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Report Date : |
21.02.2014 |
IDENTIFICATION DETAILS
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Name : |
DETONATOR BLASTING & CONTRACTING CO LLC |
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Registered Office : |
Al Mawalah, Zone – 31, PO Box : 177, Ruwi 112, Muscat |
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Country : |
Oman |
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Date of Incorporation : |
22.02.1998 |
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Com. Reg. No.: |
1/58507/0 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in rock blasting, drilling, detonation and
explosive supplies. |
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No. of Employees : |
60 |
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 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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. 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 :
DETONATOR BLASTING & CONTRACTING CO LLC
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
22nd February 1998
Commercial Registration Number :
1/58507/0
Membership Number :
2818
Issued Capital :
RO 100,000
Paid up Capital :
RO 100,000
Total Workforce :
60
Activities :
Rock blasting, drilling, detonation and explosive supplies
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
DETONATOR BLASTING
& CONTRACTING CO LLC
Registered &
Physical Address
Location : Al Mawalah,
Zone - 31
PO Box :
177, Ruwi 112
Town : Muscat
Country : Oman
Facsimile : (968) 24342403
Mobile : (968)
99460634 / 99235155
Email : dtcoman3@omantel.net.om
/ dtcoman@omantel.net.om
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Muscat.
Name Position
Waleed Nasser Al Mahroorqi Managing
Director
Nasser Sayed Nasser Al Mahroorqi Director
Mrs Azza Mohamed Saif Al Reyami Director
Tariq Bin Mahmoud Bin Nour General
Manager
Satish Safar Finance
Manager
Date of Establishment : 22nd February 1998
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 1/58507/0
Membership No. : 2818
Issued Capital : RO 100,000
Paid up Capital : RO 100,000
Name of
Shareholder (s)
Waleed Nasser Al Mahroorqi
Nasser Sayed Nasser Al Mahroorqi
Mrs Azza Mohamed Saif Al Reyami
Activities: Engaged in rock blasting,
drilling, detonation and explosive supplies.
Subject has a workforce of 60 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 of Muscat
Al Burj Street
Greater Muttrah
PO Box: 6326, Ruwi
Muscat
Tel: (968) 24701769
Fax: (968) 24796488
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.62.28 |
|
|
1 |
Rs.103.84 |
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Euro |
1 |
Rs.85.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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.