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Report No. : |
303540 |
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Report Date : |
20.01.2015 |
IDENTIFICATION DETAILS
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Name : |
SEVEN SEAS PETROLEUM LLC |
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Registered Office : |
Building No.
9999/22 Street No. 9999 Block No. 264, Ghala Industrial Area PO Box 2648, Ruwi
112 Muscat |
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Country : |
Oman |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
02.07.2002 |
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Com. Reg. No.: |
1/70026/0 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject is engaged in the import and distribution of oil field
instrumentation and mechanical equipment |
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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 – 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
|
Source
: CIA |
Company Name :
SEVEN SEAS PETROLEUM LLC
Country of Origin :
Oman
Legal Form : Limited
Liability Company – LLC
Registration Date :
2nd July 2002
Commercial Registration Number :
1/70026/0
Issued Capital :
RO 250,000
Paid up Capital :
RO 250,000
Total Workforce : 125
Activities :
Distribution of oil field instrumentation and mechanical equipment
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
SEVEN SEAS
PETROLEUM LLC
Building :
Building No. 9999/22
Street : Street No.
9999
Area : Block No.
264, Ghala Industrial Area
PO Box : 2648, Ruwi 112
Town : Muscat
Country : Oman
Telephone : (968) 24212222
/ 24494578 / 24493440
Facsimile : (968) 24629903
/ 24494788
Email : sevenspt@omantel.net.om
Subject operates from a large suite of offices that are rented and
located in the Industrial Area of Muscat.
Branch Office (s)
Location Description
· Building No. 2799 Office
premises
Way No. 5236
Ghala
Tel: (968)
24591559
Fax: (968)
24593559
Name Position
· Raid Khalida Al
Maskery Chairman
· Shuayb Khamas Al
Suleimany Vice
Chairman
· Vinod Nair PB Finance
Manager
· Anish Anish Accounts
Manager
· Hamood Al Habsi Business
Development Consultant
Date of
Establishment : 2nd July
2002
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/70026/0
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
· Raid Khalida Al
Maskery 70%
· Seven Seas Company
LLC 30%
Muscat
Oman
· Seven Seas
Navigation Services LLC
· Seven Seas
Nurseries LLC
· Seven Seas Seafood
Co LLC
· Meyyan International
LLC
· Seven Seas Co LLC
Activities: Engaged in the import and distribution of oil field instrumentation and
mechanical equipment.
Subject is ISO 9001-2008, 0ISO 14001-2004
and OHSAS 18001-2004 accredited.
Import Countries: United Kingdom and Canada
Agents:
· Emerson Process
Management United
States of America
· Owen Oil Tools Canada
· CIMAC Germany
· Cameron
Compression Systems United
States of America
· Advanced Component
Technologies United
Kingdom
· Multi Instruments
BV Netherlands
Local Clients:
·
Open Geospatial
Consortium – OGC
·
Petroleum Development
Oman
·
Occidental Petroleum
Corporation
Operating Trend: Steady
Subject has a workforce of 125 employees.
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year
Ending 31/12/13:
Total Sales US$
33,000,000
Net Profit US$ 5,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Oman Arab Bank
Head
Office
Muttrah
Business District
PO Box:
2010, Ruwi 112
Muscat
Tel:
(968) 24700161 / 24706265 / 24706267
Fax: (968) 24797736
Account No.
3101-007784-300
No complaints regarding subject’s payments have been reported.
According to local sources, subject enjoys a good reputation for the
quality of its products with nothing detrimental uncovered regarding the manner
in which operations are conducted. As such the company is considered to be a
fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.70 |
|
|
1 |
Rs.93.41 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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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.