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MIRA INFORM REPORT
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Report No. : |
489329 |
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Report Date : |
07.02.2018 |
IDENTIFICATION DETAILS
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Name : |
VITOL BAHRAIN EC |
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Registered Office : |
Bahrain World Trade Centre, West Tower, 8th Floor, Office No.
81, Isa Al Kabeer Avenue, Block 316, PO Box 20486 & 20488 & 11718, Manama |
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Country : |
Bahrain |
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Date of Incorporation : |
30.001.1982 |
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Com. Reg. No.: |
12030-1 |
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Legal Form : |
Exempt Company
(EC |
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Line of Business : |
Subject is
engaged in Engaged in the transportation of oil and petroleum products, such
as gasoline, diesel, heating oil, fuel oil, jet fuel, naphtha, ethanol and
chemicals |
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No. of Employees : |
12 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
BAHRAIN - ECONOMIC OVERVIEW
Low oil prices have generated a budget deficit of at least a $4 billion deficit in 2016, nearly 14% of GDP. Bahrain has few options for covering this deficit, with meager foreign assets and a constrained borrowing ability. In the last year the three major US credit agencies downgraded Bahrain’s sovereign debt rating to “junk” status, citing persistently low oil prices and the government’s inability to more effectively cut spending.
Oil comprises 86% of Bahraini budget revenues, despite past efforts to diversify its economy and to build communication and transport facilities for 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.
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 driven by the majority Shia population; however, the economy recovered in 2012-15, partly as a result of improved tourism. In addition to addressing its current fiscal woes, Bahraini authorities face the long-term challenge of boosting Bahrain’s regional competitiveness — especially regarding industry, finance, and tourism — and reconciling revenue constraints with popular pressure to maintain generous state subsidies and a large public sector. Over the past year, the government lifted subsidies on meat, diesel, kerosene, and gasoline and announced new higher prices for electricity and water, although it plans to roll these increases out more gradually than previous subsidy cuts.
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Source
: CIA |
SUMMARY
Company Name :
VITOL BAHRAIN EC
Country of Origin :
Bahrain
Legal Form :
Exempt Company (EC)
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 :
No
Complaints
COMPANY
NAME
VITOL BAHRAIN EC
ADDRESS
Registered & Physical
Address
Building : Bahrain World Trade Centre, West Tower, 8th Floor, Office No.
81
Street : Isa Al Kabeer
Avenue, Block 316
PO Box : 20486 & 20488
& 11718
Town : Manama
Country : Bahrain
Telephone : (973-17) 218855
Facsimile : (973-17) 224793
Mobile : (973-39) 693940
/ (973-36) 350010
Email : iar@vitol.com / maa@vitol.com / shs@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
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Christopher
Paul Bake Dutch Director
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David
Bernard Fransen British Director
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Ian
Roper Taylor British Director
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Samiya
Sheikh - Accountant
LEGAL
FORM & OWNERS
Date of Establishment : 30th
January 1982
Legal Form :
Exempt Company (EC)
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
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Vitol
SA 1%
Switzerland
AFFILIATED
COMPANIES
Name Percentage Held
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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
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British
Bank of the Middle East
93 Al Khalifa Avenue
PO Box: 57
Manama
Tel: (973-17) 224555
Fax: (973-17) 226822
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL
COMMENTS
Please note that
the correct name of the subject is “Vitol Bahrain EC” and not “Vitol Bahraine
EC”.
The subject and its
shareholders/owners have been searched in the following databases; Office of
Foreign Assets Control (OFAC), United Nations Security Council Sanctions,
Australian Sanctions List, US Consolidated Sanctions List, EU Financial Sanctions
List and UK Financial Sanctions List and nothing adverse could be found on the
exact names listed within the report.
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 |
INR 64.72 |
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1 |
INR 89.72 |
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Euro |
1 |
INR 79.52 |
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BHD |
1 |
INR 170.31 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.