MIRA INFORM REPORT

 

 

Report Date :           

14.12.2011

 

IDENTIFICATION DETAILS

 

Name :

SULTAN CENTRE LLC

 

 

Registered Office :

Al Harthy Complex, Building No. 826, Qurum, P O Box 327 & 808, Muscat 118

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

01.04.1996

 

 

Com. Reg. No.:

1/51991/3

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Operators of a shopping centre

 

 

No. of Employees :

700

 

RATING & COMMENTS

           

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 2,500,000

 

 

Status :

Good

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Oman

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : SULTAN CENTRE LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 1st April 1996

Commercial Registration Number            : 1/51991/3

Chamber Membership Number                : 876

Issued Capital                                        : RO 8,000,000

Paid up Capital                                      : RO 8,000,000

Total Workforce                                     : 700

Activities                                               : Operators of a shopping centre.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 2,500,000

Person Interviewed                                 : Sayed Haroon Asrar, Finance Manager

 

COMPANY NAME

 

SULTAN CENTRE LLC

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Al Harthy Complex, Building No. 826

Area                 : Qurum

PO Box             : 327 & 808

Town                 : Muscat 118

Country             : Oman

Telephone         : (968) 24568913 / 24567666 / 24568803 / 24568802

Facsimile          : (968) 24568803 / 24568813

Email                : info@tscoman.com

 

Premises

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Muscat.

 

Branch Offices

 

     Location                                                                                          Distribution

 

·       Azaiba                                                                                             Office premises

Tel: (968) 24494311

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Jameel Ali Sultan                                                                              Managing Director

 

·       Fawaz Diyab                                                                         General Manager

 

·       Sayed Haroon Asrar                                                                          Finance Manager

 

·       Dana Jadaa                                                                                      Marketing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st April 1996

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/51991/3

 

Chamber Member No. : 876

 

Issued Capital              : RO 8,000,000

 

Paid up Capital            : RO 8,000,000

 

Name of Shareholder (s)                                                                             Percentage

 

·       Sultan Centre Trading & General Contracting Company WLL                             100%

     Sultan Bin Essa Complex, Building 15, Block 1

     Street 7, Area 19

     PO Box: 26567

     Safat 13126

     Tel: (965) 4343155 / 4310494 / 4341884

     Fax: (965) 4319071 / 4322842

 

 

OPERATIONS

 

Activities: Engaged as operators of a shopping centre that contains a number of retail outlets dealing in household products, readymade garments, toys and foodstuffs.

 

 Subject also operates restaurants under the name Jeans Grill.

 

Subject now has a total of 9 stores operating in Oman. The first full-service store opened in the city of Muscat in May 1999, which has become one of the largest retail stores operating in the country. The site also features an in-store restaurant, Jeans Grill which serves a wide variety of cuisine from local dishes to international favourites.

 

There are two wholesale centres based in Al-Khoud and Al Amerat. The wholesale centre focal point is  providing basic value products at low market prices in a clean shopping environment.

 

The discount centre offers a completely new shopping concept for consumers in Oman. There are currently five discount centres open in the towns of Samail, Nizwa, Rustaq, Quriyat and Al-Mawaleh.

 

Import Countries: Europe and the United States of America.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 700 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Riyal Omani (RO)

 

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

 

Total Sales                                RO 38,600,000                          RO 43,000,000

 

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

 

The above figures were provided by Mr Sayed Haroon Asrar, Finance Manager

 

 

BANKERS

 

·       Bank Dhofar Al Omani Al Fransi

Mutrah Business District

PO Box: 1507, Ruwi 112

Muscat

Tel: (968) 24790466

Fax: (968) 24797246

 

 

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 deemed admissible.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.40

UK Pound

1

Rs.83.32

Euro

1

Rs.70.44

 

 

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.