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Report Date : |
04.03.2013 |
IDENTIFICATION DETAILS
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Name : |
JINDAL SHADEED IRON & STEEL LLC |
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Formerly Known As : |
Shadeed Iron & Steel LLC |
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Registered Office : |
Mina Sohar Industrial Area, Al Batinah Region PO Box 2816, Ruwi 112
312, Al Tareef 321 Muscat |
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Country : |
Sultanate of Oman |
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Date of Incorporation : |
12.01.2005 |
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Com. Reg. No.: |
1/77776/9 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Production of hot direct reduced iron (HDRI) |
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No. of Employees : |
45 |
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 : |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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. 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 : JINDAL SHADEED IRON & STEEL LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 12th January 2005
Commercial Registration Number : 1/77776/9
Chamber Membership Number : 1490
Issued Capital : RO 500,000
Paid up Capital : RO 500,000
Total Workforce : 45
Activities : Production of hot direct reduced iron (HDRI)
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Ali Al Sheshi, Finance Manager
JINDAL SHADEED IRON & STEEL LLC
Registered &
Physical Address
Location : Mina Sohar
Industrial Area, Al Batinah Region
PO Box : 2816, Ruwi 112
312, Al Tareef 321
Town : Muscat
Country : Sultanate of
Oman
Telephone : (968) 26846659
/ 26840718 / 26850403 / 26850459 / 26850438
Facsimile : (968) 26846649
Mobile : (968)
99777798
Email : info@shadeed.co.om
Important Note:
Please also note that the company uses both PO Box numbers i.e., 312
& 2816.
Premises
Subject operates from a suite of offices and a production plant on a
plot of more than 1 million square metres that are owned and located in the
Sohar Industrial Area.
Name Nationality Position
· Navil Jindal Indian Managing
Director
· Nishat Ansar - General
Manager
· Avinash Potaria - Finance
Manager
Date of
Establishment : 12th
January 2005
History : Subject began in
2005 under the name “Shadeed Iron & Steel LLC”. However in 2011 it
changed name to “Jindal Shadeed Iron &
Steel LLC”.
Legal Form : Limited Liability Company
– LLC
Commercial Reg.
No. : 1/77776/9
Chamber Member No. : 1490
Issued Capital : RO 500,000
Paid up Capital : RO 500,000
Name of
Shareholder (s)
· Jindal Steel Co
Mauritius
Activities: Engaged in the production of hot direct reduced iron (HDRI).
The project is conceived in three phases.
Phase-I consists of putting up the facilities to produce 1.5 million tonnes of
Hot Direct Reduced Iron (HDRI). The steel making facility to produce 1.1
million tonnes of steel billets is being installed in phase-II.The project also
envisages converting the billets into seamless tube, sections and bars in
phase-III.
The construction of the phase-I of the plant
started in the second quarter of 2006. The facilities in this phase includes a Mega
Module-Midrex with Hot link facility and other support facilities like Air
Separation Plant, Desalination plant, Main Receiving Substation for power
supply, Raw Material Handling System and a jetty of 600 metre length and 19
metre draft capable to handle cape size vessels bringing pellets to the plant.
These support facilities are planned to meet the requirements up to steel
making stage.
Planned Production Capacity: 7 million tonnes per annum
Import Countries: Japan, Europe and the United States of America
Subject has a workforce of 45 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
Ruwi Branch
PO Box: 3752
Muscat
Tel: (968)
24708898
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.48 |
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UK Pound |
1 |
Rs.82.71 |
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Euro |
1 |
Rs.71.27 |
INFORMATION DETAILS
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Report Prepared
by : |
NLM |
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 |
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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.