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Report Date : |
25.04.2013 |
IDENTIFICATION DETAILS
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Name : |
TECHNOWAVE SYSTEMS & SOLUTIONS LLC |
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Registered Office : |
Kom 3 Building, Office No. 3005, Rusayl Aremain Street, P O Box 227,
Rusayl 124 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
25.11.2006 |
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Com. Reg. No.: |
1/00905/8 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Distribution
and maintenance of computers and software |
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No. of Employees : |
09 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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
|
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.
However, increases in social welfare benefits, particularly since the Arab
Spring, will challenge the government's ability to effectively balance its
budget if oil revenues decline. 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. In 2012,
continued surpluses resulting from sustained high oil prices and increased
enhanced oil recovery allowed the government to maintain growth in social
subsidies and public sector job creation. However, the Sultan made widely
reported statements indicating this would not be sustainable, and called for
expanded efforts to support SME development and entrepreneurship. Government
agencies and large oligarchic group companies heeded his call, announcing new
initiatives to spin off non-essential functions to entrepreneurs, incubate new
businesses, train and mentor up and coming business people, and provide
financing for start-ups. In response to fast growth in household indebtedness,
the Central Bank reduced the ceiling on personal interest loans from 8 to 7%,
lowered mortgage rates, capped the percentage of consumer loans at 50% of
borrower's salaries for personal loans and 60% for housing loans, and limited
maximum repayment terms to 10 and 25 years respectively. In 2012 the Central
Bank also issued final regulations governing Islamic banking and two
full-fledged Islamic banks held oversubscribed IPOs while four traditional
banks opened sharia-compliant Islamic windows.
|
Source : CIA |
Company
Name : TECHNOWAVE
SYSTEMS AND SOLUTIONS LLC
Country of
Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration
Date :
25th November 2006
Commercial
Registration Number : 1/00905/8
Issued
Capital :
RO 20,000
Paid up
Capital :
RO 20,000
Total
Workforce :
9
Activities :
Distribution and maintenance of computers and software.
Financial
Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating
Trend : Steady
Person
Interviewed :
Anthony Rajev, Finance Manager
TECHNOWAVE SYSTEMS AND SOLUTIONS LLC
Registered & Physical Address
Building : Kom 3
Building, Office No. 3005
Street : Rusayl
Aremain Street
PO Box : 227
Town : Rusayl 124
Country : Oman
Telephone : (968) 24152160
/ 24152161
Facsimile : (968) 24152162
/ 24152161
Email : salesoman@technogroup.com / salesoman@technowavegroup.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Rusayl.
Name Nationality Position
·
Nainan Kurian Indian Managing
Director
·
Tamim Al Mahrooqi Omani Director
·
Philip M Jose - General
Manager
·
T V Anish - Technical
Manager
·
Abraham Varghese - Sales
Manager
·
Anthony Rajev - Finance
Manager
Date of Establishment : 25th
November 2006
Legal Form : Limited Liability Company – LLC
Commercial Reg. No. : 1/00905/8
Issued Capital : RO 20,000
Paid up Capital : RO 20,000
Name of
Shareholder (s) Percentage
·
Tamim Al Mahrooqi 51%
·
Nainan Kurian 49%
·
Technowave International
LLC
Dubai
Activities: Engaged in the import, distribution
and maintenance of computers and software.
Import Countries: Europe and the Far
East
Operating Trend: Steady
Subject has a workforce of 9 employees.
Financial highlights provided by local sources are given below:
Currency: Riyal Omani (RO)
Year Ending 31/12/11: Year Ending 31/12/12:
Total Sales RO 285,000 RO 300,068
Local sources consider
subject’s financial condition to be Fair.
The above figures were
provided by Mr Anthony Rajev, Finance Manager
·
Oman Arab Bank
Muttrah
Business District
PO Box:
2010, Ruwi 112
Muscat
Tel: (968)
24700161 / 24706265 / 24706267
Fax: (968)
24797736
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.
The above credit figure is higher than transactions previously seen and
a measure of caution would be prudent given the magnitude of the transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.30 |
|
UK Pound |
1 |
Rs.82.88 |
|
Euro |
1 |
Rs.70.80 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.