MIRA
INFORM REPORT
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Report Date : |
27.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
GULF SERVICES & INDUSTRIAL SUPPLIES CO LLC |
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Registered Office : |
Al Shanfari
Building, Bait Al Falaj Street, Wadi Al Kabir, PO Box 2250, Ruwi 112, Muscat |
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Country : |
Sultanate of Oman |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1977 |
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Com. Reg. No.: |
145, Muscat |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Import and Distribution of industrial machinery and
equipment, garage and workshop equipment, tools, welding equipment, hose
fittings and accessories, lubricants, pumps and fittings, safety and fire
fighting 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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Maximum Credit Limit : |
US$ 500,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : GULF SERVICES & INDUSTRIAL SUPPLIES CO LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 1977
Commercial Registration Number : 145, Muscat
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 20
Activities : Import and distribution of industrial machinery and equipment, garage and workshop equipment, tools, welding equipment, hose fittings and accessories, lubricants, pumps and fittings, safety and fire fighting equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 500,000
COMPANY NAME
GULF SERVICES &
INDUSTRIAL SUPPLIES CO LLC
ADDRESS
Registered & Physical Address
Building : Al Shanfari Building
Street : Bait Al Falaj Street
Area : Wadi Al Kabir
PO Box : 2250, Ruwi 112
Town : Muscat
Country : Sultanate of Oman
Telephone : (968) 24811238 / 24816866 / 24812271
Facsimile : (968) 2416146
Email : gsiscom@omantel.net.om
Premises
Subject operates from
a medium sized suite of offices, a warehouse and a showroom that are owned and
located in the Suburban Business Area of Muscat.
Branch Office
(s)
Location Description
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PO Box 245 Sales
office & warehouse
Sohar
Tel: (968) 844383 / 844389
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PO Box 993 Sales
office & warehouse
Salalah 211
Tel: (968) 299108
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Kamyani
Building Sales
office & warehouse
PO Box 890
Nizwa
Tel: (968) 410625
KEY PRINCIPALS
Name Position
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H.E. Saeed
Ahmed Saeed Al Shanfari Managing
Director
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Adil Saeed
Ahmed Saeed Al Shanfari Director
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Thamer Saeed
Ahmed Saeed Al Shanfari Director
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C J Prakash General
Manager
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Suresh Kumar Technical
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1977
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 145, Muscat
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of Shareholder (s) Percentage
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Shanfari
Trading & Contracting Co LLC 51%
Al Shanfari Building
Al Khuwair
PO Box 783
Muscat
Oman
Tel: (968) 602710 / 902712 / 602676
Fax: (968) 602714
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Arabi WLL 49%
PO Box 4090
Safat
Kuwait
AFFILIATED COMPANIES
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International
Printing Press LLC
Shanfari Building
Al Nahda Street
Wadi Al Kabir
PO Box 3959
Muscat
Tel: (968) 702771
Fax: (968) 794668
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Shanfari
Aluminium & Powder Coating Company LLC
Shanfari Building
Al Nahda Street
Wadi Al Kabir
PO Box 3340
Muscat
Tel: (968) 702762
Fax: (968) 706200
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Otis
Engineering Co LLC
PO Box 5721
Muscat
Tel: (968) 698412
Fax: (968) 600485
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Offsat LLC
PO Box 1138
Al Khuwair
Tel: (968) 602710
Fax: (968) 602714
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Samahran
Trading Stores LLC
PO Box 3018
Muscat
Tel: (968) 562370
Fax: (968) 602710
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Al Ahram
Trading and Contracting Company LLC
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Serck Services
Co LLC
OPERATIONS
Activities: Engaged in the import and distribution of
industrial machinery and equipment, garage and workshop
equipment, tools, welding equipment, hose fittings and accessories,
lubricants, pumps and fittings, safety and fire fighting equipment.
Import
Countries: Germany and the
United Kingdom.
Operating Trend: Steady
Subject has a
workforce of 20 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Riyal
Omani (RO)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales RO 3,400,000 RO 3,890,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Bank of Oman,
Bahrain & Kuwait
BOBK House
Al Burj Street
PO Box : 4708, Ruwi 112
Muscat
Tel: (968) 24701528 / 24701532
/ 24701788
Fax: (968) 24705607 / 24793536
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Gulf Services &
Industrial Supplies Co LLC has been in business since 1977 and is well known in
the local market.
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 |
Rs.43.73 |
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UK Pound |
1 |
Rs.80.57 |
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Euro |
1 |
Rs.64.29 |
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. |
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%)