MIRA INFORM REPORT

 

 

Report Date :

19.11.2012

 

IDENTIFICATION DETAILS

 

Name :

muscat STEEL INDUSTRIES Co llc

 

 

Registered Office :

Road No.4D, Rusayl Industrial Area, Po Box 1148, Azaiba 130

 

 

 

 

Country :

Oman

 

 

 

 

Date of Incorporation :

16.11.2011

 

 

 

 

Com. Reg. No.:

1/12760/6

 

 

 

 

Legal Form :

Limited Liability Company – LLC

 

 

 

 

Line of Business :

Manufacture of Steel Rebars from 8mm to 32mm.

 

 

 

 

No. of Employees :

200

 

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

New Business

 

--

 

Status :

New Business

 

 

Payment Behaviour :

Unknown

 

 

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

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Oman

A2

A2

 

Risk Category

ECGC Classification

 

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

 

 

SUMMARY

 

Company Name                         : MUSCAT STEEL INDUSTRIES CO LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 16th November 2011

Commercial Registration Number            : 1/12760/6

Chamber Membership Number                : 3035

Issued Capital                                        : RO 1,000,000

Paid up Capital                                      : RO 1,000,000

Total Workforce                         : 200

Activities                                               : Manufacturers of steel rebars.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

COMPANY NAME

 

MUSCAT STEEL INDUSTRIES CO LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Road No. 4D

Area                 : Rusayl Industrial Area

 

PO Box             : 1148, Azaiba 130

 

Town                 : Muscat

Country : Oman

 

Telephone         : (968) 24446938 / 24449243

Facsimile          : (968) 24446524

Mobile               : (968) 99833661

Email                : mohammed@muscatsteel.com / info@muscatsteel.com / muscatsteel@gmail.com

 

PREMISES

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                  Nationality                   Position

 

·       Mohamed Sulaiman Abdulazim Musabeh                                Jordanian                      Managing Director

 

·       Ghassan Sulaiman Abdulazim Musabeh                                 Jordanian                      Director

 

·       Sulaiman Abdulazim Musabeh                                               Jordanian                      Director

 

·       Juma Bin Juma Al Juma                                                        Omani                           Director

 

·       Maniklal D’Potta                                                                          -                             Chief Financial Officer

 

·       Sudhair Tomilla                                                                           -                             Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 16th November 2011

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/12760/6

 

Chamber Member No. : 3035

 

Issued Capital              : RO 1,000,000

 

Paid up Capital            : RO 1,000,000

 

Name of Shareholder (s)

 

·       Mohamed Sulaiman Abdulazim Musabeh

 

·       Ghassan Sulaiman Abdulazim Musabeh

 

·       Sulaiman Abdulazim Musabeh

 

·       Juma Bin Juma Al Juma

 

 

AFFILIATED COMPANIES

 

·       Muscat Steel Distribution LLC

Rusayl Industrial Area

Muscat

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of steel rebars from 8mm to 32mm.

 

Production Capacity: 150,000 MT per year.

 

Import Countries: Europe and the Far East.

 

Subject has a workforce of approximately 200 employees.

 

 

FINANCIAL DATA

 

Subject is a newly formed business and as a result financial information is not currently available.

 

 

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

 

In view of subject’s infancy, extensive payment and financial are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.99

UK Pound

1

Rs.87.21

Euro

1

Rs.70.22

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.