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Report Date : |
01.10.2013 |
IDENTIFICATION DETAILS
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Name : |
ION EXCHANGE AND COMPANY LLC |
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Registered Office : |
Shati Al Qurum Area, Ruwi 112, PO Box :
69, Muscat |
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Country : |
Oman |
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Date of Incorporation : |
1964 |
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Com. Reg. No.: |
1/00872/6 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Design and supply of water treatment plants |
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No. of Employees : |
150 |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Oman |
A2 |
A2 |
|
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 :
ION EXCHANGE AND COMPANY LLC
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Start Date :
1964
Registration Date :
20th November 2006
Commercial Registration Number :
1/00872/6
Chamber Membership Number :
6385
Issued Capital :
RO 150,000
Paid up Capital :
RO 150,000
Total Workforce :
150
Activities :
Design and supply of water treatment plants
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
ION EXCHANGE AND COMPANY LLC
Registered &
Physical Address
Location : Shati Al Qurum
Area, Ruwi 112
PO Box : 69
Town : Muscat
Country : Oman
Telephone : (968) 24697697
/ 2469635
Facsimile : (968) 24607724
Mobile : (968)
99448643
Email : enquiry@ieoman.com
/ info@ionexchange-oman.com
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Suburban Business Area of Muscat.
Name Position
Mohamed Bin Abdullah Hamd Al Harthi Managing
Director
Ali Bin Saeed Bin Hamd Al Harthi Director
C Rama Devi General
Manager
Obaid Sumait Financial
Controller
Date of Establishment : 20th November
2006, however activities date back to 1964
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 1/00872/6
Chamber Member No. : 6385
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of
Shareholder (s)
Mohamed Bin Abdullah Hamd Al Harthi
Ali Bin Saeed Bin Hamd Al Harthi
Activities: Engaged in the design and
supply of water treatment plants, RO plants, ion exchange process, wastewater treatment,
recycling, specialty application resins and water treatment chemicals.
Import Countries: Europe
and the Far East.
Subject has a workforce of 150 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.
Bank Muscat SAOG
PO Box: 134
Ruwi 112
Muscat
No complaints regarding subject’s payments have been reported.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.78 |
|
|
1 |
Rs.101.42 |
|
Euro |
1 |
Rs.84.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
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 |
|
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 |
|
<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.