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Report Date : |
05.09.2014 |
IDENTIFICATION DETAILS
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Name : |
OMAN OIL REFINERY & PETROLEUM INDUSTRIES CO SAOC (ORPIC) |
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Registered Office : |
Sultanate of |
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Country : |
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Date of Incorporation : |
14.06.2011 |
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Com. Reg. No.: |
1/11300/3 |
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Legal Form : |
Omani Joint Stock Company |
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Line of Business : |
Subject is engaged as operators of a petrochemical refinery. |
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No. of Employees |
550 |
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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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.
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Source
: CIA |
Company Name : OMAN OIL REFINERY & PETROLEUM INDUSTRIES CO SAOC (ORPIC)
Country of Origin : Oman
Legal Form : Omani Joint Stock Company
Registration Date : 14th June 2011
Commercial Registration Number : 1/11300/3
Membership Number : 2965
Issued Capital : RO 2,000,000
Paid up Capital : RO 2,000,000
Total Workforce : 550
Activities : Operators of a petrochemical refinery.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Tahir Al Barwani, Finance Manager
OMAN OIL REFINERY & PETROLEUM INDUSTRIES CO SAOC (ORPIC)
Building : ORPIC
Building
Location : Mina Al Fahal
Industrial Area
PO Box : 3568
Town : Muscat 112
Country : Sultanate of
Oman
Telephone : (968) 24663719 / 24560316 / 24561200 / 24663773
Facsimile : (968) 24560316 / 24564992
Mobile :
(968) 99865940
Email : info@orpic.com / faris.sahra@orpic.com / tahir.albarwani@orpic.com / tahir.albarwani@orpic.com
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of Muscat.
Branch Office (s)
Location Description
· PO Box: 277 Factory
premises
Falay Al Qabail
322
Sohar
Name Position
· Mohamed Bin Hamad
Al Rumhy Chairman
· Sultan Salem Saeed
Al Habsi Vice
Chairman
· Musaav Abdullah Al
Mahruqi Chief
Executive Officer
· Mulhem Bashir Al
Jarraf Deputy
Chief Executive Officer
· Ali Abdullah Al
Reyamo Director
· Dr Saleh Bin Ali
Al Anbouri Director
· Nazar Al Lawati Chief
Financial Officer
· Tahir Al Barwani Finance
Manager
· Sultan Salem Saeed Al Habsi General
Manager
· Faris Sahra Administration
Manager
· Mohamed Hamad Saif Al Rahmani Operations
Manager
· Mohamed Al Kendi Senior
Accountant
· Abdul Basit Al
Henai Procurement
Manager
Date of
Establishment : 14th
June 2011
History : Subject was formed
from the merger of the following companies:
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Oman Refineries and
Petrochemicals Company LLC (ORPC)
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Oman Polypropylene Co
(OPP)
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Aromatic Oman LLC (AOL)
Legal Form : Omani Joint Stock
Company
Commercial Reg.
No. : 1/11300/3
Membership No. : 2965
Issued Capital : RO 2,000,000
Paid up Capital : RO 2,000,000
·
Ministry of Finance 75%
·
Oman Oil Company SAOC 25%
Activities: Engaged as operators of a petrochemical refinery.
Import Countries : Europe and GCC countries.
Subject has a workforce of approximately 550 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.
Credit amount 18,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
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.60.45 |
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1 |
Rs.99.46 |
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Euro |
1 |
Rs.79.46 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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Report Prepared
by : |
NIS |
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 |
-- |
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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.