax, will make Bahrain's foremost
long-term economic challenges - youth unemployment and the growth of government
debt - more difficult to address.
Source
: CIA
Company Name :
VITOL
Country of Origin : Bahrain
Legal Form : Exempt Company (E.C.)
Registration Date : 30th January 1982
Commercial Registration Number : 12030-1
Issued Capital : BD 200,000
Paid up Capital : BD 200,000
Total Workforce : 12
Activities : Transporters of oil and petroleum products
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
VITOL BAHRAIN EC
Building : National
Bank of Bahrain Tower, 18th Floor
Street : Government
Avenue
PO Box : 20486 & 11718
Town : Manama 316
Country : Bahrain
Telephone : (973-17) 218855
/ 200025
Facsimile : (973-17)
224793 / 200026
Mobile : (973-39)
693940
Email : iar@vitol.com
/ maa@vitol.com
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Manama.
Name Nationality Position
· Isa Ahmed
Abdulrahim Abdullah Bahraini Managing
Director
· Christopher Paul
Bake Dutch Director
· David Bernard
Fransen British Director
· Ian Roper Taylor British Director
Date of
Establishment : 30th
January 1982
Legal Form : Exempt Company
(E.C)
Commercial Reg.
No. : 12030-1
Issued Capital : BD 200,000
Paid up Capital : BD 200,000
· Vitol Holding Sarl 99%
Switzerland
· Vitol SA 1%
Switzerland
Name Percentage Held
· Vitol West Africa
WLL 51.13%
Activities: Engaged in the transportation of oil and petroleum products, such as
gasoline, diesel, heating oil, fuel oil,
jet fuel, naphtha, ethanol and chemicals.
Subject also pipes gas, fills and operates terminals,
ships coal and biofuels.
Import Countries: Europe and GCC countries.
Subject has a workforce of 12 employees.
Companies registered in Bahrain are not legally required to make their accounts
public and no financial information was released by the company or submitted by
outside sources.
·
British Bank of the Middle East
93 Al Khalifa Avenue
PO Box: 57
Manama
Tel: (973-17) 224555
Fax: (973-17) 226822
No complaints regarding subject’s payments have been reported.
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.26 |
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1 |
Rs.88.85 |
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Euro |
1 |
Rs.71.13 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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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.