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Report Date : |
28.08.2013 |
IDENTIFICATION DETAILS
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Name : |
OMAN TRADING INTERNATIONAL LTD (OTI) |
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|
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Registered Office : |
Level 5, Precinct
Building 2, Gate Precinct, Dubai International Financial Centre, P O Box 506515,
Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
26.01.2006 |
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Com. Reg. No.: |
0130 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
importer and distributor
of petroleum products and petrochemicals on behalf of Oman Oil Refineries and
Petroleum Industries Company (ORPIC). |
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No. of Employees : |
75 |
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 |
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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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
United Arab
Emirates |
A2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
United Arab Emirates ECONOMIC OVERVIEW
The UAE has an
open economy with a high per capita income and a sizable annual trade surplus.
Successful efforts at economic diversification have reduced the portion of GDP based
on oil and gas output to 25%. Since the discovery of oil in the UAE more than
30 years ago, the country has undergone a profound transformation from an
impoverished region of small desert principalities to a modern state with a
high standard of living. The government has increased spending on job creation
and infrastructure expansion and is opening up utilities to greater private
sector involvement. In April 2004, the UAE signed a Trade and Investment
Framework Agreement with Washington and in November 2004 agreed to undertake
negotiations toward a Free Trade Agreement with the US; however, those talks
have not moved forward. The country's Free Trade Zones - offering 100% foreign
ownership and zero taxes - are helping to attract foreign investors. The global
financial crisis, tight international credit, and deflated asset prices
constricted the economy in 2009. UAE authorities tried to blunt the crisis by
increasing spending and boosting liquidity in the banking sector. The crisis
hit Dubai hardest, as it was heavily exposed to depressed real estate prices.
Dubai lacked sufficient cash to meet its debt obligations, prompting global
concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks
bought the largest shares. In December 2009 Dubai received an additional $10
billion loan from the emirate of Abu Dhabi. Dependence on oil, a large
expatriate workforce, and growing inflation pressures are significant long-term
challenges. The UAE's strategic plan for the next few years focuses on diversification
and creating more opportunities for nationals through improved education and
increased private sector employment.
|
Source : CIA |
Company Name : OMAN TRADING INTERNATIONAL LTD (OTI)
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company
Registration Date : 26th January 2006
Commercial Registration Number : 0130
Chamber Membership Number : 180692
Issued Capital : US$ 46,612,000
Paid up Capital : US$ 46,612,000
Total Workforce : 75
Activities : Distributors of petroleum products and petrochemicals
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
OMAN TRADING
INTERNATIONAL LTD (OTI)
Registered &
Physical Address
Building : Level 5, Precinct Building 2,
Gate Precinct
Area : Dubai International Financial
Centre
PO Box : 506515
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4281888
Facsimile : (971-4) 3637467
Email : info@omantrading.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Position
·
Christopher
Blake Managing
Director
·
Juma
Abdullah Khamis Al Hinai Director
·
Musab
Abdullah Mohamed Al Mahruqi Director
·
Isa
Ahmed Abdulrahim Abdullah Director
·
Amer Al
Jabri Administration
& Accounts Manager
Date of Establishment : 26th
January 2006
Legal Form :
Limited Liability Company
Commercial Reg. No. : 0130
Chamber Member No. : 180692
Issued Capital : US$ 46,612,000
Paid up Capital : US$ 46,612,000
Name of Shareholder
(s)
·
Vitol
Holding Sarl
Boulevard du Pont d’Arve 28
CH 1205 Geneva
Switzerland
Tel: (41-22) 3221111
Fax: (41-22) 7816611
·
Oman
Oil Company SAOC
PO Box: 261
Qurum Area
Muscat
Oman
Tel: (968) 24573100
Fax: (968) 24573101
·
Oman
Trading International Ltd
Bait Al Reem Building, Building 81
Way No. 3409
Al Khuwair
Muscat
Oman
Tel: (968) 24403708
Fax: (968) 24692308
·
Oman
Trading International (Singapore) Pte Ltd
260 Orchard Road
12-02/03 The Heeren
Singapore 238855
Tel: (65) 67351937
Fax: (65) 67351921
Activities: Engaged in the import and distribution of
petroleum products and petrochemicals on behalf of Oman Oil Refineries and Petroleum Industries Company
(ORPIC).
In April 2012,
subject secured a US$ 480 million borrowing base facility.
Import
Countries: Europe and GCC
countries.
Subject has a
workforce of 75 employees.
Companies
registered in Dubai, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
·
Commercial
Bank of Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
No complaints
regarding subject’s payments have been reported.
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.65.67 |
|
UK Pound |
1 |
Rs.102.20 |
|
Euro |
1 |
Rs.87.75 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.