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Report Date : |
19.09.2013 |
IDENTIFICATION DETAILS
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Name : |
OMAN
POLYPROPYLENE LLC |
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Registered Office : |
Falaj Al
Qabail, Sohar Industrial Port, P O Box 277, Sohar 322 |
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Country : |
Oman |
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Date of Incorporation : |
17.07.2002 |
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Com. Reg. No.: |
1/70126/6 |
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Legal Form : |
Limited Liability
Company – LLC |
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Line of Business : |
Manufacturers of
Polypropylene. |
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No. of Employees : |
200 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Insignificant |
A1 |
|
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
POLYPROPYLENE LLC
Country of Origin : Oman
Legal Form :
Limited Liability Company – LLC
Registration Date : 17th
July 2002
Commercial
Registration Number : 1/70126/6
Chamber Membership
Number : 4325
Issued Capital : RO
150,000
Paid up Capital : RO
150,000
Total Workforce : 200
Activities :
Manufacturers of polypropylene.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
OMAN POLYPROPYLENE
LLC
Location : Falaj Al Qabail, Sohar Industrial Port
PO Box : 277
Town : Sohar 322
Country : Oman
Telephone : (968) 26865000 / 26865100
Facsimile : (968) 26865005 / 26865019
Email : general@oman-pp.com
Subject operates from
a large suite of offices and a factory that are owned and located in the
Industrial Area of Sohar.
Name Position
·
Mulham Bin Basheer Bin Abdullah Al Jarf Chairman
·
Mohamed
Jawad Hassan Suliman Director
·
Khaled Al
Qadeeri Director
·
Mohamed
Al Khaja Director
·
Dr
Hamad Dhabab Chief
Executive Officer
·
Khalifa Al Kalabani Finance
Manager
·
Sunil Sharma Marketing
Manager
·
Abdullah
Al Habsi Operations
Manager
·
Saif Al
Hadhrami Human
Resources Manager
Date of Establishment : 17th
July 2002
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/70126/6
Chamber Member No. : 4325
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
·
Oman
Oil Company 40%
·
LG
International Corporation 20%
·
International Petroleum Investment Co (IPIC), Dubai 20%
·
Gulf Investment Corp (GIC), Kuwait 20%
Activities: Engaged in the manufacture of
polypropylene.
Production
Capacity: 340,000 metric
tonnes per annum
Import
Countries: Japan, India,
China and Europe
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.
·
HSBC
Bank Middle East
PO Box: 701528
Muscat
Tel: (968) 24799920
Fax: (968) 24704241
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.63..14 |
|
|
1 |
Rs.100.48 |
|
Euro |
1 |
Rs.84.37 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
|
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 |
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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 |
|
-- |
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.