MIRA INFORM
REPORT
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Report Date : |
12.07.2011 |
IDENTIFICATION DETAILS
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Name : |
ABRAJ ENERGY SERVICES LLC |
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Registered Office : |
Al Barami Building, 3rd Floor, Sultan Qaboos Street, Al Adhaibah Area, P.O.Box No. 1156 , Azaiba 130 |
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Country : |
Oman |
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Date of Incorporation : |
27.05.2006 |
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Com. Reg. No.: |
No. : 1/84455/5 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Imports machinery and equipment from Europe |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
RO 250,000 |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Oman |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
company NAME
ABRAJ ENERGY SERVICES LLC
company ADDRESS
Building : Al Barami Building, 3rd Floor
Street : Sultan Qaboos Street
Area : Al Adhaibah Area
P.O.Box No. : 1156
Town : Azaiba 130
Country : Oman
Telephone : (968) 2450 9995 / 2450 9999
Fax : (968) 2450 9998
E-Mail : ashishjoshi@abrajoman.com
Website : www.abrajoman.com
Also known as : Abraj Energy Services
SENIOR COMPANY PERSONNEL
Name Position
1. Salim Al Sibani Chairman
2. Musab Al Mahruqi Deputy Chairman
3. N. Ramesh Chief Executive Officer
4. G. Sridhar Director
5. Adil Toubia Director
6. Gavin Humphreys Director
7. Alex Jackson Director
8. L. Rajan Chief Financial Officer
9. Mr. Dheeraj Financial Manager
10.Abdullah Al Hady General Manager - Operations
11.Yahya Al Ghabshi HR Manager
12.Salah Al Harthy Business Development Manager
13.Ashish Joshi Materials Manager
Total Employees : 800
PAYMENTS
No complaints have been heard regarding payments from local suppliers or banks.
Subject is a subsidiary of Oman Oil Company S.A.O.C., a commercial company wholly owned by the Government of the Sultanate of Oman, operating since 1992.
Associations inspire confidence and we consider it is acceptable to deal with subject for LARGE amounts.
Opinion on maximum credit : RO 250,000 (higher amounts may be considered with full fiscal disclosure)
Trade risk assessment: Normal
Opinion on the credit figure of US DLRS 150,000 :
We consider the above figure to be within the company's financial
capabilities.
PRINCIPAL BANKERS
NAME : BANK MUSCAT (SOAG)
Branch : Main Branch
Street : Al Burj Street, Muttrah Commercial District 1073
P.O. Box : 134 Ruwi 112
Town : Muscat
Telephone: (968) 2470 3044 / 2478 8638 / 2470 8653
Fax : (968) 2478 9886 / 2478 8638
Subject also has an account with other local banks.
FINANCIAL INFORMATION
Private companies in Oman are not required to publish or disclose balance sheets. Balance sheets are not available from other sources, and the subject interviewed declined to give any financial information, which the company regards as strictly confidential.
LEGAL STATUS AND HISTORY
Date Started : 27 May 2006
C.R. No. : 1/84455/5 (expiry date: 23 May 2013)
Capital : not given
Limited Liability Company with the following sole shareholder :
Oman Oil Company S.A.O.C. 100%
Oman Oil Company Building
Al Qurum Area
PO Box 261
Muscat 118
Telephone: (968) 2457 3100
Fax : (968) 2457 3101
Email : info@oman-oil.com
Website : www.oman-oil.com
Parent Company
Oman Oil Company S.A.O.C (OOC) is a 100% commercial company owned
by the Government of Sultanate of Oman. OOC was created in 1992 to
give the Government a platform for pursuing investment opportunities
in the energy sector both, inside and outside Oman. Through
participation in energy and energy related projects, OOC plays an
important role in Sultanate s efforts to diversify the Omani economy
and to generate Omani and foreign private sector investment.
