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Report Date : |
11.09.2013 |
IDENTIFICATION DETAILS
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Name : |
BAKRI INTERNATIONAL ENERGY COMPANY LTD (BIE) |
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Registered Office : |
Al Bakri Building, Al Andalus
Street, PO Box: 3757 Jeddah 21481 |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
14.08.1977 |
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Com. Reg. No.: |
4030012900 |
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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 : |
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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 : |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Saudi Arabia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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 17% 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. Over 5 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 2005. 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
COMPANY NAME
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
/ 6039132 / 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
Juma Hussain Legal
Advisor
Amr Nashar Company
Secretary
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 airplanes 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.64.21 |
|
|
1 |
Rs.100.82 |
|
Euro |
1 |
Rs.85.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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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.