MIRA INFORM REPORT

 

 

Report Date :           

09.08.2011

 

IDENTIFICATION DETAILS

 

Name :

OMAN REFINERY & PETROCHEMICAL INDUSTRIES CO SAOC  (ORPIC)

 

 

Registered Office :

 Mina Fahel Area, P O Box 3568, Muscat 112

 

 

Country :

Oman

 

 

Date of Incorporation :

14.06.2011

 

 

Com. Reg. No.:

1/11300/3

 

 

Legal Form :

Omani Joint Stock Company

 

 

Line of Business :

Operators of a petrochemical refinery

 

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

----

NB

New Business

----

 

Maximum Credit Limit :

US$ 150,000

 

 

Status :

New Company

 

 

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 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Oman

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

SUMMARY

 

Company Name                                     : OMAN REFINERY & PETROCHEMICAL INDUSTRIES CO SAOC

(ORPIC)

Country of Origin                                    : Oman

Legal Form                                            : Omani Joint Stock Company

Registration Date                                   : 14th June 2011

Commercial Registration Number            : 1/11300/3

Membership Number                              : 2965

Issued Capital                                        : RO 2,000,000

Paid up Capital                                      : RO 2,000,000

Total Workforce                                     : 500

Activities                                               : Operators of a petrochemical refinery.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 150,000

Person Interviewed                                 : Faris Sahra, Administration Manager

 

 

 

COMPANY NAME

 

OMAN REFINERY & PETROCHEMICAL INDUSTRIES CO SAOC (ORPIC)

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Mina Fahel Area

PO Box             : 3568

Town                 : Muscat 112

Country             : Sultanate of Oman

Telephone         : (968) 24663719 / 24560316

Facsimile          : (968) 24560316

Mobile               : (968) 99865940

Email                : info@orpic.com / faris.sahra@orpic.com

 

Premises

Subject operates from a large suite of offices and a factory that are rented and located in the Industrial Area of Muscat.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       PO Box: 277                                                                                     Factory premises

Falay Al Qabail 322

Sohar

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Mohamed Al Mahruqi                                                             Chief Executive Officer

 

·       Sultan Salem Saeed Al Habsi                                                            General Manager

 

·       Faris Sahra                                                                                       Administration Manager

 

·       Mohamed Hamad Saif Al Rahmani                                                      Operations Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 14th June 2011

 

History                         : Subject was formed from the merger of the following companies:

 

-          Oman Refineries and Petrochemicals Company LLC (ORPC)

-          Oman Polypropylene Co (OPP)

-          Aromatic Oman LLC (AOL)

 

Legal Form                  : Omani Joint Stock Company

 

Commercial Reg. No.  : 1/11300/3

 

Membership No.          : 2965

 

Issued Capital              : RO 2,000,000

 

Paid up Capital            : RO 2,000,000

 

Name of Shareholder (s)

 

·         Oman Oil Company SAOC

 

·         Government of Oman

 

·         Local businessmen and private investors

 

 

OPERATIONS

 

Activities: Engaged as operators of a petrochemical refinery.

 

Import Countries : Europe and GCC countries.

 

Subject has a workforce of approximately 500 employees.

 

 

FINANCIAL DATA

 

Subject is a newly formed business and as a result financial information is not currently available.

 

 

BANKERS

 

·       National Bank of Oman Limited (SAOG)

Muttrah Business District

PO Box: 751, Ruwi 112

Muscat

Tel: (968) 24708894 / 24708630 / 24708684

Fax: (968) 24707781 / 24703972

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

In view of subject’s infancy, extensive payment and financial are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.96

UK Pound

1

Rs.73.94

Euro

1

Rs.64.56

 

 

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%)

 

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.