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Report Date : |
21.09.2013 |
IDENTIFICATION DETAILS
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Name : |
INTERNATIONAL WATER TREATMENT LLC |
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Registered Office : |
Building No. 32,
Way No. 3639, PO Box 1065, Muscat 111 |
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Country : |
Oman . |
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Date of Incorporation : |
23.02.2013 |
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Com. Reg. No.: |
1/16649/9 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· Providers of engineering, procurement and construction contractors for water treatment plants and stations. · Subject is currently engaged in the construction of North Ghubrah water plant |
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No. of Employees : |
25 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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---- |
NB |
New Business |
---- |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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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 |
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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 : INTERNATIONAL WATER TREATMENT LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 23rd February 2013
Commercial Registration Number : 1/16649/9
Chamber Membership Number : 16978/1
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 25
Activities : Providers of engineering, procurement and construction contractors for
water treatment plant and stations.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Guru Vijendran, Financial Manager
INTERNATIONAL WATER
TREATMENT LLC
Registered &
Physical Address
Building : Building No. 32
Street : Way No. 3639
PO Box : 1065
Town : Muscat 111
Country : Oman
Telephone : (968) 24497882
Facsimile : (968) 24121010
Mobile : (968) 96145929 / 99520308 /
99359719
Email : guruvijendran@wabag.in
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Muscat.
Name Position
·
Guru Vijendran Financial
Manager
·
Hilal
Khamis Mohamed Administration
Manager
Date of Establishment : 23rd
February 2013
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/16649/9
Chamber Member No. : 16978/1
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of Shareholder (s)
·
Galfar
Engineering and Contracting SAOG
Oman
Tel: (968) 24525000 / 24703715 / 24703286
·
Vatech
Wabag Ltd
Chennai
India
·
Cadagua
SA
Spain
Activities: Engaged as engineering, procurement and
construction contractors for water treatment plants and
stations. Subject is
currently engaged in the construction of North Ghubrah water plant.
Subject has a
workforce of 25 employees.
Subject is a newly
formed business and as a result financial information is not currently
available.
·
Commercial Bank of Oman SAOG
Muttrah Business District
PO Box: 1696, Ruwi 112
Muscat
Tel: (968) 24793225 / 24793226 /
24793228
Fax: (968) 24793229
No complaints
regarding subject’s payments have been reported.
In view of
subject’s infancy, extensive payment and financial are not available, therefore
dealings are recommended to be on secured terms, and a close monitoring of
subject’s business development is advisable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.24 |
|
UK Pound |
1 |
Rs.99.90 |
|
Euro |
1 |
Rs.84.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
<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.