MIRA INFORM REPORT

 

 

Report Date :

28.08.2013

 

IDENTIFICATION DETAILS

 

Name :

SITCO LLC

 

 

Registered Office :

Ruwi Main Street, PO Box: 557, Muscat 100

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

1983

 

 

Com. Reg. No.:

10170603

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Importers and traders of office automation and AV Solutions

 

 

No. of Employees :

45

 

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 – March, 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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

 

SUMMARY

 

Company Name                         : SITCO LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Start Date                                             : 1983

Registration Date                                   : 14th October 1996

Commercial Registration Number            : 10170603

Chamber Membership Number                : 763

Issued Capital                                        : RO 150,000

Paid up Capital                                      : RO 150,000

Total Workforce                                     : 45

Activities                                               : Importers and traders of office automation and AV Solutions

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

SITCO LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Ruwi Main Street

PO Box             : 557

Town                 : Muscat 100

Country             : Oman

 

Telephone         : (968) 24704582 / 24709582

Facsimile          : (968) 24709585

Mobile               : (968) 96909405

Email                : sitco1@omantel.net.om / vinil.prakash@sitcollc.com

 

Premises

 

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

 

Branch Office (s)

 

Location                                                                                  Description

 

PO Box: 2958                                                                            Rented showroom premises

Salalah 211

Tel: (968) 23292917

Fax: (968) 23297940

 

 

KEY PRINCIPALS

 

Name                                                   Nationality                   Position

 

Velayatha Jaya Prakash                            Indian                         Managing Director

 

Majid Sulaiman Hamood Al Kindi               Omani             Director

 

Vinil Jaya Prakash                                   Indian                         General Manager

 

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1983, however it was registered on 14th October 1996

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 10170603

 

Chamber Member No. : 763

 

Issued Capital              : RO 150,000

 

Paid up Capital            : RO 150,000

 

Name of Shareholder (s)

 

Velayatha Jaya Prakash

 

Majid Sulaiman Hamood Al Kindi

 

 

OPERATIONS

 

Activities: Engaged as importers and traders of office automation and AV Solutions. Subject’s products and services include the following:

 

     Office Automation

     -  Photocopiers

     -  Scanners

     -  Plotters

     -  Printers

     -  Copy Printers

     -  MFPs

     -  Gel Printers

     -  Fax

 

     Large Format

     -  Coding Solutions

     -  Industrial Inks

     -  Display Solutions

     -  Plotters http://www.sitcollc.com/large format.html

     -  Medias

 

     Business Machines

     -  Laminators

     -  Binders

     -  Shredders http://www.sitcollc.com/business machiness.html

     -  Card Printers

 

     AV Solutions

     -  Meeting Solutions

     -  Projectors

     -  OHPs

     -  Digital Boards

     -  Audio Solutions

     -  Projection Lifts http://www.sitcollc.com/av solutions.html

     -  Screens

 

     Professional Services

     -  Bill Printing Solutions

     -  Document Management Solutions

     -  Archiving Solutions

 

     Bureau Services

     -  Photocopying

     -  Scanning – up to A0

     -  Binding – all types

     -  Lamination

     -  Poster Printing

     -  CD Works http://www.sitcollc.com/beaure services.html

     -  Graphic Designing

 

Import Countries: India 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 31/12/11:              Year Ending 31/12/12:

 

Total Sales                                RO 2,700,000                            RO 3,000,000

 

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

 

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

 

 

BANKERS

 

Bank Muscat SAOG

Ruwi Main Branch

PO Box: 6326

Muscat

Tel: (968) 24561399 / 24708543

Fax: (968) 24561036

 

 

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.65.66

UK Pound

1

Rs.102.19

Euro

1

Rs.87.74

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.
 
 


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