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Report Date : |
24.12.2012 |
IDENTIFICATION DETAILS
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Name : |
LOCAL LINE LLC |
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Registered Office : |
Building No. 63, Block 48 Way No. 71, Al Masarat Street Al Mabailah
South PO Box 690 Muscat 116 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
23.05.2004 |
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Com. Reg. No.: |
1/75655/9, Muscat |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Distributors of drilling chemicals, emulsifiers, corrosion inhibitors, drilling mud deformers, polymers and bulk products |
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No. of Employees : |
12 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Oman |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
OMAN - ECONOMIC OVERVIEW
Oman is a middle-income
economy that is heavily dependent on dwindling oil resources. Because of
declining reserves and a rapidly growing labor force, Muscat has actively pursued
a development plan that focuses on diversification, industrialization, and
privatization, with the objective of reducing the oil sector's contribution to
GDP to 9% by 2020 and creating more jobs to employ the rising numbers of Omanis
entering the workforce. Tourism and gas-based industries are key components of
the government's diversification strategy. By using enhanced oil recovery
techniques, Oman succeeded in increasing oil production, giving the country
more time to diversify, and the increase in global oil prices through 2011
provided the government greater financial resources to invest in non-oil
sectors.
Source
: CIA
Company Name : LOCAL LINE LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 23rd May 2004
Commercial Registration Number : 1/75655/9, Muscat
Chamber Membership Number : 11169
Issued Capital : RO 100,000
Paid up Capital : RO 100,000
Total Workforce : 12
Activities : Distributors of drilling chemicals, emulsifiers, corrosion inhibitors, drilling
mud deformers, polymers and bulk products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
LOCAL LINE LLC
Building : Building No.
63, Block 48
Street : Way No. 71,
Al Masarat Street
Area : Al Mabailah
South
PO Box : 690
Town : Muscat 116
Country : Oman
Telephone : (968) 24450716
Facsimile : (968) 24450723
Email : info@locallineoman.com
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Muscat.
Name Nationality Position
· Khalid Mohamed Al
Salehi Omani Managing
Director
· Saleem Zaher Al
Ismaili Omani Director
· Zaher Ayoub Al
Hadidi Omani Director
· Said Saif Ali Al
Muqbali Omani Director
Date of
Establishment : 23rd
May 2004
Legal Form : Limited Liability Company
– LLC
Commercial Reg.
No. : 1/75655/9, Muscat
Chamber Member No. : 11169
Issued Capital : RO 100,000
Paid up Capital : RO 100,000
· Khalid Mohamed Al
Salehi
· Saleem Zaher Al
Ismaili
· Zaher Ayoub Al
Hadidi
· Said Saif Ali Al
Muqbali
Activities: Engaged in the import and distribution of drilling chemicals,
emulsifiers, corrosion inhibitors, drilling mud
deformers, polymers and bulk products.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 12 employees.
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
1,680,000 RO
1,900,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
HSBC Bank Middle East
Muttrah Business
District
PO Box: 240, Ruwi
112
Muscat
Tel: (968) 24700810
/ 24799920 / 24799927
Fax: (968)
24704241
No complaints regarding subject’s payments have been reported.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.08 |
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1 |
Rs.89.53 |
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Euro |
1 |
Rs.72.77 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.