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Report Date : |
30.11.2013 |
IDENTIFICATION DETAILS
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Name : |
OMAN INDIA FERTILIZER COMPANY SAOC (OMIFCO) |
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Registered Office : |
Sur Industrial
Area, P O Box 67, Sur 411 |
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Country : |
Oman |
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Date of Incorporation : |
01.09.1998 |
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Com. Reg. No.: |
1/58489/8 |
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Legal Form : |
Omani Closed Joint Stock Company |
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Line of Business : |
Manufacturers of fertilizers |
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No. of Employees : |
200 |
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Oman |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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 INDIA FERTILIZER COMPANY SAOC (OMIFCO)
Country of Origin : Oman
Legal Form : Omani Closed Joint Stock Company
Registration Date : 1st September 1998
Commercial Registration Number : 1/58489/8
Membership Number : 991
Issued Capital : RO 2,000,000
Paid up Capital : RO 2,000,000
Total Workforce : 200
Activities : Manufacturers of fertilizers
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Mr Essam, Public Relations Manager
OMAN INDIA
FERTILIZER COMPANY SAOC (OMIFCO)
Registered &
Physical Address
Location : Sur Industrial Area
PO Box : 67
Town : Sur 411
Country : Sultanate of Oman
Telephone : (968) 24571476 / 25532000 / 25532013
/ 22532015
Facsimile : (968) 24571473 / 25532592
Mobile : (968) 99452955
Email : info@omifco.com / purchase@omifco.com
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the Industrial
Area of Sur.
Name Position
·
Ahmed
Al Wahaibi Chairman
·
B D S
Sinha Director
·
U S
Awasthi Director
·
Rakesh
Kapur Director
·
Satish
Chandra Director
·
Hamed
Al Athobi Director
·
Said Al
Maawali Director
·
R Karma Director
·
Tahir
Al Amri Director
·
Juma Al
Hinai Director
·
Ahmed
Ali Al Awfi Chief
Executive Officer
·
Mr
Essam Public
Relations Manager
Date of Establishment : 1st
September 1998
Legal Form :
Omani Closed Joint Stock
Company
Commercial Reg. No. : 1/58489/8
Membership
No. : 991
Issued Capital : RO 2,000,000
Paid up Capital : RO 2,000,000
Name of Shareholder
(s) Percentage
·
Oman Oil Company SAOC 50%
·
Indian Farmers Fertilizer Cooperative Ltd 25%
·
Krishak Bharati Cooperative Limited (KRIBHCO) 25%
Activities: Engaged in the manufacture of fertilizers.
Subject's plant
has the capacity to produce 1,750 T/D of Anhydrous Ammonia from 2 Ammonia
Plants
And 2,530 T/D
of granular urea from 2 Urea Plants.
Import
Countries: Europe and GCC
countries.
Subject has a
workforce of approximately 200 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)
PO Box: 55
Sur 411
Tel: (968) 24440246
Fax: (968) 24442046
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.62.39 |
|
|
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.98 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.