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Report No. : |
308398 |
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Report Date : |
20.02.2015 |
IDENTIFICATION DETAILS
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Name : |
SOHAR ASHAPURA
CHEMICALS LLC (SAC) |
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Registered Office : |
Madinat Sultan Qaboos 1160 Ruwi 112 |
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Country : |
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Date of Incorporation : |
04.01.2011 |
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Com. Reg. No.: |
1/10044/8 |
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Legal Form : |
Limited Liability
Company – LLC |
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Line of Business : |
Engaged in the
import and distribution of mineral products used in a number of applications from
industrial, cosmetic, agriculture, edible oils to medicines. The SAC plant is
developed to process more than 200,000 tons of minerals per year, including
Bentonite, Barite, Calcium Carbonate and Marble |
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No. of Employee : |
39 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 : SOHAR ASHAPURA
CHEMICALS LLC (SAC)
Country of Origin : Oman
Legal Form :
Limited Liability Company – LLC
Registration Date : 4th
January 2011
Commercial Registration
Number : 1/10044/8
Issued Capital : RO
250,000
Paid up Capital : RO
250,000
Total Workforce : 39
Activities :
Distributors of mineral products
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
SOHAR ASHAPURA
CHEMICALS LLC (SAC)
Location : Madinat Sultan Qaboos
PO Box : 1160
Town : Ruwi 112
Country :
Telephone : (968) 22004626
Facsimile : (968) 22004698
Email : sacadmin@sac-oman.com
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Muscat.
Branch Office
(s)
Location Description
·
Plot No.
630-634 Warehouse
premises
Sohar Industrial Area, Phase 6
PO Box: 563
Falaj Al Qabail
Sohar 322
Tel: (968) 26701675 / 26701698
Fax: (968) 26701607
Name Position
·
Navnitlal
R Shah Chairman
·
Chetan
Shah Managing
Director
·
Ashok
Kadakia Director
·
Abhilash
Munsif Director
·
Kamlesh
Brijlani Plant
Manager
Date of Establishment : 4th
January 2011
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/10044/8
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
·
Ashapura
Holding FZE 40%
Dubai
United Arab Emirates
·
Oman
Oilfield Supply Centre LLC 40%
Oman
·
Al
Mashriq Trading & Investment LLC 20%
Oman
Activities: Engaged in the import and distribution of
mineral products used in a number of applications from industrial,
cosmetic, agriculture, edible
oils to medicines. The SAC plant is developed to process more than 200,000
tons of minerals per year,
including Bentonite, Barite, Calcium Carbonate and Marble.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 39 employees.
Financial highlights
provided by local sources are given below:
Currency: Riyal
Omani (RO)
Year
Ending 31/12/13: Year
Ending 31/12/14:
Total Sales RO 4,000,000 RO 4,500,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
HSBC
Bank Middle East
Muttrah Business District
PO Box: 240, Ruwi 112
Muscat
Tel: (968) 24700810 / 24799920 / 24799927
Fax: (968) 24704241
No complaints regarding
subject’s payments have been reported.
According to local
sources, subject meets its payment obligations in a timely manner and the
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.25 |
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|
1 |
Rs.95.57 |
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Euro |
1 |
Rs.71.01 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ANK |
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.