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Report No. : |
327183 |
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Report Date : |
20.06.2015 |
IDENTIFICATION DETAILS
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Name : |
OMAN PLASTIC
INDUSTRIES LLC |
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Registered Office : |
Street
No. 50, South Azaiba, Ghala
Area, P O Box: 2993, Ruwi 112, Muscat |
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Country : |
Oman |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
20.10.1984 |
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Com. Reg. No.: |
1/00060/8 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Manufacture of
Plastic Bags, Disposable Plastic Products and Self Adhesive Tape. |
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No. of Employees : |
740 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 heavily dependent on dwindling oil resources, which
generates 77% of government revenue. It is using enhanced oil recovery
techniques to boost production. 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 from 46% to 9% by
2020. Muscat also is focused on 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, have challenged
the government's ability to effectively balance its budget as oil prices
decline. Despite government acknowledgement that Oman’s expansive social
welfare benefits are unsustainable, Oman authorities are comfortable with
short-term budget deficits and have approved an expansionary 2015 budget.
Concurrently, Oman has expanded efforts to support the development of small and
medium-size enterprises and entrepreneurship. Government agencies and large
oligarchic group companies have announced 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.
|
Source
: CIA |
Company Name : OMAN
PLASTIC INDUSTRIES LLC
Country of Origin : Oman
Legal Form :
Limited Liability Company – LLC
Registration Date : 20th
October 1984
Commercial
Registration Number : 1/00060/8
Chamber Membership
Number : 740
Issued Capital : RO
1,000,000
Paid up Capital :
RO 1,000,000
Total Workforce :
120
Activities :
Manufacture of plastic bags, disposable plastic products and
self
adhesive tape
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Grathian R
Vaz, Finance Manager
OMAN PLASTIC
INDUSTRIES LLC
Location : Street
No. 50, South Azaiba, Ghala Area
PO Box : 2993, Ruwi 112
Town : Muscat
Country : Oman
Telephone : (968) 24591765 / 24592745 / 24593502
Facsimile : (968) 24592745
Mobile : (968) 99380741
Email : omanplas@omantel.net.om
Subject operates
from a medium sized suite of offices and a factory that are owned and located
in the Industrial Area of Muscat.
Name Position
·
Hani
Bin Ali Mohamed Mirza Managing
Director
·
Ali Bin
Ali Mohamed Mirza Director
·
Tariq Bin
Ali Mohamed Mirza Director
·
Grathian
R Vaz Finance
Manager
Date of Establishment: 20th October 1984
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/00060/8
Chamber Member No.: 740
Issued Capital : RO 1,000,000
Paid up Capital : RO 1,000,000
·
Hani
Bin Ali Mohamed Mirza
·
Ali Bin
Ali Mohamed Mirza
·
Tariq Bin
Ali Mohamed Mirza
·
National
Electric Industries LLC (NEI)
Muscat
·
Arilco
Contracting Co LLC
Muscat
·
Trade
Link & Services LLC
Muscat
·
Chain
Link & Fencing LLC
Muscat
Activities: Engaged in the manufacture of plastic bags,
disposable plastic products and self adhesive tape.
Subject manufactures heavy
duty polyethylene sheets up to 3.6 meters wide and thickness ranging
from 200 gauge (50 microns)
to 1200 gauge (300 microns).
Import
Countries: Belgium, Spain,
India, Saudi Arabia, Qatar, and Kuwait
Principal Suppliers:
·
Exxon
Mobile Saudi Arabia
·
Sabic Saudi Arabia
·
QAPCO Qatar
·
Kuwait
Petroleum Co Kuwait
·
Equate
Chemicals Kuwait
·
Jesons
Industries India
·
Oman
Polypropylene Oman
Brand Name: OMPLAST
Operating Trend: Steady
Subject has a
workforce of 120 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 5,200,000 RO 5,500,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Grathian R Vaz, General Manager
·
Commercial Bank of Oman SAOG
Muttrah Business District
PO Box: 1696, Ruwi 112
Muscat
Tel: (968) 24793225 / 24793226 /
24793228
Fax: (968) 24793229
·
Oman
International Bank
PO Box: 4216, Ruwi
Muscat
Tel:
(968) 24703614 / 24707328
No complaints
regarding subject’s payments have been reported.
Date of transaction April 2014
Credit amount 500,000
Amount overdue 0
Payment terms 180
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.82 |
|
|
1 |
Rs.101.26 |
|
Euro |
1 |
Rs.72.36 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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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 |
-- |
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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.