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Report Date : |
29.01.2014 |
IDENTIFICATION DETAILS
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Name : |
INDO ARAB ENGINEERING CONSTRUCTION COMPANY LLC |
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Registered Office : |
Al Khuwair Area |
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Country : |
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Date of Incorporation : |
12.08.2012 |
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Com. Reg. No.: |
1/15274/1 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject is engaged as general contractors for mechanical fabrication and
erection. Subject also deals in electrical and instrumentation works. |
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No. of Employees : |
190 |
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
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Source
: CIA |
Company Name : INDO ARAB ENGINEERING CONSTRUCTION COMPANY LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Start Date : 2008
Registration Date : 12th August 2012
Commercial Registration Number : 1/15274/1
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 190
Activities : General contractors for mechanical fabrication and erection
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
INDO ARAB ENGINEERING CONSTRUCTION COMPANY LLC
Location : Al Khuwair
Area
PO Box : 1139, Al
Athaiba 130
Town : Muscat
Country : Oman
Telephone : (968) 24391482
Facsimile : (968) 24391482
Mobile : (968)
93325747
Email : projects@indoorengineering.com
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Muscat.
Name Nationality Position
· Narayana Pillai Indian Managing
Director
· Mazen Al Sulaiman Omani Director
· S Santhan - Projects
Manager
· Rajev Pillai - Financial
Controller
Date of
Establishment : 2008 (However
subject was registered on 12th August 2012)
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/15274/1
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
· Narayana Pillai
· Mazen Al Sulaiman
Activities: Engaged as general contractors for mechanical fabrication and erection.
Subject also deals in electrical and instrumentation works.
Subject has a workforce of 190 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.
·
National Bank of Oman Limited (SAOG)
Muttrah Business District
PO Box: 751, Ruwi 112
Muscat
Tel: (968) 24708894 / 24708630 / 24708684
Fax: (968)
24707781 / 24703972
No complaints regarding subject’s payments have been reported.
According to local sources, subject enjoys a good reputation for the
quality of its products with nothing detrimental uncovered regarding the manner
in which operations are conducted. As such the company is considered to be a
fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.99 |
|
|
1 |
Rs.104.61 |
|
Euro |
1 |
Rs.86.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
-- |
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.