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Report No. : |
303542 |
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Report Date : |
17.01.2015 |
IDENTIFICATION DETAILS
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Name : |
OCCIDENTAL MUKHAIZNA LLC |
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Registered Office : |
Al Assalah Towers, Building No. 223A, Block 237 Al Ghubrah South Street No. 1, Way No. 3701 717 Al Sib 130 |
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Country : |
Oman |
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Com. Reg. no.; |
1/79998/3 |
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Date of Incorporation : |
17.07.2005 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Exploration, Drilling and Production of Petroleum. |
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No. of Employee : |
500 |
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, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 :
OCCIDENTAL MUKHAIZNA LLC
Country of Origin :
Sultanate of Oman
Legal Form :
Limited Liability Company - LLC
Registration Date :
17th July 2005
Commercial Registration Number :
1/79998/3
Chamber Membership Number :
397
Issued Capital :
RO 1,500,000
Paid up Capital :
RO 1,500,000
Total Workforce :
500
Activities :
Exploration, drilling and production of petroleum in Oman
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
OCCIDENTAL
MUKHAIZNA LLC
Building :
Al Assalah Towers, Building No. 223A, Block 237
Street :
Al Ghubrah South Street No. 1, Way No. 3701
Area :
Athaiba
PO Box :
717
Town :
Al Sib 130
Country :
Oman
Telephone : (968) 24524000
/ 24581000
Facsimile : (968) 24588147
Subject operates from a large suite of offices that are rented and
located in the Suburban Business Area of Al Sib.
Name Position
· Glen Vangolem General
Manager
· Bill Moss Finance
Manager
Date of
Establishment : 17th
July 2005
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 1/79998/3
Chamber Member No. : 397
Issued Capital : RO 1,500,000
Paid up Capital : RO 1,500,000
· Occidental
Petroleum Corp 45%
10889 Wilshire
Boulevard
Los Angeles 90024
United States of
America
Tel: (1-310)
2088800
· Oman
Oil Corporation SAOC 20%
· Shell Oman Trading
Field Co Ltd 17%
· Liwa Energy Ltd 15%
· Total
Exploration and Production Oman 2%
· Partex
(Oman) Corp
1%
Activities: Engaged in exploration, drilling and production of petroleum in Oman.
Subject’s operations are concentrated at the giant Mukhaizna oil field
in south-central Oman, the Safah field in northern Oman, and adjacent areas.
At Mukhaizna, the company has implemented an aggressive
drilling and development program, including a major pattern steam flood project
for enhanced oil recovery. As at the end of 2008, gross daily production was
over six times higher than the production rate in 2005. Subject plans to
steadily increase production through continued expansion of the steam flood
project. Subject is Oman’s second largest oil producer.
The Mukhaizna field, located in Oman’s south central interior, was
discovered in 1975 and was brought into production in 2000. By the end of 2008,
Occidental had drilled over 370 new wells.
Occidental Petroleum Corp’s share of production from the Oman properties
was approximately 27,000 BOE per day in 2008 and proved reserves totalled 142
million BOE as of 31st December 2008.
Subject has a workforce of approximately 500 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.
· 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.
Please note that we were unable to contact the subject directly during
our investigation.
Occidental Petroleum Corp’s registered jurisdiction of incorporation is
Delaware, USA. Occidental Mukhaizna LLC is registered in Oman.
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.61.89 |
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|
1 |
Rs.93.92 |
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Euro |
1 |
Rs.72.01 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIT |
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 |
-- |
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.