MIRA
INFORM REPORT
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Report Date : |
11.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
CAMERON SERVICES MIDDLE EAST LLC |
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Registered Office : |
Rusayl Industrial
Estate, Road 15, PO Box 130, Rusayl
124 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
01.04.1998 |
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Com. Reg. No.: |
1584219 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Provision of Oilfield and Gas Engineering Services |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 1,500,000 |
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Status : |
Very Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : CAMERON SERVICES MIDDLE EAST LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 1st April 1998
Commercial Registration Number : 1584219
Chamber Membership Number : 993
Issued Capital : RO 500,000
Paid up Capital : RO 500,000
Total Workforce : 120
Activities : Provision of oilfield and gas engineering services
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 1,500,000
Person Interviewed : S,K. Manon, Technical & Sales Manager
COMPANY NAME
CAMERON SERVICES
MIDDLE EAST LLC
ADDRESS
Registered & Physical Address
Location : Rusayl Industrial Estate, Road 15
PO Box : 130
Town : Rusayl 124
Country : Oman
Telephone : (968) 24626915 / 24446915
Facsimile : (968) 24626923
Mobile : (968) 99358425
Email : csmel@omantel.net.om
Premises
Subject operates from
a medium sized suite of offices that are rented and located in the Industrial
Area of Rusayl.
KEY PRINCIPALS
Name Position
·
Garry
Manners General
Manager
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S,K.
Manon Technical
& Sales Manager
LEGAL FORM & OWNERS
Date of Establishment : 1st
April 1998
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1584219
Chamber Member No. : 993
Issued Capital : RO 500,000
Paid up Capital : RO 500,000
Name of Shareholder (s)
·
MB
Holding
Oman
·
Cooper
Cameron
United States of America
AFFILIATED COMPANIES
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United
Engineering Services LLC
Muscat
Oman
OPERATIONS
Activities: Engaged in the provision of oilfield and
gas engineering services including product assembly, hydrostatic testing,
welding, post weld heat treatment, machining, fabrication, inspection, NDT,
sandblast, paint and M&TE calibration, as well as repair and
remanufacturing of pressure control equipment for oil and gas drilling,
production and transmission industries; large BOP stacks, choke manifolds,
christmas trees, valves, wellhead equipment and pipe line valves.
Import
Countries: United States of
America and India
Operating Trend: Steady
Subject has a
workforce of approximately 120 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 17,350,000 RO 19,200,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures were confirmed by S,K. Manon, Technical &
Sales Manager.
BANKERS
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Citibank
Al Salam Street
PO Box : 999
Abu Dhabi
Tel : (971-2) 742484
Fax : (971-2) 744742
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Emirates Bank
International Ltd
PO Box : 47676
Abu Dhabi
Tel : (971-2) 6224400
Fax : (971-2) 6225520
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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
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.47.59 |
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UK Pound |
1 |
Rs.74.55 |
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Euro |
1 |
Rs.60.57 |
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%)