MIRA INFORM REPORT

Report Date :

04.04.2012

IDENTIFICATION DETAILS

Name :	OMAN MECHANICAL SERVICES COMPANY LLC (OMSC)

Registered Office :	Way No. 6606, Plot No. 34, Street No. 66, Ghala Industrial Area, P O Box 1199, Muscat 112

Country :	Oman

Financials (as on) :	31.12.2011

Date of Incorporation :	01.04.1978

Com. Reg. No.:	1/06592/0, Muscat

Legal Form :	Limited Liability Company

Line of Business :	Distributors of a range of equipment, spare parts and supplies

No. of Employees :	54

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	US$ 700,000
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 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Oman

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SUMMARY

Company Name : OMAN MECHANICAL SERVICES COMPANY LLC (OMSC)

Country of Origin : Oman

Legal Form : Limited Liability Company – LLC

Registration Date : 1^st April 1978

Commercial Registration Number : 1/06592/0, Muscat

Chamber Membership Number : 533

Issued Capital : RO 300,000

Paid up Capital : RO 300,000

Total Workforce : 54

Activities : Distributors of a range of equipment, spare parts and supplies.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Recommended Credit Limit : US$ 700,000

COMPANY NAME

OMAN MECHANICAL SERVICES COMPANY LLC (OMSC)

company ADDRESS

Registered & Physical Address

Location : Way No. 6606, Plot No. 34

Street : Street No. 66

Area : Ghala Industrial Area

PO Box : 1199

Town : Muscat 112

Country : Sultanate of Oman

Telephone : (968) 24502820 / 24504648 / 24505935

Facsimile : (968) 24592235

Email : omsc@omzest.com

Premises

Subject operates from a medium sized suite of offices and a warehouse that are owned and located in the Industrial Area of Muscat.

KEY PRINCIPALS

Name Position

· Arun Kumar Vyaz General Manager

· Fareed Dastoor Business Development Manager

· B D Raja Pura Finance Manager

· Suni Banwal Sales Manager

LEGAL FORM & OWNERS

Date of Establishment : 1^st April 1978

Legal Form : Limited Liability Company – LLC

Commercial Reg. No. : 1/06592/0, Muscat

Chamber Member No. : 533

Issued Capital : RO 300,000

Paid up Capital : RO 300,000

Name of Shareholder (s)

· Zawawi Trading Company LLC

Zawawi Building

Qaboos Street

Wattayeh

Muscat

Tel: (968) 24602077

· Dr Omar Abdul Moniem Al Zawawi

AFFILIATED COMPANIES

Subject belongs to the Omzest group of companies, which contains the following concerns:

· Al Khuwair Development & Services Co SAOG

· Modern Exchange LLC

· Muscat Finance Co Ltd (SAOG)

· Muscat Insurance Company SAOC

· Muscat Life Assurance Company SAOC

· Muscat National Holding Company SAOG

· Oman International Bank SAOG

· Oman Securities' Portfolio Co SAOG

· Omzest Investment Division

· Personal Investments

· Personal Real Estate Department

· United Business & Investment Co

· Wilayat Holding Co

· Wipro Holding Co

· Mideast Integrated Drilling & Well Services

· National Telephone Services Co LLC

· Qurum Contractors LLC

· Al Amal Industries Co (SAOG)

· Al Wardha Footwear & Leather Products Company

· Amiantit Oman SAOC

· Areej Vegetable Oils & Derivatives SAOG

· Bausher Chemicals SAOG

· Decorative Glass Manufacturing LLC

· Jyoti Sohar Switchgear LLC

· Keemya Oman SAOG

· Modern Poultry Farms Company SAOG

· National Heaters Industries Co LLC

· National Telephone Services Co LLC

· Oman Agriculture Development Company SAOG

· Oman Fiber Optic Co SAOG

· Oman Textile Mills Co SAOG

· Oman Water Pumps Mfg Co SAOG

· Oman Water Treatment

· Omani Marble Company LLC

· Protein Products International LLC

· Reem Batteries & Power Appliances Co SAOG

· Riyam Investment & Trading Est LLC

· Sadolin Paints (Oman) Ltd

· The National Detergent Company SAOG

· Advertising International Company SAOC

· Al-Rimah Medical Centre LLC

· Circle Freight International (Oman)

· Gulf of Oman Services

· Gulf Seagull Co

· Impact Films LLC

· Maersk Shipping Services & Co LLC

· Mezoon Travel LLC

· Muscat Contract Cleaning & Maintenance LLC

· Riyam Computer Services LLC

· Waleed Catering & Services Co LLC (WACASCO)

· YBA Kanoo (Oman)

· Areej Business Systems Co LLC

· Bishara Establishment LLC

· General Electronics & Trading Co

· Medical & Scientific Supplies LLC

· Muscat Cold Stores LLC

· National Oilfield Supply Co LLC

· Office Supplies Co LLC

· Oman Services & Supply Organisation

· Omzest Beijing

· Omzest Business Division

· Reem Scientific & Energy Technologies & Trade LLC

· Riyam Engineering & Services LLC

· Riyam Marketing & Services Co LLC

· Waleed Communications Co (WACOM) Ltd

· Waleed Pharmacy LLC

· Waljat Modern Technology

· Zawawi Business Machines LLC

OPERATIONS

Activities: Subject is actively involved in power, oil, gas and water related activities, importing and distributing a range

of equipment, spare parts and supplies such as lubricants, construction and cleaning chemicals, adhesives, automotive batteries, forklifts, diesel engines, lighting fixtures, switchboards and motor controls, steel nails, gypsum screws, and shur tapes

Subject are agents and distributors for; Suzuki, Rolls Royce Diesel, Perkins Engines, Hyster Europe, Euclid, General Electric, Mobil, Mitsubishi, Falcon Chemicals, Reem Batteries, Terraco, Cyclo, Henkel Adhesives, Himoinsa and Rade Koncar.

Import Countries: Japan, United States of America, United Kingdom, The Netherlands and South Korea

Operating Trend: Steady

Subject has a workforce of 54 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: Riyal Omani (RO)

Year Ending 31/12/10: Year Ending 31/12/11:

Total Sales RO 7,000,000 RO 7,650,000

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

The above financial figures are based on estimations by our local sources.

BANKERS

· HSBC Bank Middle East

Ruwi Branch

PO Box: 3240

Muscat

Tel: (968) 24799920

· Bank Muscat SAOG

Ruwi Main Branch

PO Box: 6326

Muscat

Tel: (968) 24561399 / 24708543

Fax: (968) 24561036

· Oman International Bank

Al Jaame Street

PO Box: 4216

Muscat

Tel: (968) 24703614 / 24707328 / 24793450

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Established in 1978, Oman Mechanical Services Company LLC (OMSC) has made good progress in the local market. It represents a host of well known international organisations and stocks a huge range of equipment, spare parts and supplies for use in the power, oil, gas and water industry sectors.

Subject belongs to the Omzest group of companies, a very large and well-known group, which contains some of the leading Omani companies.

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.56
UK Pound	1	Rs.81.05
Euro	1	Rs.67.49

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.