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MIRA INFORM REPORT
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Report No. : |
485936 |
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Report Date : |
17.01.2018 |
IDENTIFICATION DETAILS
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Name : |
SUN
PETROCHEM LLC |
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Registered Office : |
Sohar Free Zone,
P O Box: 481 & 42891, Sohar |
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Country : |
Oman |
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Date of Incorporation : |
21.08.2011,
however manufacturing began in February, 2017 |
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Com. Reg. No.: |
1/11867/5 |
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Legal Form : |
Limited Liability
Company – LLC |
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Line of Business : |
Manufacture of
Refined Petroleum Products. |
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No. of Employees : |
20 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
OMAN - ECONOMIC OVERVIEW
Oman is heavily dependent on its dwindling oil resources, which generate 84% of government revenue. In 2016, low global oil prices drove Oman’s budget deficit to $11.5 billion, or approximately 19% of GDP. Oman has limited foreign assets and is issuing debt to cover its deficit.
Oman is using enhanced oil recovery techniques to boost production, but has simultaneously 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% at present to 9% by 2020 in accordance with Oman’s ninth five-year development plan. Tourism and gas-based industries are key components of the government's diversification strategy.
Muscat also has notably focused on creating more Omani jobs to employ the rising number of nationals entering the workforce. However, high social welfare benefits — that had increased in the wake of the 2011 Arab Spring — have challenged the government's ability to effectively balance its budget in light of low export oil prices. In response, Omani officials imposed austerity measures to its gasoline and diesel subsidies in 2016, with further subsidy cuts planned for electricity and liquid petroleum gas. The spending cuts have faced some public opposition, which could hinder their implementation.
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Source
: CIA |
SUMMARY
Company Name : SUN PETROCHEM LLC
Country of Origin : Oman
Legal Form :
Limited Liability Company – LLC
Registration Date : 21st
August 2011
Commercial
Registration Number : 1/11867/5
Issued Capital : RO
50,000
Paid up Capital : RO 50,000
Total Workforce :
20
Activities :
Manufacture of refined petroleum products
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed : Abdulrahman Al Baloushi, Public Relations Officer
COMPANY
NAME
SUN
PETROCHEM LLC
ADDRESS
Registered & Physical
Address
Location : Sohar Free Zone
PO Box : 481 & 42891
Town : Sohar
Country : Oman
Telephone : (968) 91350000
/ 91709640 / 93848040 / 96280000
Email : prasadveswwkar@ymail.com
Premises
Subject operates from
a small suite of offices and a factory that are rented and located in the Free
Zone Area of Sohar.
Branch Office
(s)
Location Description
·
Mina
Sohar Office
premises
KEY
PRINCIPALS
Name Position
·
Ramtar F Gland Managing
Director
·
Chitan Dave Daz Director
·
Prasad Veswkar Project
Manager
·
Abdulrahman Al Baloushi Public
Relations Officer
LEGAL
FORM & OWNERS
Date of Establishment : 21st
August 2011, however manufacturing began in February 2017
Legal Form :
Limited Liability Company –
LLC
Commercial
Reg. No. : 1/11867/5
Issued Capital : RO 50,000
Paid up Capital : RO 50,000
Name of Shareholder (s) Percentage
·
RLS Petrochem 75%
United Arab Emirates
Commercial Reg. No. 12629
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Oilchem Limited 25%
United Arab Emirates
Commercial Reg. No. IC20131431
OPERATIONS
Activities: Engaged in the manufacture of refined
petroleum products.
Import
Countries: Europe and the
Far East
Subject has a
workforce of 20 employees.
FINANCIAL
DATA
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.
BANKERS
·
HSBC
Bank Middle East
Greater Muttrah
PO Box: 4175, Ruwi
Muscat
Tel: (968) 24703443
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL
COMMENTS
The subject and its
shareholders/owners have been searched in the following databases; Office of Foreign
Assets Control (OFAC), United Nations Security Council Sanctions, Australian
Sanctions List, US Consolidated Sanctions List, EU Financial Sanctions List and
UK Financial Sanctions List and nothing adverse could be found on the exact
names listed within the report.
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 |
INR 63.76 |
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1 |
INR 87.91 |
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Euro |
1 |
INR 78.20 |
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UAE Dh |
1 |
INR 17.39 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.