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Report Date : |
13.06.2014 |
IDENTIFICATION DETAILS
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Name : |
VITOL BAHRAIN EC |
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Registered Office : |
Bahrain World Trade Centre, 27th Floor, Building No. B1,
West Tower, Isa Al Kabeer Avenue, P O Box 20486 & 11718, Manama 316 |
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Country : |
Bahrain |
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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 : |
· 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. |
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No of Employees : |
12 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Bahrain |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
Bahrain ECONOMIC OVERVIEW
Bahrain has taken great strides in diversifying its economy and
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. Petroleum production and
refining account for more than 60% of Bahrain's export receipts, 70% of
government revenues, and 11% 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 is recovered in 2012-13, partly as a result of improved tourism.
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.
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Source
: CIA |
Company Name : VITOL BAHRAIN EC
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
Person Interviewed : Shiyma Sheikh, Accountant
VITOL BAHRAIN EC
Registered &
Physical Address
Building : Bahrain World Trade Centre, 27th Floor, Building No. B1, West
Tower
Street : Isa Al Kabeer
Avenue
PO Box : 20486 & 11718
Town : Manama 316
Country : Bahrain
Telephone : (973-17) 218855
Facsimile : (973-17) 224793
Mobile : (973-39) 693940
Email : iar@vitol.com
/ maa@vitol.com / sds@vitol.com
Please note that subject’s
previous address was, National Bank of Bahrain Tower, 18th Floor,
Government Avenue, Manama.
Premises
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
·
Shiyma
Sheikh - Accountant
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
Name of Shareholder
(s) Percentage
·
Vitol
Holding Sarl 99%
Switzerland
·
Vitol
SA 1%
Switzerland
Name Percentage Held
·
Vitol
West Africa WLL 51.13%
·
Adrinka
Energy W.L.L 30.08%
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.33 |
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|
1 |
Rs.99.68 |
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Euro |
1 |
Rs.80.30 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
MNL |
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.