MIRA
INFORM REPORT
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Report Date : |
12.02.2012 |
IDENTIFICATION DETAILS
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Name : |
GULF TECH
ELECTRIC CO LTD |
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Registered Office : |
Al Nahda Street,
2348, Salalah 211 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
29.10.2006 |
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Com. Reg. No.: |
1/00733/9 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Distribution for
electrical products, cable and switches |
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No. of Employees : |
45 Employees |
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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Maximum Credit Limit : |
US$ 150,000 |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 |
SUMMARY
Company Name : GULF TECH ELECTRIC CO LTD
Country of Origin : Oman
Legal Form : Limited
Liability Company – LLC
Registration Date : 29th
October 2006
Commercial
Registration Number : 1/00733/9
Issued Capital : RO
150,000
Paid up Capital : RO
150,000
Total Workforce : 45
Activities :
Distribution for electrical products, cable and switches.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit
Limit : US$ 150,000
COMPANY NAME
GULF TECH ELECTRIC
CO LTD
ADDRESS
Registered & Physical Address
Location : Al Nahda Street
PO Box : 2348
Town : Salalah 211
Country : Oman
Telephone : (968) 23291818
Mobile : (968) 96782574 / 99488568
Email : gm@gulftechoman.com / gulftechsll@gmail.com
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Central Business Area of Salalah.
KEY PRINCIPALS
Name Nationality Position
·
Salem
Mohamed Al Kofan Omani Managing Director
·
Abdulrazzaq
Budiya Purail Indian Director
·
Mohamed
Sadiq - General
Manager
·
P K
Abdul Khader - Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 29th
October 2006
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/00733/9
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of Shareholder (s)
·
Salem
Mohamed Al Kofan
·
Abdulrazzaq
Budiya Purail
OPERATIONS
Activities: Engaged in the import and distribution for
electrical products, cable and switches. Subject also operates as electric and
electromechanical contractors.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 45 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 3,285,000 RO 3,510,000
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
Muttrah Business District
PO Box: 240, Ruwi 112
Muscat
Tel: (968) 24700810 / 24799920 / 24799927
Fax: (968) 24704241
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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.49.64 |
|
|
1 |
Rs.78.35 |
|
Euro |
1 |
Rs.65.79 |
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 |
|
<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.