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Report Date : |
21.12.2013 |
IDENTIFICATION DETAILS
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Name : |
OMAN ELECTRICITY TRANSMISSION CO SAOC (OETC) |
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Registered Office : |
Building No. 2966, Complex 210, Way No 1033, Sehl Al
Melah, Quram PO Box 1224 Hamriya 131 |
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Country : |
Oman |
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Date of Incorporation : |
02.02.2003 |
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Com. Reg. No.: |
1/71234/9 |
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Legal Form : |
Omani Closed Joint Stock Company |
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Line of Business : |
Subject is engaged in undertaking the regulated activity of transmitting
of electricity power under the license granted by the Authority for
Electricity Regulation |
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No. of Employees : |
600 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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) |
|
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. However, increases in social welfare benefits, particularly since the
Arab Spring, will challenge the government's ability to effectively balance its
budget if oil revenues decline. 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. In 2012,
continued surpluses resulting from sustained high oil prices and increased
enhanced oil recovery allowed the government to maintain growth in social
subsidies and public sector job creation. However, the Sultan made widely
reported statements indicating this would not be sustainable, and called for
expanded efforts to support SME development and entrepreneurship. Government
agencies and large oligarchic group companies heeded his call, announcing new
initiatives to spin off non-essential functions to entrepreneurs, incubate new
businesses, train and mentor up and coming business people, and provide
financing for start-ups. In response to fast growth in household indebtedness,
the Central Bank reduced the ceiling on personal interest loans from 8 to 7%,
lowered mortgage rates, capped the percentage of consumer loans at 50% of
borrower's salaries for personal loans and 60% for housing loans, and limited
maximum repayment terms to 10 and 25 years respectively. In 2012 the Central
Bank also issued final regulations governing Islamic banking and two
full-fledged Islamic banks held oversubscribed IPOs while four traditional
banks opened sharia-compliant Islamic windows
Source
: CIA
Company Name : OMAN ELECTRICITY TRANSMISSION CO SAOC (OETC)
Country of Origin : Oman
Legal Form : Omani Closed Joint Stock Company
Registration Date : 2nd February 2003
Commercial Registration Number : 1/71234/9
Chamber Membership Number : 1533
Issued Capital : RO 550,000
Paid up Capital : RO 550,000
Total Workforce : 600
Activities : Transmitting of electricity power
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
OMAN ELECTRICITY TRANSMISSION CO SAOC (OETC)
Location : Building No. 2966, Complex 210, Way No 1033, Sehl Al Melah, Quram
PO Box : 1224
Town : Hamriya 131
Country : Oman
Telephone : (968) 24573221
/ 24573201
Facsimile : (968) 24573222
/ 24573242
Email : info@omangrid.com
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Hamriya.
Name Position
· Saif Bin Abdullah
Bin Rashid Al Sumry Chairman
· Musallam Mohamed
Qetoon Al Shahri Vice
Chairman
· Ali Bin Abdullah
Bin Ali Abri Director
· Khalil Ahmed
Mohamed Al Salmi Director
· Humaid Abdullah
Ali Al Qatabi Director
· Ali Al Hadabi General
Manager
· Zuhair Al Zadjali Human
Resources Manager
· Rashid Al Badwawi Planning
Manager
· Ali Al Lawatia Finance
Manager
· Mohsin Al Jabri Administration
Manager
Date of
Establishment : 2nd February
2003
Legal Form : Omani Closed Joint
Stock Company
Commercial Reg.
No. : 1/71234/9
Chamber Member No. : 1533
Issued Capital : RO 550,000
Paid up Capital : RO 550,000
· Electricity
Holding Co SAOC 99.99%
· Ministry of
Finance 0.01%
Activities: OETC is engaged in
undertaking the regulated activity of transmitting of electricity power under
the license granted by the Authority for Electricity Regulation, Oman. OETC is a
monopoly provider of electricity transmission services to the Main
Interconnected System in the north of Oman.
Subject has a workforce of approximately 600 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)
Mutrah 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.
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.62.24 |
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|
1 |
Rs.101.81 |
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Euro |
1 |
Rs.84.88 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.