MIRA INFORM REPORT

 

 

Report Date :           

09.12.2011

 

IDENTIFICATION DETAILS

 

Name :

OMAN DRILLING MUD PRODUCTS COMPANY LLC

 

 

Registered Office :

STS Building, First Floor, Office No 18, Dohat Al Khuwair, P O Box 1160, Ruwi 112

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

01.04.1997

 

 

Com. Reg. No.:

1/54943/0

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacturers of oil well drilling chemicals and cement additives

 

 

No. of Employees :

30 persons

 

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$ 200,000

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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                                     : OMAN DRILLING MUD PRODUCTS COMPANY LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 1st April 1997

Commercial Registration Number            : 1/54943/0

Chamber Membership Number                : 943

Issued Capital                                        : RO 500,000

Paid up Capital                                      : RO 500,000

Total Workforce                                     : 30

Activities                                               : Manufacturers of oil well drilling chemicals and cement additives.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 200,000

 

COMPANY NAME

 

OMAN DRILLING MUD PRODUCTS COMPANY LLC

 

 

company ADDRESS

 

Registered & Physical Address

Location            : STS Building, First Floor, Office No 18, Dohat Al Khuwair

PO Box            : 1160

Town                : Ruwi 112

Country             : Sultanate of Oman

Telephone         : (968) 24698415

Facsimile          : (968) 24605017

Email                : odmpc@omantel.net.om

Premises

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       PO Box: 1723                                                                                   Factory premises

Salalah 211

Tel: (968) 23219133 / 23219135

Fax: (968) 23605017 / 23219134

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Salem Hassan Makki                                                                        Managing Director

 

·       Abdul Nabi Hassan Makki                                                                  Director

 

·       Yousef Bin Abdullah                                                                          Director

 

·       Arun Desai                                                                                       General Manager

 

·       Subhash Kumar                                                                                Factory Manager

 

·       M Radhakrishan                                                                                Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st April 1997

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/54943/0

 

Chamber Member No. : 943

 

Issued Capital              : RO 500,000

 

Paid up Capital            : RO 500,000

 

Name of Shareholder (s)

 

·       Salem Hassan Makki

·       Abdul Nabi Hassan Makki

·       Yousef Bin Abdullah

 

 

AFFILIATED COMPANIES

 

·       Oman Industrial Coating Centre

Muscat

 

·       Special Technical Services (STS)

Muscat

 

·       Oman Oilfield Centre Supply (OOCS)

Muscat

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of oil well drilling chemicals and cement additives, including Barite, Bentonite and Calcium Carbonates.

 

Import Countries: Europe and GCC countries.

 

Operating Trend: Steady

 

Subject has a workforce of 30 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Riyal Omani (RO)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                RO 3,875,000                            RO 4,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Bank Dhofar Al Omani Al Fransi

Al Burj Street

PO Box: 4507

Ruwi

Tel: (968) 24798012 / 24798013

Fax: (968) 24798015

 

·       Oman Arab Bank

     Al Khuwair Branch

     PO Box: 5010

     Ruwi

     Tel: (968) 24603520

Fax: (968) 24602948

 

 

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.51.78

UK Pound

1

Rs.81.32

Euro

1

Rs.69.42

 

 

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.