MIRA INFORM REPORT

 

 

Report No. :

341503

Report Date :

19.09.2015

 

IDENTIFICATION DETAILS

 

Name :

VITOL BAHRAIN EC

 

 

Registered Office :

Bahrain World Trade Centre, 27th Floor, Flat No. 271, Building No. B1, West Tower, Isa Al Kabeer Avenue, Block 316, P O Box: 20486 & 11718, Manama 316

 

 

Country :

Bahrain

 

 

Date of Incorporation :

30.01.1982

 

 

Com. Reg. No.:

12030-1

 

 

Legal Form :

Exempt Company (E.C.)

 

 

Line of Business :

Subject is engaged in the transportation of oil and petroleum products, such as gasoline, diesel, heating oil, fuel oil, jet fuel, naphtha, ethanol and chemicals.

 

 

No. of Employees :

12

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Bahrain

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

BAHRAIN - ECONOMIC OVERVIEW

 

Bahrain has made great efforts to diversify its economy; 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. In 2013, petroleum production and refining accounted for 73% of Bahrain's export receipts, 88% of government revenues, and 21% of GDP. Other major economic activities are production of aluminum - Bahrain's second biggest export after oil - finance, and construction. Bahrain 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 recovered in 2012-14, partly as a result of improved tourism. Lower oil prices in 2015 will likely exacerbate Bahrain’s budget deficit.

 

Source : CIA

 

SUMMARY

 

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                                             : Unknown

Person Interviewed                                : Shiyma Sheikh, Accountant

 

COMPANY NAME

 

VITOL BAHRAIN EC

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Bahrain World Trade Centre, 27th Floor, Flat No. 271, Building No. B1, West Tower

Street               : Isa Al Kabeer Avenue, Block 316

 

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.

 

 

KEY PRINCIPALS

 

     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

 

 

LEGAL FORM & OWNERS

 

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

 

 

AFFILIATED COMPANIES

 

     Name                                                                          Percentage Held

 

·       Vitol West Africa WLL                                                           51.13%

 

·       Adrinka Energy W.L.L                                                           30.08%

 

 

OPERATIONS

 

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.

 

 

FINANCIAL DATA

 

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.

 

 

BANKERS

 

·       British Bank of the Middle East

93 Al Khalifa Avenue

PO Box: 57

Manama

Tel: (973-17) 224555

Fax: (973-17) 226822

 

 

PAYMENT HISTORY

 

Unknown

 

 

GENERAL COMMENTS

 

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.65.93

UK Pound

1

Rs.102.75

Euro

1

Rs.75.13

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIT

 

               

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.