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Report Date : |
18.06.2013 |
IDENTIFICATION DETAILS
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Name : |
DOUGLAS OHI LLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.02.1982 |
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Com. Reg. No.: |
1/12445/5 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
General construction contractors. |
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No. of Employees : |
3,500 |
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) |
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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. 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 : DOUGLAS OHI LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 1st February 1982
Commercial Registration Number : 1/12445/5
Chamber Membership Number : 271
Issued Capital : RO 1,000,000
Paid up Capital : RO 1,000,000
Total Workforce : 3,500
Activities : General construction contractors.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Raj Kumar, Financial Controller
DOUGLAS OHI LLC
Location : Al Mina
Street (Hay Al Mina)
PO Box : 1639
Town : Muscat 114
Country : Oman
Telephone : (968) 24590540
/ 24601402
Facsimile : (968) 24594657
/ 24601562
Mobile : (968)
95561060
Email : info@douglasohi.com
/ ohidoug@omantel.net.om
Subject operates from a large suite of offices that are owned and
located in the Central Business Area of Muscat.
Name Position
· Maqbool Bin Humaid Bin Mohamed Al Salim Chairman
· Abdul Amir Bin Humaid Bin Mohamed Al Salim Managing
Director
· Haytham Bin Tariq Al Saeed Director
· Adham Bin Tariq Al Saeed Director
· Ian Gordon General
Manager
· Mike Whittingham Operations
Manager
· R Nagrajan Finance
Manager
· Raj Kumar Financial
Controller
· Chris Morrison Commercial
Manager
· Daniel Van Biljon Contracts
Manager
· Rami Maqbool Al
Saleh Business
Development Manager
· Stuart Gray Planning
Manager
· Alan Cruikshank Plant
Manager
Date of
Establishment : 1st
February 1982
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/12445/5
Chamber Member No. : 271
Issued Capital : RO 1,000,000
Paid up Capital : RO 1,000,000
· Oman Holdings International SAOG (OHI) 51%
Muscat
· Interserve Plc Group 49%
United Kingdom
Activities: Engaged as general construction contractors, specialising in the construction of buildings, roads, bridges and factories. Subject
also operates its own joinery division, producing carved doors and other
decorative
ornate finishes.
Subject is also involved in wastewater management
and the purifying of domestic wastewater using the Bionest system.
Douglas OHI has a track record second to
none on power station construction having been substantially involved in the civil
and building works on 4 of the Sultanate’s 5 Independent Power Projects.
Subject also carried out the design and
construction of all the buildings on the Sohar Refinery Project.
Subject’ Quality Management System received ISO 9001 accreditation in March 1996 and in May 2003 obtained certification to ISO 14001 and OHSAS 18001 for its Environmental and Safety Management Systems respectively.
Subject’s current contracts involve working for the following: Sohar IPP, Sur IPP 2000 MW, German University Staff Accommodation, Shadeed Iron & Steel LLC, Al-Sukri Commercial Building, Sheikh Yaqoub Al-Harthy Office Building, The Chedi Pool & Gym and the Sheraton Hotel.
Operating Trend: Steady
Subject has a workforce of approximately 3,500 employees.
Financial highlights provided by local sources are given below:
Currency: Riyal Omani (RO)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales RO
50,000,000 RO
45,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Raj Kumar,
Financial Controller
·
National Bank of Oman Limited (SAOG)
Muttrah 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.57.73 |
|
|
1 |
Rs.90.61 |
|
Euro |
1 |
Rs.76.96 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.