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MIRA INFORM REPORT
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Report No. : |
487176 |
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Report Date : |
24.01.2018 |
IDENTIFICATION DETAILS
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Name : |
OMAN ENGG & CONT LLC |
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Registered Office : |
Ash Shuwaymiyah, Ruwi, PO Box: 3060, Ruwi,
Muscat 112 |
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Country : |
Oman |
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Date of Incorporation : |
04.07.2006 |
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Com. Reg. No.: |
1/00188/5 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject is engaged in the provision of construction services in the field
of civil engineering |
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No. of Employees : |
75 |
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, but the budget deficit was reduced to 13% of GDP in 2017 as Oman reduced government subsidies. 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 : OMAN ENGG & CONT LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 4th July 2006
Commercial Registration Number : 1/00188/5
Issued Capital : RO 10,000
Paid up Capital : RO 10,000
Total Workforce : 75
Activities : Providers of construction services in the field of civil engineering
Financial Condition : Undetermined
Payments : No complaints
COMPANY
NAME
OMAN ENGG & CONT LLC
ADDRESS
Registered & Physical
Address
Location : Ash
Shuwaymiyah, Ruwi
PO Box :
3060, Ruwi
Town :
Muscat 112
Country : Oman
Telephone : (968) 24816606
/ 24822000
Facsimile : (968) 24816523
Mobile : (968)
99674473
Email : info@omaneng.com
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Muscat.
KEY
PRINCIPALS
Name Nationality Position
· Hisham Al Jamari Omani Managing Director
·
Isam Al Jamali
Omani Director
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Mahmood El Khatib Lebanese Chief Engineer
·
Yohannan Babu Indian Real Estate Manager
· Amin Hudi Rostam Al Balushi Omani Administration
Manager
·
Mohamed Salman Habib Al Lawati Omani Accountant
·
Yasser Khamis Mohamed Al Kharousi Omani Public
Relations Manager
LEGAL
FORM & OWNERS
Date of
Establishment : 4th
July 2006
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/00188/5
Issued Capital : RO 10,000
Paid up Capital : RO 10,000
Name of Shareholder (s)
·
Hisham Al Jamari
·
Isam Al Jamali
OPERATIONS
Activities: Engaged in the provision of construction services in the field of civil
engineering.
Subject has a workforce of 75 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
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HSBC Middle East
PO Box: 234
Muscat 113
Tel: (968)
24736041 / 24736042
Fax: (968)
24736043
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 63.77 |
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1 |
INR 89.20 |
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Euro |
1 |
INR 78.22 |
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OMR |
1 |
INR 165.25 |
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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DIV |
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Report Prepared
by : |
SYL |
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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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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.