MIRA INFORM REPORT

 

 

Report Date :

13.04.2013

 

IDENTIFICATION DETAILS

 

Name :

VALE OMAN PELLETIZING CO LLC

 

 

Registered Office :

Bait Al Reem Building No. 81, Al Wasarat Street, Way No. 3409, Sohar Industrial Area, Muttrah, PO Box 1918, Muscat 114

 

 

Country :

Oman

 

 

Date of Incorporation :

19.05.2007

 

 

Com. Reg. No.:

1/01961/0

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacturers of iron pellets.

 

 

No. of Employees :

150

 

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

(31.03.2012)

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

 

 

 

SUMMARY

 

Company Name                                     : VALE OMAN PELLETIZING CO LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 19th May 2007

Commercial Registration Number            : 1/01961/0

Chamber Membership Number                : 463

Issued Capital                                        : RO 10,000,000

Paid up Capital                                      : RO 10,000,000

Total Workforce                                     : 150

Activities                                               : Manufacturers of iron pellets.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                 : Saif Al Mandhari, Administration Manager

 

 

 

COMPANY NAME

 

VALE OMAN PELLETIZING CO LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Bait Al Reem Building No. 81

Street               : Al Wasarat Street, Way No. 3409

Area                 : Sohar Industrial Area, Muttrah

PO Box             : 1918

Town                 : Muscat 114

Country             : Oman

 

Telephone         : (968) 24402890 / 24402800 / 26859700

Facsimile          : (968) 24605193 / 26859700

Mobile               : (968) 99342661 / 99651812 / 93221005

Email                : haitham.mamari@vale.com / recurimemt.oman@vale.com / saif.mandhari@vale.com

 

Premises

 

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

 

Branch Offices

 

Location                                                                                  Description

 

Sohar Industrial Area                                                                  Factory premises

Sohar

Tel: (968) 26759600 / 2675456 / 26759419 / 26759439

Fax: (968) 26759485

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Marcus Beloco                                                                          Chief Executive Officer

 

Jose Mariato                                                                              Project Manager

 

Roberto Fugero                                                                          Procurement Manager

 

Abdul Halim Al Baloushi                                                             Logistics Manager

 

Saif Al Mandhari                                                                        Administration Manager

 

Haitham Mamari                                                                        Human Resources Manager

 

Rodrigo Elise                                                                             Operations Manager

 

Hani Al Rawahi                                                                          Finance Manager

 

Mohan Menon                                                                            Corporate Financial Officer

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 19th May 2007

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/01961/0

 

Chamber Member No. : 463

 

Issued Capital              : RO 10,000,000

 

Paid up Capital            : RO 10,000,000

 

Name of Shareholder (s)                                  Percentage

 

Companhia Vale Rio Dolce (Vale)                             70%

Brazil

 

Oman Oil Co     SAOC                                           30%

Oman

Tel: (968) 24573100

Fax: (968) 24573101

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of iron pellets for export to the gulf region. Production began in April 2011.

 

Import Countries: Europe and GCC countries.

 

Subject has a workforce of approximately 150 employees.

 

 

 

 

FINANCIAL DATA

 

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.

 

 

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.

 

Date of transaction                                 September 2009

Credit amount                                        150,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.44

UK Pound

1

Rs.83.77

Euro

1

Rs.71.33

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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.