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Report Date : |
01.07.2014 |
IDENTIFICATION DETAILS
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Name : |
OMAN ALUMINIUM PROCESSING INDUSTRIES LLC
(OAPIL) |
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Registered Office : |
Sohar Industrial Estate, Phase No. 6, P O Box 324, Sohar 322 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
23.02.2008 |
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Com. Reg. No.: |
1/03932/1 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
manufacturer of aluminium
rods. |
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No. of Employees |
125 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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.
|
Source
: CIA |
Company Name :
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 23rd February 2008
Commercial Registration Number : 1/03932/1
Chamber Membership Number : 276
Issued Capital : RO 4,366,000
Paid up Capital : RO 4,366,000
Total Workforce : 125
Activities : Manufacture of aluminium rods
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Surjit Singh, Export Manager
OMAN ALUMINIUM PROCESSING INDUSTRIES LLC
(OAPIL)
Registered &
Physical Address
Location : Sohar Industrial Estate, Phase No. 6
PO Box : 324
Town : Sohar 322
Country : Oman
Telephone : (968) 26827317 / 26827310 / 26827345
Facsimile : (968) 24494986 / 26701577
Mobile : (968)
99275232 / 96408575 / 99211692
Email : coo@oapil.com
/ surojit@oapil.com / yousuf.alrahbi@oapil.com
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of Sohar.
Name Position
·
Fredrick
Royer Chief
Executive Officer
·
Robert Neymer Finance
Manager
·
Sanjeev
Gupta Production
Manager
·
Saif Balarab
Saif Al Mawali Quality
Control Manager
·
Yousef
Al Rahbi Human
Resources Manager
·
France
Zafranc Health
& Safety Manager
·
Surjit
Singh Export
Manager
Date of Establishment : 23rd
February 2008. Full production began on 1st July 2010
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/03932/1
Chamber Member No. : 276
Issued Capital : RO 4,366,000
Paid up Capital : RO 4,366,000
Name of Shareholder
(s) Percentage
·
Oman Cables
Industry SAOG 51%
·
Takamul
Investment Company SAOG 49%
Activities: Engaged in the manufacture of aluminium
rods.
Import
Countries: Europe and GCC
countries.
Operating Trend: Steady
Subject has a
workforce of 125 employees.
Financial
highlights provided by local sources are given below:
Currency: Riyal
Omani (RO)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Sales RO 12,300,000 RO 12,920,000
Local sources consider
subject’s financial condition to be Fair.
The above figures
were provided by Mr. Surjit Singh, Export Manager
·
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.
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.60.09 |
|
|
1 |
Rs.102.33 |
|
Euro |
1 |
Rs.82.01 |
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%)
COOPER CORPORATION PRIVATE LIMITED