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Report No. : |
340727 |
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Report Date : |
16.09.2015 |
IDENTIFICATION DETAILS
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Name : |
FIBER GLASS SYSTEMS OMAN LLC |
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Registered Office : |
Sohar Industrial Area, Phase 5, Falaj Al Qabail 535 Sohar |
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Country : |
Oman |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
27.10.2010 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject engaged in the manufacture of epoxy
fibre glass pipes. |
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No. of Employees : |
85 |
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 : FIBER GLASS SYSTEMS OMAN LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 27th October 2010
Commercial Registration Number : 1/09715/1
Issued Capital : RO 100,000
Paid up Capital : RO 100,000
Total Workforce : 85
Activities : Manufacturers of epoxy fibre glass pipes
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ettienne Van Grenan, General Manager
FIBER GLASS SYSTEMS OMAN LLC
Location : Sohar
Industrial Area, Phase 5, Falaj Al Qabail 322
PO Box : 535
Town :
Sohar
Country : Oman
Telephone :
(968) 26941005 / 26941000 / 26941001
Facsimile :
(968) 26941010
Mobile :
(968) 98008894 / 99440107 / 99868687
Email : abdullah.alfarsi@nov.com
Subject operates from a medium sized suite of offices and a
factory that are rented and located in the Industrial Area of Sohar.
Name Position
· Ettienne
Van Grenan General
Manager
· Christopher
Flores Maintenance
Manager
· Lancy
Goveas Financial
Manager
· Abdullah
Al Farsi Administration
Manager
Date
of Establishment : 27th
October 2010
Legal
Form : Limited
Liability Company – LLC
Commercial
Reg. No. :
1/09715/1
Issued Capital : RO
100,000
Paid up Capital :
RO 100,000
· Nov
Fibre Glass System 80%
Texas
United
States of America
· Gulf
Petrochemical Services Co (GPS) 20%
Oman
Activities: Engaged in the manufacture of epoxy
fibre glass pipes.
Operating Trend: Steady
Subject has a workforce of 85 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
2,480,000 RO
2,800,000
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
Bait
Al Falaj Branch
PO
Box: 3240
Muscat
Tel:
(968) 24708766 / 24708769
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.66.44 |
|
UK Pound |
1 |
Rs.102.41 |
|
Euro |
1 |
Rs.75.05 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
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.