MIRA
INFORM REPORT
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Report Date : |
03.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
GULF TECHNICAL & TRADING CO LLC |
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Registered Office : |
Bldg No 1031, Street No. 44, Al Wadi Al Kabir, PO Box
556, Hamriya 131 |
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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 : |
November 1993 |
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Com. Reg. No.: |
1370464, Muscat |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Import and Distribution of office and home furniture, decorating materials, furnishings, glasses and mirrors, household appliances Import and Distribution of dairy products,
foodstuff, and frozen foods, including cheese, cream, olive oils, olives, cookies & wafers, dessert powders,
instant drinks, honey, pasta, processed canned meat, pickles, tahina and
halawa. |
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$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : GULF TECHNICAL & TRADING CO LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : November 1993
Commercial Registration Number : 1370464, Muscat
Issued Capital : RO 100,000
Paid up Capital : RO 100,000
Total Workforce : 90
Activities : Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 250,000
COMPANY NAME
GULF TECHNICAL & TRADING CO LLC
ADDRESS
Registered & Physical Address
Building : Bldg No 1031
Street : Street No.
44
Area : Al Wadi Al Kabir
PO Box : 556
Town : Hamriya 131
Country : Sultanate of Oman
Telephone : (968) 24811877 / 24789475
Facsimile : (968) 24810902 / 24789476
Email : reeme@omantel.net.om
Premises
Subject operates from
a medium sized suite of offices, a warehouse and a showroom that are rented and
located in the Suburban Business Area of Hamriya.
KEY PRINCIPALS
Name Position
·
Masood Humaid Al Harthy Managing
Director
·
Salem Bu Adel Director
·
Jihad Mohamed
Hassan Director
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Amis K. Awdani Finance
Manager
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Bassem Bou Kamil Manager
– Food Division
·
Marawan Ashkar Manager
– Trading Division
LEGAL FORM & OWNERS
Date of Establishment : November 1993
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1370464,
Muscat
Issued Capital : RO 100,000
Paid up Capital : RO 100,000
Name of Shareholder (s)
·
Masood Humaid Al Harthy
·
Salem Bu Adel
·
Jihad Mohamed
Hassan
AFFILIATED COMPANIES
Subject is a member of the LIFCO Group of Companies, which includes the
following concerns:
·
Lebanese Fruit
Company LLC
Ali Khalifa Bin Bleesha
Building
Trade Centre Street
Al Karama
PO Box 7047
Dubai
United Arab Emirates
Tel: (971-4) 3356205
Fax: (971-4) 3356206
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Lifco Trading
Co LLC
Lifco Building
Al Wahda Street
PO Box: 7047
Sharjah
United Arab Emirates
Tel: (971-6) 5594490
Fax: (971-6) 5592110
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Lifco
Technical & Refrigeration Co LLC
Lifco Building
Al Wahda Street
PO Box: 7047
Sharjah
United Arab Emirates
Tel: (971-6) 5594490
Fax: (971-6) 5592110
·
Al Rawabi
Trading Co LLC
Al
Wahda Street
PO Box: 7047
Sharjah
United Arab Emirates
Tel: (971-6) 5335635
Fax: (971-6) 5335639
·
Technical
Glass & Aluminium Co
Industrial Area No. 4
PO Box: 7178
Sharjah
United Arab Emirates
Tel: (971-6) 5338211
Fax: (971-6) 5338437
OPERATIONS
Activities: Subject’s operations are performed through
the following divisions:
Engaged in the import
and distribution of dairy products, foodstuff, and frozen foods, including
cheese, cream, olive oils,
olives, cookies & wafers, dessert powders, instant drinks, honey, pasta,
processed canned meat, pickles, tahina and halawa.
The division deals mainly with major first
and second class supermarkets, hotels, groceries, institutions, wholesalers,
and caterers. It has a regular client base of approximately 350 customers.
· Trading Division
This division
specialises in the import and distribution of office and home furniture,
decorating materials, furnishings, glasses and mirrors, household appliances
such as refrigerators and freezers, shelving and storage equipment.
Import
Countries: Europe and the
Middle East
International
Suppliers:
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Dairyland Denmark
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Trimpex Hungary
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Elle &
Vire France
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Cordoba Spain
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Jungo Cyprus
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Paone Italy
Operating Trend: Steady
Subject has a
workforce of 90 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 3,120,000 RO
3,800,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
National Bank
of Oman Limited (SAOG)
Hamriya
PO Box : 1586
Muscat 112
Tel : (968) 24703792
Fax : (968) 24793147
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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
Gulf Technical & Trading Co LLC was incorporated in November 1993
and has made steady progress in the local business market. The company operates
2 divisions distributing foodstuff and household furniture and appliances.
The company is run
in a professional manner and deals with many well known international
suppliers.
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 and the above credit figure is
deemed to be within subject’s financial means.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.30 |
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UK Pound |
1 |
Rs.86.13 |
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Euro |
1 |
Rs.68.72 |
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%)