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Report Date : |
05.09.2012 |
IDENTIFICATION DETAILS
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Name : |
MAWARID MINING LLC |
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Formerly Known As : |
National Mining Company |
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Registered Office : |
Sohar Industrial
Area, P O Box 476, Sohar 321 |
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Country : |
Oman |
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Date of Incorporation : |
01.04.1980 |
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Com. Reg. No.: |
1/10564/7 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Mining of copper and ore |
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No. of Employees : |
75 employees |
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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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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
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.
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Source : CIA |
Company Name : MAWARID MINING LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 1st April 1980
Commercial Registration Number : 1/10564/7
Chamber Membership Number : 566
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
Total Workforce : 75
Activities : Mining of copper and ore
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
MAWARID MINING LLC
Registered &
Physical Address
Location : Sohar Industrial Area
PO Box : 476
Town : Sohar 321
Country : Oman
Telephone : (968) 26865300
Facsimile : (968) 26865351 / 26865301
Mobile : (968) 92184166
Email : mawaridoman@mawaridmining.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the
Industrial Area of Sohar.
Branch Office (s)
Location Description
·
Seeb Office
premises
Tel: (968) 24580788 / 24580230
Name Position
·
Mohamed
Ali Al Barwani Managing
Director
·
Osama
Mohamed Al Barwani Director
·
Tariq
Mohamed Al Barwani Director
·
Shareef
Mohamed Al Harthi Director
·
Hafiz
Saud Al Busadi Director
·
Mohamed
Masood Al Kroosi Director
·
Rashid
Saif Al Binnai Director
·
Jan
Jansen Chief
Executive Officer
Date of Establishment : 1st
April 1980
History :
Subject
began in 1980 under the name “National Mining Company”, it changed its name to
“Mawarid Mining LLC” in 2010.
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/10564/7
Chamber Member No. : 566
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
Name of Shareholder
(s) Percentage
·
MB
Holding Company 100%
Sohar
Activities: Engaged in the mining of copper and ore.
In 2000, subject was granted a license by the government of Oman to explore Block 1 in the highly prospective Sohar region in Northern Oman. Resources were discovered at Hatta and Shinas and in 2004 subject completed a feasibility study that confirmed the commercial viability of the projects. Production at Hatta mine commenced in Autumn 2006 and the first batch of copper concentrates was delivered on 11th May 2007. An Exploration License for the Ghuzayn area was granted in June 2005. Exploration work at Ghuzayn is continuing, with the results indicating a modestly sized, lower grade resource. The Block 2 Exploration License was granted in August 2008. In 2009 subject delineated economic reserves at Mandoos (Block 1) and Safwa (Block 2).
Subject has a
workforce of 75 employees.
Companies registered
in Oman are not legally required to make their accounts public and no financial
information was released by the company or submitted by outside sources.
·
National
Bank of Oman Limited (SAOG)
PO Box: 497
Sohar 497
Tel: (968) 26850207
Fax: (968) 26850234
No complaints
regarding subject’s payments have been reported.
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.54 |
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UK Pound |
1 |
Rs.88.23 |
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Euro |
1 |
Rs.70.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
---- |
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.