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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

485815

Report Date :

19.01.2018

 

IDENTIFICATION DETAILS

 

Name :

ORPIC POLYMER MARKETING LLC

 

 

Registered Office :

Port of Al Fahal PO Box            3568, Ruwi Muscat 112

 

 

Country :

Oman

 

 

Date of Incorporation :

26.02.2017

 

 

Com. Reg. No.:

1/28748/8

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Subject engaged in the import and distribution of solid, liquid and gaseous fuels and related products.

 

 

No. of Employees :

25

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

NB

 

Credit Rating

Explanation

Rating Comments

NB

New Business

No recommendation can be done due to business in infancy stage

 

Status :

New Business

 

 

Payment Behaviour :

Unknown

 

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Oman

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : ORPIC POLYMER MARKETING LLC

Country of Origin                                   : Oman

Legal Form                                           : Limited Liability Company – LLC

Registration Date                                  : 26th February 2017

Commercial Registration Number           : 1/28748/8

Issued Capital                                       : RO 250,000

Paid up Capital                                     : RO 250,000

Total Workforce                                                : 25

Activities                                               : Distributors of solid, liquid and gaseous fuels and related products

Financial Condition                                : Undetermined

Payments                                             : Unknown

 

 

 

COMPANY NAME

 

ORPIC POLYMER MARKETING LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Port of Al Fahal

 

PO Box                        : 3568, Ruwi

 

Town                : Muscat 112

Country : Oman

 

Telephone         : (968) 91408979

Email                : info@orpic.om

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Industrial Area of Muscat.

 

 

KEY PRINCIPALS

 

     Name                                                                       Nationality                     Position

 

·       Christiaan Van Der Wouden                           Dutch                           Managing Director

 

·       Ahmed Said Mohamed Al Shafaa                              Omani                           Director

 

·       Sulaiman Salim Sulaiman Al Adi                                Omani                           Director

 

·       Ahmed Saleh Ali Al Jahdhami                                    Omani                           Director

 

·       Salman Mohamed Salman Al Shidi                            Omani                           Director

 

·       Gabor Kennessey                                                     Hungarian                     Director

 

·       Sunil Kumar Sharma                                     Indian                           Director

 

·       Giles Rochas                                                            French                          Director

 

·       Ahmed Ibrahim Saleh Al Naqbi                                  Omani                           Director

 

·       Sultan Salim Said Al Habsi                                        Omani                           Director

 

·       Said Sulaiman Amur Al Sharji                                    Omani                           Director

 

·       Yahya Abdulla Mohamed Al Harthy                            Omani                           Director

 

·       Ahmed Nasser Mohamed Al Wahaibi                         Omani                           Director

 

·       Mohamed Salim Ibrahim Al Kaabi                              Omani                           Director

 

·       Zakariya Khamis Humaid Al Maghdari                        Omani                           Director           

 

·       Ali Mohamed Redha Al Haj Jafar                               Omani                           Director

 

·       Salim Nasser Said Al Aufi                                         Omani                           Director

 

·       Abdullah Mohamed Nasser Al Lamki              Omani                           Director

 

·       Nazar Maqbool Muhsin Al Lawati                               Omani                           Director

 

·       Nofal Said Khamis Al Saidi                                       Omani                           Director

 

·       Hilal Abdulla Mohamed Al Hinai                                 Omani                           Director

 

·       Ali Abdullah Sulaiman Al Riyami                                Omani                           Director           

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 26th February 2017

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.   : 1/28748/8

 

Issued Capital              : RO 250,000

 

Paid up Capital            : RO 250,000

 

Name of Shareholder (s)                                                                   Percentage

 

·       Oman Oil Refinery & Petroleum Industries Co SAOC (ORPIC)             99%

ORPIC Building

Mina Al Fahal Industrial Area

PO Box: 3568

Muscat 112

Tel: (968) 24663719 / 24560316 / 24561200 / 24663773 / 26851000

Fax: (968) 24560316 / 24564992 / 24561384 / 26851211 / 22107038

CR No. 1/11300/3

 

·       Orpic Plastics LLC                                                                                          1%

Oman

 

 

AFFILIATED COMPANIES

 

·       Orpic Refineries LLC

Sohar Industrial Area

PO Box: 282, Falaj Al Qabail 322

Sohar

Tel: (968) 22105000 / 22106000 / 22107000 / 22105637 / 22105910 / 22105609 / 22107038

CR No. 1/13422/1

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of solid, liquid and gaseous fuels and related products.

 

Import Countries: Europe and the Far East

 

Subject has a workforce of 25 employees.

 

 

FINANCIAL DATA

 

Subject is a newly formed business and as a result financial information is not currently available.

 

 

BANKERS

 

·       HSBC Bank Middle East

Muttrah Business District

PO Box: 240, Ruwi 112

Muscat

Tel: (968) 24700810 / 24799920 / 24799927

Fax: (968) 24704241

 

 

PAYMENT HISTORY

 

Unknown

 

 

GENERAL COMMENTS

 

Please note that the correct name of the subject is “Orpic Polymer Marketing LLC” and not “Orpic Refineries Marketing LLC”.

 

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.

 

In view of subject’s infancy, extensive payment and financial are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 63.84

UK Pound

1

INR 88.28

Euro

1

INR 77.88

OMR

1

INR 165.65

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TRU

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.