MIRA INFORM REPORT

 

 

Report Date :           

05.04.2011

 

IDENTIFICATION DETAILS

 

Name :

PETROFAC E&C OMAN LLC

 

 

Registered Office :

Building No. 1135, Way No. 4503, Block No. 245, Al Khuwair, P O Box 2012, Seeb 111

 

 

Country :

Oman

 

 

Date of Incorporation :

03.03.2008

 

 

Com. Reg. No.:

1/04054/1

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

General construction and engineering contractors

 

RATING & COMMENTS

 

MIRA’s Rating :

ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 500,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Oman

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : PETROFAC E&C OMAN LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 3rd March 2008

Commercial Registration Number                        : 1/04054/1

Chamber Membership Number                : 2053

Issued Capital                                        : RO 500,000

Paid up Capital                                      : RO 500,000

Total Workforce                                     : 35

Activities                                               : General construction and engineering contractors.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 500,000

 

COMPANY NAME

 

PETROFAC E&C OMAN LLC

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Building No. 1135, Way No. 4503, Block No. 245

Area                 : Al Khuwair

PO Box             : 2012

Town                 : Seeb 111

Country             : Oman

Telephone         : (968) 24482526 / 24482525

Facsimile          : (968) 24487942

Mobile               : (968) 96501023

Email                : k.haridas@petrofac.com

 

Premises

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Seeb.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Maroon Antoine Samaan                                                                    Vice Chairman

 

·       Marwan Khalil Chadid                                                                        Operations Manager

 

·       John O’Sullivan                                                                                 Site Manager

 

·       K Haridaz                                                                                         Office Co-ordinator

 

·       Osama Yasin                                                                                    Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 3rd March 2008

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/04054/1

 

Chamber Member No. : 2053

 

Issued Capital              : RO 500,000

 

Paid up Capital            : RO 500,000

 

Name of Shareholder (s)

 

·       Petrofac E&C International Ltd

Dubai

United Arab Emirates

 

·       Petrofac International Ltd

United Kingdom

 

 

OPERATIONS

 

Activities: Engaged as general construction and engineering contractors.

 

Subject has a workforce of 35 employees.

 

 

FINANCIAL DATA

 

Companies registered in Oman are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Bank of Muscat

     Al Burj Street

     Greater Muttrah

     PO Box: 6326, Ruwi

     Muscat

     Tel: (968) 24701769

     Fax: (968) 24796488

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.65

UK Pound

1

Rs.71.93

Euro

1

Rs.63.24

 

 

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

 

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.