MIRA INFORM REPORT

 

 

Report Date :           

07.02.2012

 

IDENTIFICATION DETAILS

 

Name :

LARSEN & TOUBRO (OMAN) LLC

 

 

Registered Office :

Main Street, P O Box 598, Ruwi 112, Muscat

 

 

Country :

Oman

 

 

Financials (as on) :

 31.12.2011

 

 

Date of Incorporation :

29.01.1994

 

 

Com. Reg. No.:

1/40304/4

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Providers of construction and project management services

 

 

No. of Employees :

150

 

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$ 4,000,000

 

 

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                                     : LARSEN & TOUBRO (OMAN) LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 29th January 1994

Commercial Registration Number                        : 1/40304/4

Chamber Membership Number                : 776

Issued Capital                                        : RO 1,457,144

Paid up Capital                                      : RO 1,457,144

Total Workforce                                     : 150

Activities                                               : Providers of construction and project management services.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 4,000,000

Person Interviewed                                 : Satish Narnjan, Finance Manager

 

COMPANY NAME

 

LARSEN & TOUBRO (OMAN) LLC

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Main Street

PO Box            : 598, Ruwi 112

Town                : Muscat

Country             : Sultanate of Oman

Telephone         : (968) 24797445 / 24797466 / 24762200 / 24762202 / 24762203 / 24797029

Facsimile          : (968) 24797024

Email                : itofin@omantel.net.om

 

Premises

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

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Hussam Bin Mohamed Al Zubair                                                         Managing Director

 

·       Rashad Bin Mohamed Al Zubair                                                          Director

 

·       P R Surindhra Babu                                                                           Chief Executive Officer

 

·       M V Satish                                                                                       General Manager

 

·       S Lahshan                                                                                        Procurement Manager

 

·       S Srindhar                                                                                        Chief Financial Officer

 

·       Satish Narnjan                                                                                  Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 29th January 1994

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/40304/4

 

Chamber Member No. : 776

 

Issued Capital              : RO 1,457,144

 

Paid up Capital            : RO 1,457,144

 

Name of Shareholder (s)                                                     Percentage

 

·       Larsen & Toubro International FZE                                          65%

Sharjah

United Arab Emirates

 

·       Muscat Trading Co LLC                                                         35%

Muscat

 

 

OPERATIONS

 

Activities: Engaged in the provision of construction and project management services for high rise buildings and
                 factories, roads, bridges, airports, industrial electrification and transmission lines, energy and
                 petrochemicals, minerals, metals and bulk materials, oil, gas and fertilizers.

 

In November 2011, subject won two orders worth Rs 875 crore from the Muscat Municipality and Ministry of Transport and Communication of the Sultanate of Oman. The orders are for the construction of two road projects on the Wadi Kabir-Darsait road and Mahlah Ghubbrat al Tam-Ismaiyah road.

 

Import Countries: Europe and the United States of America.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 150 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 140,364,000                      RO 160,000,000

 

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

 

The above figures were provided by Mr Satish Narnjan, Finance Manager

 

 

BANKERS

 

·       Commercial Bank of Oman SAOG

Muttrah Business District

PO Box: 1696, Ruwi 112

Muscat

Tel: (968) 24793225 / 24793226 / 24793228

     Fax: (968) 24793229

 

 

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.48.68

UK Pound

1

Rs.76.75

Euro

1

Rs.63.57

 

 

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.