MIRA INFORM REPORT

 

 

Report Date :           

10.08.2011

 

IDENTIFICATION DETAILS

 

Name :

UNITED ENGINEERING SERVICES LLC

 

 

Registered Office :

Azaiba Industrial Estate, Way No. 5007, Area Complex 250, Building No. 673, P O Box 2638 & 2729 & 790, Azaiba

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

01.02.1979

 

 

Com. Reg. No.:

1/08681/2

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Distributors of drilling equipment and supplies, engineering machinery and related equipment

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 2,500,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Oman

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

SUMMARY

 

Company Name                                     : UNITED ENGINEERING SERVICES LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 1st February 1979

Commercial Registration Number            : 1/08681/2

Chamber Membership Number                : 200

Issued Capital                                        : RO 6,000,000

Paid up Capital                                      : RO 6,000,000

Total Workforce                                     : 480

Activities                                               : Distributors of drilling equipment and supplies, engineering machinery

and related equipment.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 2,500,000

Person Interviewed                                 : M Naraya, Commercial Manager

 

COMPANY NAME

 

UNITED ENGINEERING SERVICES LLC

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Azaiba Industrial Estate, Way No. 5007, Area Complex 250, Building No. 673

PO Box             : 2638 & 2729 & 790

Town                 : Azaiba

Country             : Sultanate of Oman

Telephone         : (968) 24592320

Facsimile          : (968) 24592065

Email                : ues@uesoman.com / 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 Azaiba.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Qurum Plaza Building, No. 108                                                           Office premises

Al Walag Street

Qurum

PO Box: 2729

Seeb 111

Tel: (968) 24561850

Fax: (968) 24562083

 

·       Nizwa                                                                                               Office premises

 

·       Rusayl                                                                                             Office premises

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·         Mohamed Barwani                                                                           Chairman

 

·         Osama Mohamed Barwani                                                                Managing Director

 

·         Neville Storey                                                                                  Chief Executive Officer

 

·         Shuaib Kassan                                                                                General Manager

 

·         Bala Krishnan                                                                                  Finance Manager

 

·         M Naraya                                                                                        Commercial Manager

 

·         Mohamed Al Zajali                                                                           Sales Manager

 

·         Hamood Al Rawahy                                                                          Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st February 1979

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/08681/2

 

Chamber Member No. : 200

 

Issued Capital              : RO 6,000,000

 

Paid up Capital            : RO 6,000,000

 

Name of Shareholder (s)                                               Percentage

 

·       MB Holding Company LLC                                             100%

Muscat

Oman

 

 

AFFILIATED COMPANIES

 

·       Smith International LLC

Muscat

 

·       Cameron Services Middle East

Muscat

 

 

OPERATIONS

 

Activities: 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. Subject’s full range of services includes:

 

-  API Oilfield and General Machine Shops (incorporating premium thread connections such as VAM,  

   NSPT and NKK)

-  Mechanical Design (pressure vessels, heat exchangers, tanks and structures)

-  Welding and Site Services (Fabrication and repair of pressure vessels, tanks, chemical injection skids

   and other oilfield equipment)

-  Refinery shutdown support services

-  Surface Preparation and Coating

-  Scaffolding, Blasting, Insulation and Painting Contracting Service

-  Instrumentation and Calibration

-  Electric Motor and Generator Rewind Services

-  Rental of Drilling Equipment, Tools, Milling and Fishing Services

-  Licensed Repair Facility for Oilfield Equipment (tools & tubulars)

-  Refractory services

 

                  The company holds ISO 9001:2000 certification.

 

Import Countries: France, Italy and Germany.

 

Customers:

 

·       Petroleum Development of Oman (PDO)

·       Oman Refinery Company

·       Oman LNG

·       Occidental of Oman

·       Shell Oman

·       Halliburton

·       Galfar Engineering & Contracting Company

·       Schlumberger

·       Dodsal & Co

·       Weatherfold

·       Al Turki Enterprises

·       Cameron Services

·       Daleel Petroleum

·       Dalma Energy

·       Shivani Drilling

·       MIDWESCO

·       PTTEP

·       Deautag

·       Thomassen

·       Hitachi Zosen

·       Great Wall Drilling

 

Operating Trend: Steady

 

Subject has a workforce of approximately 480 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United States Dollars (US$)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                US$ 82,600,000             US$ 87,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr M Naraya, Commercial Manager

 

 

BANKERS

 

·       National Bank of Oman Ltd (SAOG)

PO Box: 916

Muscat 113

Tel: (968) 24737837 / 24740595

Fax: (968) 24737836

    

·       British Bank of the Middle East

PO Box: 240

Muscat

Tel: (968) 24799920

Fax: (968) 24704241

 

 

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.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.17

UK Pound

1

Rs.73.72

Euro

1

Rs.64.26

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.