|
Report Date : |
07.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
OMAN REFINERY & PETROCHEMICAL INDUSTRIES CO SAOC (ORPIC) |
|
|
Registered Office : |
Mina Fahel Area |
|
|
|
|
|
|
Country : |
|
|
|
|
|
|
|
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. |
|
|
|
|
|
|
No. of Employees : |
530 |
|
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 |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Oman |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
OMAN - ECONOMIC OVERVIEW
Oman is a middle-income
economy that is heavily dependent on dwindling oil resources. Because of declining
reserves and a rapidly growing labor force, Muscat has actively pursued a
development plan that focuses on diversification, industrialization, and
privatization, with the objective of reducing the oil sector's contribution to
GDP to 9% by 2020 and creating more jobs to employ the rising numbers of Omanis
entering the workforce. Tourism and gas-based industries are key components of
the government's diversification strategy. By using enhanced oil recovery
techniques, Oman succeeded in increasing oil production, giving the country
more time to diversify, and the increase in global oil prices through 2011
provided the government greater financial resources to invest in non-oil
sectors.
Source
: CIA
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 : 530
Activities : Operators of a petrochemical refinery.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Faris Sahra, Administration Manager
OMAN REFINERY & PETROCHEMICAL INDUSTRIES CO SAOC (ORPIC)
Location : Mina Fahel
Area
PO Box : 3568
Town : Muscat 112
Country : Sultanate of
Oman
Telephone : (968) 24663719 / 24560316 / 24561200
Facsimile : (968) 24560316 / 24564992
Mobile :
(968) 99865940
Email : info@orpic.com
/ faris.sahra@orpic.com
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
Name Position
· Mohamed Al Mahruqi Chief Executive Officer
· Ottos Schewkthem Chief
Financial Officer
· Sultan Salem Saeed Al Habsi General Manager
· Faris Sahra Administration
Manager
· Mohamed Hamad Saif Al Rahmani Operations
Manager
· Mohamed Al Kendi Senior
Accountant
· Abdul Basit Al
Henai Procurement
Manager
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
·
Oman Oil Company SAOC
·
Government of Oman
·
Local businessmen and private investors
Activities: Engaged as operators of a petrochemical refinery.
Import Countries : Europe and GCC countries.
Subject has a workforce of approximately 530 employees.
Subject is a newly formed business and as a result financial information
is not currently available.
Subject achieved operating profits of RO 150 million from 14th
June 2011 to 31st December 2011.
·
National Bank of Oman Limited (SAOG)
Muttrah Business District
PO Box: 751, Ruwi 112
Muscat
Tel: (968) 24708894 / 24708630 / 24708684
Fax: (968) 24707781 / 24703972
No complaints regarding subject’s payments have been reported.
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.54.59 |
|
|
1 |
Rs.87.31 |
|
Euro |
1 |
Rs.69.86 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.