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Report Date : |
18.02.2013 |
IDENTIFICATION DETAILS
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Name : |
GULF INTERNATIONAL PIPE INDUSTRY LLC |
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Registered Office : |
Building No. 700, Inshirah Street, Madinat Qaboos, PO Box 1831, Azaiba
130 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
01.01.2007 |
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Com. Reg. No.: |
1/01226/4 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of pipes and related accessories. |
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No. of Employees : |
94 |
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 : |
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 – 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 |
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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.
|
Source : CIA |
Company Name : GULF INTERNATIONAL PIPE INDUSTRY
LLC
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
1st January 2007
Commercial Registration Number :
1/01226/4
Issued Capital :
US$ 85,340,000
Paid up Capital :
US$ 85,340,000
Total Workforce :
94
Activities :
Manufacturers of pipes and related accessories.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Vasist Sandeep, Finance Manager
GULF INTERNATIONAL PIPE INDUSTRY LLC
Registered &
Physical Address
Building : Building No.
700
Street : Inshirah
Street
Area : Madinat
Qaboos
PO Box : 1831
Town : Azaiba 130
Country : Oman
Telephone : (968) 24601400
Facsimile : (968) 24691117
Email : support@gipi.co.om
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Azaiba.
Branch Office (s)
Location Description
Sohar Industrial Area Factory
premises
Tel: (968) 26827000
Fax: (968) 26827007
Name Position
Shaikh Abdullah Bin Salim Bin Abdullah Al Salmi Chairman
Kalat G Al Balushi Vice
Chairman
Deepak Bindal Director
Tariq Al Amri Director
Kim Sun Kwang Director
Hamdan Al Shaqsy Chief
Executive Officer
Masoud Al Barwani Deputy
Chief Executive Officer
Masoud Al Barwani Assistant
General Manager
Vasist Sandeep Finance
Manager
G K Lee Factory
Manager
Wessam Fawzy Sales
Manager
Rashid Al Jahdhami Human
Resources Manager
Fuad M Jaffer Administration
Manager
Date of Establishment : 1st
January 2007
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 1/01226/4
Issued Capital : US$ 85,340,000
Paid up Capital : US$ 85,340,000
Name of
Shareholder (s) Percentage
Oman Investment Corporation SAOG 30%
Oman
Golden Dunes Investment LLC (GDI) 30%
Oman
Gulf Investment Corporation (GIC) 20%
Kuwait
POSCO Steel & Sales Services Co Ltd (POSTEEL) 15%
South Korea
Arkan
5%
Oman
Activities: Engaged in the manufacture of pipes and related accessories.
Subject’s products include 8” to 24” high grade API standard carbon
steel electric resistance welded (ERW) pipes capable of withstanding high
pressure usage for oil and gas transmission & OCTG needs and
other types of high pressure usage with thickness levels up to 25 mm or
1”. Threading (buttress thread and round thread) of 5˝” – 13⅜” ranges
with couplings and protectors supplied. Internal and external 3 layer
FBE coating of all pipes up to 48”. Professional in-house laboratory
services capable of all related tests, meeting international standards such as
ISO 9002: 2000, UKAS.
Production Capacity: 250,000 metric tons per year
Import Countries: Europe and GCC countries.
Operating Trend: Steady
Subject has a workforce of 94 employees.
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year
Ending 31/12/10: Year Ending
31/12/11:
Total Sales US
9,875,000 US$
10,500,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Vasist Sandeep, Finance Manager
Bank Sohar SAOG
Salam Al Tubi
PO Box: 4019
Azaiba
Tel: (968) 24491226
Fax: (968) 24494649
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.53.99 |
|
|
1 |
Rs.83.72 |
|
Euro |
1 |
Rs.72.08 |
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 |
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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 |
|
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 |
|
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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.