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Report Date : |
17.07.2014 |
IDENTIFICATION DETAILS
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Name : |
JOTUN PAINTS COMPANY LLC |
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Registered Office : |
Road No. 10,
Rusayl Industrial Area, Seeb, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.04.1984 |
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Com. Reg. No.: |
1/18579/9 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in
the manufacturer and supplier of Decorative Paints and
Performance Coatings such as Marine, Protective and Powder Coatings. |
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No. of Employees |
148 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 : JOTUN PAINTS COMPANY LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 1st April 1984
Commercial Registration Number : 1/18579/9
Chamber Membership Number : 437
Issued Capital : RO 2,500,000
Paid up Capital : RO 2,500,000
Total Workforce : 148
Activities :
Manufacturers and suppliers of Decorative Paints and Performance
Coatings
such as Marine, Protective and Powder Coatings.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sandeep Nair, Financial Controller
JOTUN PAINTS COMPANY
LLC
Registered &
Physical Address
Location : Road No. 10, Rusayl Industrial
Area, Seeb
PO Box : 672
Town : Muscat 111
Country : Oman
Telephone : (968) 24446100 / 24446102
/ 24449700
Facsimile : (968) 2446105
Mobile : (968) 99419528
Email : jotun@omantel.net.om / mateen.murad@jotun.com / sandeep.nair@jotun.com /
Premises
Subject operates
from a large suite of offices that are rented and located in the Industrial Area
of Muscat.
Name Position
·
Anwar
Ali Sultan Managing
Director
·
Hassan
Bin Qamr Sultan Director
·
Bjorn
Skejelby General
Manager
·
Mateen
Murad Finance
Manager
·
Andreas
Milton Sales Manager
·
Sandeep
Nair Financial Controller
Date of Establishment : 1st
April 1984
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/18579/9
Chamber Member No. : 437
Issued Capital : RO 2,500,000
Paid up Capital : RO 2,500,000
Name of Shareholder
(s) Percentage
·
Jotun
AS 62%
Hystadvn
167
3248 Sandefjord
Norway
Tel: (47) 33457000
·
W J
Towell and Co LLC 38%
W J Towell Building
Bank Al Marakzi Street
Muttrah Business District
PO Box: 1040, Ruwi 112
Muscat
Tel: (968) 24708304 / 24708308 / 24708274
Fax: (968) 24793882 / 24794367
·
Taylor
Woodrow - Towell Co. LLC
·
Brown
& Root Mid East LLC
·
General
Electric & Trading Co. LLC (Genetco)
·
Jotun
Paints & Co. LLC
·
Premix LLC
·
Readymix LLC
·
Oman
National Dairy Products Co SAOG
·
Oman
International Development Co. LLC
·
Cold
Storage & Trading Co. LLC
·
Towell
Lever LLC
·
Granherne
& Co. LLC
·
Housetex
Co. Ltd
·
Al Fajer
Furnishing Co LLC
·
Towell
Auto Centre
·
Middle
East Telecommunication Company LLC
·
Towell
Construction & Maintenance Co. LLC
·
Environmental
Services LLC
·
Matrah
Cold Stores LLC
·
Modern
Cleaning Services
·
Towell
Barwil Co. LLC
·
Mazoon
Printing Press
·
Towell
Tools & Engineering Co LLC
Activities: Engaged in the manufacturer and supplier of Decorative Paints and Performance Coatings such
as Marine, Protective and Powder Coatings.
Production Capacity: 12 million tonnes per year.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a workforce
of 148 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 20,870,000 RO 22,100,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Sandeep Nair, Financial Controller
·
Oman
Arab Bank
Head Office
Muttrah Business District
PO Box: 2010, Ruwi 112
Muscat
Tel: (968) 24700161 / 24706265
/ 24706267
Fax: (968) 24797736
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.60.19 |
|
UK Pound |
1 |
Rs.103.14 |
|
Euro |
1 |
Rs.81.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>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 |
|
|
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 |
|
|
-- |
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.