MIRA INFORM REPORT

 

 

Report Date :

02.06.2011

 

IDENTIFICATION DETAILS

 

Name :

STERLING INTERNATIONAL TRADING & ENGINEERING SERVICES LLC 

 

 

Registered Office :

Sterling International Building, Azaiba Industrial Area, Near Ghala Holiday Inn, P.O. Box 1820 Azaiba 130,  Muscat

 

 

Country :

Oman

 

 

Date of Incorporation :

16.04.2005

 

 

Com. Reg. No.:

1787055

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Importers, wholesalers and distributors of building materials, tools, hardware, plumbing products, sanitary ware and construction materials

 

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 :

RO 110,000

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

 

 

Company NAME

 

Sterling International Trading & Engineering Services LLC

 

 

company ADDRESS

 

Building             :  Sterling International Building

Area                 :  Azaiba Industrial Area, Near Ghala Holiday Inn

P.O. Box           :  1820 Azaiba 130

Town                 :  Muscat

Country             :  Oman, Sultanate of

Telephone         :  (968) 2459 0596 / Mobiles (968) 993 63580 / (968) 9989 9048(Rika Sreekath) / 9965 5405

(Mohammed Hassan)   

Fax                   :  (968) 2459 0530

E-Mail               :  sites@omantel.net.om

 

Also Known As :  Sterling International Trad & Eng Services LLC

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                Position

 

1. Abdullah Al Balushi                                        Chairman

 

2. Ahmed K. Mohammed                        Managing Director

 

3. Mohammed Hassan                           Financial Manager

 

4. Qais Al Zadjali                                    Administrative Manager

 

5. Rika Sreekath                                    Sales Coordinator 

 

Total Employees : 120

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

We consider it is acceptable to deal with subject for MEDIUM amounts.

 

Opinion on maximum credit : RO 110,000

 

Trade risk assessment : Normal

PRINCIPAL BANKERS

 

NAME               : BANK MUSCAT (SOAG)

Branch              : Main Branch

Street               : Al Burj Street, Muttrah Commercial District 1073

PO Box             : 134

Town                 : Ruwi 112

Telephone         : (968) 2470 3044 / 2478 8638 / 2470 8653

Fax                   : (968) 2478 9886 / 2478 8638

 

The company also has an account with :

 

HSBC Bank Middle East

Main Branch

PO Box 240

Muscat 112

Telephone: (968) 2479 9920

Fax      : (968) 2470 4241

 

 

FINANCIAL INFORMATION

 

Private companies in Oman are not required to publish or disclose

balance sheets. However, the subject interviewed offered

the following information :

 

Sales Turnover         : RO   700,000 - 2005 - exact *

                    : RO 2,500,000 - 2006 - exact

                    : RO 3,500,000 - 2007 - exact

                    : RO 4,000,000 - 2008 - exact

                    : RO 5,200,000 - 2009 – exact

                    : RO 5,500,000 – 2010 – exact **

                  

Net Profit                  : RO    40,000 - 2005 - exact *

                    : RO   240,000 - 2006 - exact

                    : RO   300,000 - 2007 - exact

                    : RO   400,000 - 2008 - exact

                    : RO   600,000 - 2009 - exact

 

* First six months in operations, period ended 31 December 2005.

 

** 9 months results (January-September).

 

Financial year ends 31 December.

LEGAL STATUS AND HISTORY

 

Date Started : 16 April 2005

 

History : Subject was established in Oman on 16 April 2005 and

          started trading in July 2005 with the following

          shareholders : Said Abdullah Bin Majid Bin Salman Al

          Balushi, Rashid Buksh Al Balushi, Mustafa Abdullah Bin

          Majid Bin Salman Al Balushi and Ali Rashid Al Balushi.

          Subject was established on the basis of Al Majid Trading

          And Contracting which was established in 1985. In February

          2008 subject's shareholding structure changed to the

          present.

 

C.R. No. : 1787055 (expiry date : 15 April 2011)

 

Chamber of Commerce Membership No. : 5205 (issued on 27 April 2005)

 

Authorised Capital : RO 200,000

 

Paid up Capital : RO 200,000

 

Limited Liability Company with the following shareholders :

  

                                                                                                            Percentage

 

1. Said Abdullah Bin Majid Bin Salman Al Balushi                                    60%             

  (Omani national)

 

2. Mustafa Abdullah Bin Majid Bin Salman Al Balushi                   20%

  (brother of the above)

 

3. Ahmed K. Mohammed                                                            20%    

  (Indian national)

 

Affiliated companies of Sterling International Trading & Engineering Services LLC :

 

Associates

 

Former affiliated company of Sterling International Trading &

Engineering Services LLC :

 

Al Majid Trading And Contracting

Bldg No 145, 1st Floor

Hamriya Street

Near Al Khamis Shoes, Hamriya

PO Box 617

Seeb 121

Oman

Telephone: (968) 2483 7323

Fax      : (968) 2483 2930

C.R. No. : 1/00944/3

Owner : Abdullah Bin Majid Bin Salman Al Balushi.

(established in 1985 and ceased trading in April 2005; its operations

were taking over by the subject company).

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Importers, wholesalers and distributors of building materials, tools,

hardware, plumbing products, sanitary ware and construction

materials.

 

Civil and electromechanical contractors.

 

Imports from Germany, UK, Brazil, China and India.

 

Subject does not export, all sales are domestic.

 

 

FACILITIES

 

The Company has the following facilities :

 

Rented premises comprising administrative offices and a retail outlet

with warehousing facilities located at the heading address as well as

four branch offices located elsewhere in Oman (see Branch Offices

section).

 

Subject previously used P.O. Box 617, Seeb 121.

 

 

BRANCH OFFICES

 

1. Nizwa

   Telephone: (968) 2543 1220

 

2. Salalah

   Telephone: (968) 2320 1921

 

3. Sohar

   Telephone: (968) 2670 8624

 

4. Sur

   Telephone: (968) 2554 2516

 

SPECIAL NOTE

 

Interviewed : Mohammed Hassan (Financial Manager)

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.89

UK Pound

1

Rs.73.85

Euro

1

Rs.64.76

 

 

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.