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Report Date : |
16.01.2014 |
IDENTIFICATION DETAILS
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Name : |
OMAN POLYPROPYLENE LLC |
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Registered Office : |
Falaj Al Qabail, Sohar Industrial Port PO 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 |
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Line of Business : |
Manufacturer of polypropylene |
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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 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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
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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
Registered &
Physical Address
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
Premises
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
Name of Shareholder
(s) Percentage
· 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.
Please note that we were unable to contact the subject directly during
our investigation.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.59 |
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|
1 |
Rs.101.09 |
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Euro |
1 |
Rs.83.99 |
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.