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Report No. : |
313085 |
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Report Date : |
19.03.2015 |
IDENTIFICATION DETAILS
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Name : |
MONDI OMAN LLC |
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Formerly Known as : |
Oman Mondi Shuaiba Packaging LLC |
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Registered Office : |
Road No. 20,
Rusayl Industrial Estate, P O Box 20, Rusayl 124 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
23.04.2004 |
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Com. Reg. No.: |
1/74683/9 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the
manufacture of packaging products and paper bags for the cement and food
industries |
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No of Employees : |
200 (Approximately) |
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 : MONDI OMAN LLC
Previously Known As :
OMAN MONDI SHUAIBA PACKAGING LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 23rd April 2004
Commercial Registration Number : 1/74683/9
Chamber Membership Number : 1414
Issued Capital : RO 1,987,159
Paid up Capital : RO 1,987,159
Total Workforce : 200 (Approximately)
Activities : Manufacturers of packaging products and paper bags for the cement
and food industries.
Financial Condition : Fair
Payments : No Complaints
Operating Trend : Steady
Person Interviewed : Nitin H Raghda, Finance Manager
MONDI OMAN LLC
Registered &
Physical Address
Street : Road No. 20
Area : Rusayl Industrial Estate
PO Box : 20
Town : Rusayl 124
Country : Oman
Telephone : (968) 24446477
Facsimile : (968) 24446427
Email : info@mondigroup.com
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of Rusayl.
Name Position
·
Deepak
Digshit Managing Director
·
Salaman
Al Hajiri Director
·
Ayman
Abdul Karim Director
·
Hussain
Al Raisi Director
·
Riaz
Bashar Mofleh General
Manager
·
Nitin H
Raghda Finance
Manager
·
Ravindera
Rao Commercial
Manager
Date of Establishment : 23rd
April 2004
History : Subject began in 2004 under the name “Oman
Mondi Shuaiba Packaging LLC”. However in
2010 it changed its name to “Mondi Oman LLC”.
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/74683/9
Chamber Member No. : 1414
Issued Capital : RO 1,987,159
Paid up Capital : RO 1,987,159
Name of
Shareholder (s)
·
Oman
Cement SAOG
Muscat
·
Mondi
Oman Holding GmbH
Austria
Activities: Engaged in the manufacture of packaging
products and paper bags for the cement and food industries.
Bags are manufactured from 2 to 4 plies, up to 4 colour printing, with or without moisture barrier ply and
with various types of valves, as well as open mouth bags.
Subject is ISO 9001 certified.
Export
Countries: GCC countries,
Africa and the Far East.
Operating Trend: Steady
Subject has a
workforce of approximately 200 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 Revenue RO 7,340,000 RO 8,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Nitin H Raghda, Finance Manager
·
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.
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.62.67 |
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UK Pound |
1 |
Rs.92.46 |
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Euro |
1 |
Rs.66.34 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
MNL |
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.