MIRA INFORM
REPORT
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Report Date : |
29.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
OMAN NATIONAL ENGINEERING AND INVESTMENT CO
SAOG |
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|
|
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Registered Office : |
Ruwi 112, P O Box
1393, Muscat |
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Country : |
Oman |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
01.01.1978 |
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Com. Reg. No.: |
1/06758/3 |
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Legal Form : |
Omani Closed Joint Stock Company |
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Line of Business : |
Erection, operation and maintenance of power, desalination
and sewage plants and oil and gas
transmission lines |
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$ 700,000 |
|
Status : |
Satisfactory |
|
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 – 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 |
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Restricted |
C2 |
|
Off-credit |
D |
SUMMARY
Company Name : OMAN NATIONAL ENGINEERING AND INVESTMENT CO SAOG
Country of Origin : Oman
Legal Form : Omani Closed Joint Stock Company
Registration Date : 1st January 1978
Commercial Registration Number : 1/06758/3
Issued Capital : RO 6,000,000
Paid up Capital : RO 6,000,000
Total Workforce : 2,800
Activities : Erection, operation and maintenance of power, desalination and
sewage plants and oil and gas transmission lines.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 700,000
COMPANY NAME
OMAN NATIONAL ENGINEERING AND INVESTMENT CO
SAOG
company ADDRESS
Registered & Physical Address
Location : Ruwi 112
PO Box : 1393
Town : Muscat
Country : Sultanate of Oman
Telephone : (968) 24796353 / 24795874
Facsimile : (968) 24704420
Mobile : (968) 99606037
Email : osama.alkashif@oneic.com.om / mmam97@gmail.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Muscat.
Branch Office (s)
Subject has approximately 70 branches located throughout Oman.
KEY PRINCIPALS
Name Position
·
Sheikh
Aimen Bin Ahmed Bin Sultan Al Hosni Chairman
·
Sheikh
Abdullah Bin Sulaiman Al Blushi Vice
Chairman
·
Mohamed
Amin Mustafa Al Saleh President
·
Ahmed
Ali Sulaiman Al Blushi Director
·
Sheikh
Ali Abdullah Al Khalil Director
·
Ahmed
Bin Mohamed Bin Rashid Al Sinani Director
·
Qais
Mahmoud Abdullah Al Khonji Director
·
Mohamed
Bin Hamad Bin Mohamed Al Harthy Director
LEGAL FORM & OWNERS
Date of Establishment : 1st
January 1978
Legal Form :
Omani Closed Joint Stock Company
Commercial Reg. No. : 1/06758/3
Issued Capital : RO 6,000,000
Paid up Capital : RO 6,000,000
Name of Major
Shareholder (s) Percentage
·
Zawawi
Trading Company 15.00%
·
A’Sharqiya
Investment Holding Co SAOG 12.04%
·
Sheikh
Ali Abdullah Al Khalil 10.64%
·
Al
Tahir Enterprises 10.00%
AFFILIATED COMPANIES
·
Paramount
ONEIC Technologies LLC
OPERATIONS
Activities: Engaged in the erection, operation and maintenance
of power generation stations, desalination plants, air conditioning plants,
sewage plants and oil and gas transmission lines.
Current
contracts
In February 2011 SQU Hospital has awarded Oman National Engineering
& Investment Company SAOG the contract for Operation & Maintenance of
Electrical and Mechanical Equipments and General maintenance of SQU Hospital
(Tender 269/2010) for the sum of RO 2,526,860.
In January 2011 Salalah
Sanitary Drainage Services Co has awarded Oman National Engineering &
Investment Company SAOG the contract for Management, Operation &
Maintenance of Wastewater system of Mazionah, for the sum of RO
245,546 for the period of 24 months. Also Muscat Electricity Distribution Co. has
awarded Oman National Engineering & Investment Company SAOG the contract
for Expansion of Muttrah Stores Transformers Station capacity 33/11KV from 16x2
MVA to 20x2 MVA (Tender 203/2010) for the sum of RO 715,156.
Operating Trend: Steady
Subject has a
workforce of approximately 2,800 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Riyal
Omani (RO)
Balance Sheet
31/12/10 31/12/09
Assets
Non-current assets
Property, plant and
equipment 10,460,343 5,866,274
Investment
properties - 1,389,700
Investment in an
associate 75,000 -
Available for sale
investments 1,393,615 1,338,973
Deferred tax asset 182,325 202,467
Retention on
contracts 152,352 165,458
12,263,635 8,962,872
Current assets
Inventories 281,577 412,281
Trade and other
receivables 28,450,923 21,070,305
Bank balances and
cash 190,393 469,185
28,922,893 21,951,771
Total assets 41,186,528 30,914,643
Equity and
liabilities
Equity
Share capital 6,000,000 3,000,000
Share premium 2,005,963 -
Statutory reserve 1,229,606 1,000,000
General reserves 300,000 300,000
Investment
valuation reserve 1,226,936 1,172,294
Revaluation reserve 3,555,902 3,582,959
Retained earnings 3,497,295 2,703,780
Total equity 17,815,702 11,759,033
Non-current
liabilities
Deferred tax
liability 462,479 462,479
Term loan 2,633,178 -
Employee benefit
accruals 800,750 623,407
3,896,407 1,085,886
Current liabilities
Income tax payable 331,951 323,560
Bank overdraft and
other borrowings 5,369,721 7,192,257
Trade creditors and
other payables 13,772,747 10,553,907
19,474,419 18,069,724
Total liabilities 23,370,826 19,155,610
Total equity and
liabilities 41,186,528 30,914,643
Statement of
Income
Revenue 27,113,903 18,910,683
Other income 122,571 105,609
Total revenue 27,236,474 19,016,292
Employee cost (10,749,098) (9,552,385)
Operating cost (12,490,442) (5,723,765)
Administrative and
general expenses (431,529) (787,422)
Finance cost (294,379) (535,744)
Depreciation (616,267) (493,872)
Proposed director’s
remuneration (56,000) (42,000)
Profit before
income tax 2,598,759 1,881,104
Income tax (302,695) (219,203)
Profit for the year 2,296,064 1,661,901
Local sources
consider subject’s financial condition to be Good.
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.44.33 |
|
|
1 |
Rs.74.14 |
|
Euro |
1 |
Rs.65.78 |
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 |
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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.