|
Report Date : |
13.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
UNITED METAL GALVANIZING SERVICES LLC (UMGS) |
|
|
|
|
Registered Office : |
Road No. 20,
Rusayl Industrial Area, P O Box 166, Rusayl 124 |
|
|
|
|
Country : |
Oman |
|
|
|
|
Date of Incorporation : |
12.11.2008 |
|
|
|
|
Com. Reg. No.: |
1/05757/8 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Galvanising of metals |
|
|
|
|
No. of Employees : |
65 |
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 |
Company Name : UNITED METAL GALVANIZING SERVICES LLC (UMGS)
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 12th November 2008
Commercial Registration Number : 1/05757/8
Chamber Membership Number : 9730/1
Issued Capital : RO 100,000
Paid up Capital : RO 100,000
Total Workforce : 65
Activities : Galvanising of metals
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Masood Mohamed, Human Resources Manager
UNITED METAL
GALVANIZING SERVICES LLC (UMGS)
Registered &
Physical Address
Street : Road No. 20
Area : Rusayl Industrial Area
PO Box : 166
Town : Rusayl 124
Country : Oman
Telephone : (968) 24449220 / 24449221
Facsimile : (968) 24449223
Mobile : (968) 93211527 / 95817179 /
99469229
Email : thaliphungs@gmail.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Industrial Area of Rusayl.
Name Position
·
Ali
Mohamed Saeed Al Farsi Managing
Director
·
Moza
Khamis Saleem Al Qilani Director
·
Preshit
Chakale Finance Manager
·
Rao
Ganesh Shah Production
Manager
·
Masood
Mohamed Human
Resources Manager
Date of Establishment : 12th
November 2008
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/05757/8
Chamber Member No. : 9730/1
Issued Capital : RO 100,000
Paid up Capital : RO 100,000
Name of
Shareholder (s)
·
Ali
Mohamed Saeed Al Farsi
·
Moza
Khamis Saleem Al Qilani
·
JAL
National Services & Trading
·
JAL
Projects & Oil Services LLC
·
JAL
International LLC
Activities: Engaged in the galvanising of metals.
Subject has a
workforce of 65 employees.
Companies
registered in Oman are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
·
Habib
Bank
Central Branch
PO Box: 1326, Ruwi 112
Muscat
Tel: (968) 24813956
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.27 |
|
UK Pound |
1 |
Rs.91.16 |
|
Euro |
1 |
Rs.77.50 |
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.