MIRA INFORM REPORT

 

 

Report Date :

15.04.2013

 

IDENTIFICATION DETAILS

 

Name :

SINO GULF ENERGY LLC

 

 

Registered Office :

Street No. 33, Al Khuwair, P O Box 786, Mina Al Fahal 116, Muscat

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

21.09.2005

 

 

Com. Reg. No.:

1/80606/1

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Distributors of drilling equipment and well engineering products

 

 

No. of Employees :

35

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

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                                     : SINO GULF ENERGY LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 21st September 2005

Commercial Registration Number            : 1/80606/1

Chamber Membership Number                : 5438/1

Issued Capital                                        : RO 150,000

Paid up Capital                                      : RO 150,000

Total Workforce                                     : 35

Activities                                               : Distributors of drilling equipment and well engineering products

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Vikas Bajaj, Supply Chain Manager

 

 

 

COMPANY NAME

 

SINO GULF ENERGY LLC

 

 

Company ADDRESS

 

Registered & Physical Address

Street               : Street No. 33

Area                 : Al Khuwair

PO Box             : 786, Mina Al Fahal 116

Town                 : Muscat

Country             : Oman

Telephone         : (968) 24390800 / 24693116

Facsimile          : (968) 24693036

Mobile               : (968) 99834345 / 99896198

Email                : info@gulfenergy-int.com / vbajaj@gulfenergy-int.com

 

Premises

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

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       Mohamed Bin Yousef Bin Alawi Bin Ibrahim                                         Managing Director

·       Hilal Bin Hamad Bin Said Al Busaidi                                                   Director

·       Ahmed Bin Salem Bin Ahmed Al Barami                                             Director

·       Yasser Bin Saeed Bin Ahmed Al Barami                                             Director

·       Vikas Bajaj                                                                                       Supply Chain Manager

·       Veno Goplan                                                                         Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 21st September 2005

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/80606/1

 

Chamber Member No. : 5438/1

 

Issued Capital              : RO 150,000

 

Paid up Capital            : RO 150,000

 

Name of Shareholder (s)                                             

·       Gulf Energy Corporation LLC

Oman

·       Sino Petroleum Technology and Development

China

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of drilling equipment and well engineering products, including

     hydraulic tools, drill pipes and drill string. Subject also offers workshop machining, oil and gas well

     machining, thread machining and maintenance services.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 35 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Riyal Omani (RO)

 

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

 

Total Revenue                            RO 2,210,000                            RO 2,600,000

 

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

 

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

 

 

BANKERS

 

·       Oman Arab Bank

     Muttrah Business District

     PO Box: 2010, Ruwi 112

     Muscat

     Tel: (968) 24700161 / 24706265 / 24706267

       Fax: (968) 24797736

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.44

UK Pound

1

Rs.83.78

Euro

1

Rs.71.33

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.