Affiliated companies of Oman Oil Company S.A.O.C :
Associates/Subsidiaries
1. Oman Oil Refineries and Petroleum Industries Company 100.00%
Oman Oil Refineries and Petroleum Industries Company Complex
Sohar Industrial Area
PO Box 282
Muscat 322
Telephone: (968) 2685 1000
Fax : (968) 2685 1211
Email : info@orpic.com
Website : www.orpic.om
2. Oman Oil Company Exploration and Production (OOC EP) 100.00%
Oman
3. Salalah Methanol Company 100.00%
Salalah Methanol Company Complex
Salalah Free Zone Area
PO Box 316 Salalah 217
Dhofar
Oman
Telephone: (968) 2321 8800
Fax : (968) 2321 9379
Email : smc@salalahmethanol.co.om
Website : www.salalahmethanol.co.om
4. UAE Gas Sales 100.00%
Oman
5. Takamul Investment Company 90.00%
Bayt Muscat Building, 2nd Floor
Maarifa Street
Al Ghubra
PO Box 1951
Muscat 130
Telephone: (968) 2452 9000
Fax : (968) 2449 4986
Email : info@takamul.com
Website : www.takamul.com
6. Oman Trading International 51.00%
Precinct Building 2, 5th Floor
Sheikh Zayed Road
Gate Precinct, Dubai International Financial Centre Area
PO Box 506515
Dubai
United Arab Emirates
Telephone: (971 4) 428 1888
Fax : (971 4) 363 7468
Email : info@omantrading.com
Website : www.omantrading.com
7. Oman India Fertilizer Co. S.A.O.C 50.00%
Oman India Fertilizer Complex
Industrial Area Street
Sur Industrial Area
PO Box 67 Sur 411
Muscat
Telephone : (968) 2553 2000 ext 14 / 2457 3181 / Mobile (968)
9945 2955
Fax : (968) 2556 2849 / 2556 2847
E-Mail : omifco@omifco.com
Website : www.omifco.com
8. Oman Oil Marketing Company 49.00%
Oman Oil Marketing Company Building
Mina Al Fahal Area
PO Box 92
Muscat 116
Telephone: (968) 2457 4100
Fax : (968) 2457 4101
Email : oomcocsc@oomco.com
Website : www.oomco.com
9. Orient Energy Systems Company (ORIENT) 42.80%
Pakistan
10.Sohar Aluminium 40.00%
Sohar Aluminium Building
Sohar Industrial Area
PO Box 80
Muscat 327
Telephone: (968) 2686 3000
Fax : (968) 2686 3001
Email : info@sohar-aluminium.com
Website : www.sohar-aluminium.com
11.GS EPS 30.00%
South Korea
12.Gulf Energy Maritime (GEM) 30.00%
ENOC Building 2, 3rd Floor, Wing B
Sheikh Rashid Road
PO Box 855
Dubai
United Arab Emirates
Telephone: (971 4) 313 5700
Fax : (971 4) 313 5777
Website : www.gemships.com
13.Qingdao Lidong Chemical Company (QLCC) 30.00%
China
14.Qingdao Lixing Logistics 30.00%
China
15.Vale Oman Pelletizing Company LLC (VOPC) 30.00%
Al Reem Building No. 81, 3rd Floor
Way No. 3409
Al Khuwair Area
PO Box 1918
Muttrah 114
Telephone: (968) 2460 4753
Fax : (968) 2460 5193
16.Bharat Oman Refineries (BORL) 26.00%
India
17.Bharat Petroleum Corporation (BPCL) 26.00%
India
18.Oiltanking Odfjell Terminals Company (OOT) 25.00%
Oman
19.Petrogas Rima 25.00%
Oman
20.Oman Gas Company 20.00%
Oman Gas Company Building
Al Khuwair Area
PO Box 799
Muscat 133
Telephone: (968) 2468 1600
Fax : (968) 2468 1678
Email : info@oman-gas.com.om
Website : www.oman-gas.com.om
21.Oman Shipping Company 20.00%
Oman
ACTIVITIES
The Company is involved in the following activities :
Subject operates through the following divisions:
- DRILLING OPERATIONS
Abraj Drilling is a customer-oriented service division which ensures that quality and satisfying Wells are drilled in line with customer expectations. Abraj Drilling Services started operation in March 2007 with two 1000HP mobile drilling rigs.
Soon after establishment and stabilizing operation, Rig count has increased to seven land drilling rigs that include, two light rigs (1000HP), four medium rigs (1500HP) and one heavy rig (2000HP). Abraj Drilling services are offered to independent and major oil and gas exploration and production companies in Oman i.e. Petroleum Development (Oman), OXY and Petrogas. Drilling services have expanded beyond Oman in 2009 by starting the operations in Fujairah, UAE.
Abraj Rig fleet is capable of drilling various types of gas and oil wells from shallow, development to high pressure high temperature (HPHT) exploration wells.
Alongside the Drilling services, Abraj is currently providing the following as standalone or integrated services:
- Casing Running Services
- Mud Engineering
- Solid Control
Abraj is establishing its resources to start the following services:
- Cementing
- Mud Logging
- OBM & WBM Supply
- WELL SERVICES
Abraj Well Services Unit provides Well intervention services and techniques to its customers in order to optimize the pre-production and production phase in oil and gas wells.
Abraj strategy is to be a service provider which taps into advanced and most suitable technology and therefore delivers the best overall result
Abraj has a proven track record in the initiation and provision or the following well services:
- Sand and Solids Management System (SMS)
- Well Testing Services
- Low Pressure, High Pressure and Temperature Intervention Services
- Corrosive and Non-Corrosive Pumping Services
- A Wide Range of "Through Tubing Services"
- Cementing Services
- Mud Logging
- WELL ENGINEERING
Abraj provides a complete range of drilling fluids analyses and laboratory services to support client drilling operations in addition to mud engineers with considerable expertise for every drilling fluid project. Drilling Fluid Services include all routine drilling fluid testing as per API and ASTM procedures such as:
- Rheology
- Fluid-loss characteristics
- Filtrate Ion analysis
- Solids analysis
The services include all the equipment required to carry out API specification tests and any specialized drilling fluids testing such as:
- High-pressure, high-temperature viscometer
- Dynamic fluid-loss analysis
- Lubricity coefficient of friction measurements for metal/metal,
metal/ sandstone, metal shale, metal, filter cake contact surfaces
- Shale-Fluid interaction analysis
- Gas hydrates mud phase behaviours
The services will also cover rig site Drilling Fluid Assistance, Consulting, as well as Drilling Fluid Audits.
NACE Code: 4313 / 0910
Imports machinery and equipment from Europe.
Subject does not export.
FACILITIES
The Company has the following facilities :
Premises comprising administrative offices with storage facilities located at the heading address.
SPECIAL NOTE
Interviewed: Mr. Dheeraj (Financial Manager)
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.37 |
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UK Pound |
1 |
Rs.70.84 |
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Euro |
1 |
Rs.62.96 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.