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Report Date : |
18.06.2013 |
IDENTIFICATION DETAILS
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Name : |
SWISSBORING AND COMPANY LLC |
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Registered Office : |
Road No. 6421,
Nakkal, Barka Area, |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
16.02.2000 |
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Com. Reg. No.: |
1/63479/8 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
general
contractors specialising in bore holes, piling and soil testing |
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No. of Employees : |
225 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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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 – 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 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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 : SWISSBORING AND COMPANY LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 16th February 2000
Commercial Registration Number : 1/63479/8
Chamber Membership Number : 3505
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 225
Activities : General contractors
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Azem Shah, Chief Financial Officer
SWISSBORING AND
COMPANY LLC
Registered & Physical
Address
Street : Road No. 6421
Area : Nakkal, Barka Area
PO Box : 2694, Ruwi 112
Town : Muscat
Country : Oman
Telephone : (968) 26884195
Facsimile : (968) 26884192
Email : swissbor@omantel.net.om
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Muscat.
Name Position
·
Alfonso
D’mato General
Manager
·
Saif
Humood Al Oraimi Human
Resources Manager
·
Mauro
Astofli Financial
Manager
·
Azem
Shah Chief
Financial Officer
Date of Establishment : 16th
February 2000
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/63479/8
Chamber Member No. : 3505
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of Shareholder
(s) Percentage
·
Swissboring
Overseas Corporation 70%
Zurich
Switzerland
·
Faris
and Nejood Enterprises 30%
Activities: Engaged as general contractors specialising
in bore holes, piling and soil testing.
Operating Trend: Steady
Subject has a
workforce of approximately 225 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 Revenue RO 9,176,000 RO 9,683,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Azem Shah, Chief Financial Officer
·
National
Bank of Oman Limited (SAOG)
Muttrah Business District
PO Box: 751, Ruwi 112
Muscat
Tel: (968) 24708894 / 24708630 / 24708684
Fax: (968) 24707781 / 24703972
No complaints
regarding subject’s payments have been reported.
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.57.73 |
|
UK Pound |
1 |
Rs.90.61 |
|
Euro |
1 |
Rs.76.96 |
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 |
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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 |
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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 |
|
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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.