MIRA
INFORM REPORT
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Report Date : |
13th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
UNITED ENGINEERING SERVICES LLC |
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Registered Office : |
Azaiba Industrial
Estate, Ghala, P.O.Box: 2638 & 2729, Seeb 111, Sultanate of Oman. |
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Country : |
Sultanate of Oman |
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Date of Incorporation : |
1979 |
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Com. Reg. No.: |
1/08681/2 |
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Legal Form : |
Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Line of Business : |
Engaged in the import and distribution of drilling
equipment and supplies, engineering machinery and related equipment. |
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 : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
UNITED ENGINEERING SERVICES LLC |
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Country of Origin |
Sultanate of Oman |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
1979 |
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Commercial
Registration Number |
1/08681/2 |
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Total Workforce |
300 |
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Issued Capital |
RO 400,000 |
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Paid up Capital |
RO 400,000 |
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Line of Business |
Distributors of drilling equipment and engineering machinery. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
UNITED ENGINEERING
SERVICES LLC
ADDRESS
Registered & Physical Address
Location : Azaiba Industrial Estate
Area : Ghala
P.O.Box : 2638 & 2729
Town : Seeb 111
Country : Sultanate of Oman
Telephone : (968-24) 561850
/ 592320 / 561850
Facsimile : (968-24) 562069
Email : uesengg@omantel.net.om
Premises
Subject operates
from a medium sized suite of offices, a warehouse and a workshop that are owned
and located in the Industrial Area of Seeb.
KEY PRINCIPALS
·
Robert
Chadwick General
Manager
·
Jay Shanker Finance
Manager
·
Neville Storey Sales
Manager
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T S Narayan Commercial
Manager
·
Robert Dewin Manufacturing
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1979
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 1/08681/2
Issued Capital : RO 400,000
Paid up Capital : RO 400,000
Name of Shareholder (s) Percentage
·
Smith Services
(USA) 53.75%
Texas
United States of America
·
Al Marjan Investment Services 46.25%
Note to the Legal Form
The Limited Liability Company (LLC), or private company, is the form of business entity usually chosen by foreign investors. It may be formed by a minimum of 2 and a maximum of 30 natural or legal persons, whose liability is limited to their shares in the company’s capital. The minimum capital of a Limited Liability Company with foreign ownership should be RO 150,000, although this may be reduced to a minimum of RO 30,000 with the approval of the Minister of Commerce and Industry. For a company wholly owned by Omani nationals, the minimum capital is RO 10,000.
Contributions to capital may be made in cash of kind. Capital may not be increased by public subscription. The full amount of the share value must be paid in on subscription. Shares may not be assigned to a non-member, unless the other existing members are granted a pre-emptive right to purchase the shares.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of drilling equipment and supplies, engineering machinery and related equipment.
Subject also acts as fabrication and petroleum engineers and
provides inspection services.
Import Countries
: France, Italy and Germany
Operating Trend
: Steady
Subject has a
workforce of approximately 300 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Riyal
Omani (RO)
Year
Ending 31/12/04 : Year
Ending 31/12/05 :
Total Revenue RO 4,625,000 RO
4,931,000
Local sources
consider subject’s financial condition to be Fair.
Legal Reserve Requirement
A Limited Liability Company (LLC) is required each year to set aside 10% of its net profits as a legal reserve until the reserve reaches one-third of the company’s capital. This legal reserve is not available for distribution.
BANKERS
·
National Bank
of Oman Ltd (SAOG)
PO Box : 916
Muscat 113
Tel :
(968-24) 737837 / 740595
Fax :
(968-24) 737836
·
British Bank
of the Middle East
PO Box : 240
Muscat
Tel :
(968-24) 799920
Fax :
(968-24) 704241
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1979, subject is involved in the import and distribution of drilling equipment
and supplies, engineering machinery and related equipment.
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.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)