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Report Date : |
28.06.2013 |
IDENTIFICATION DETAILS
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Name : |
UNITED ENGINEERING SERVICES LLC |
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Registered Office : |
Azaiba Industrial Estate, Way No. 5007, Area Complex 250, Building No.
673, PO Box : 2638 & 2729 & 790,
Azaiba |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.02.1979 |
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Com. Reg. No.: |
1/08681/2 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of drilling equipment and supplies, engineering machinery
and related equipment. |
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No. of Employees : |
480 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 |
|
Moderate |
B1 |
|
High |
B2 |
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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 :
UNITED ENGINEERING SERVICES LLC
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
1st February 1979
Commercial Registration Number :
1/08681/2
Chamber Membership Number :
200
Issued Capital :
RO 11,000,000
Paid up Capital :
RO 11,000,000
Total Workforce :
480
Activities :
Distributors of drilling equipment and supplies, engineering machinery and
related equipment.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Bala Krishnan, Finance Manager
UNITED ENGINEERING SERVICES LLC
Registered &
Physical Address
Location : Azaiba
Industrial Estate, Way No. 5007, Area Complex 250, Building No. 673
PO Box : 2638 &
2729 & 790
Town : Azaiba
Country : Sultanate of
Oman
Telephone : (968) 24592320
/ 24592321 / 24592322
Facsimile : (968) 24592065
Email : ues@uesoman.com
/ uesengg@omantel.net.om
Premises
Subject operates from a medium sized suite of offices, a warehouse and a
workshop that are owned and located in the Industrial Area of Azaiba.
Branch Office (s)
Location Description
Qurum Plaza Building, No. 108 Workshop
premises covering
Al Walag Street 17,000
square metres
Qurum
PO Box: 2729
Seeb 111
Tel: (968) 24561850
Fax: (968) 24562083
PO Box: 1326 Workshop
premises covering
Nizwa 611 72,000
square metres
Tel: (968) 25449254
Fax: (968) 25449331
PO Box: 216 Workshop
premises covering
Rusayl 124 26,000
square metres
Tel: (968) 24446200
Fax: (968) 24446007
Name Position
Mohamed Barwani Chairman
Osama Mohamed Barwani Managing
Director
Neville Storey Chief
Executive Officer
Shuaib Kasmani General
Manager
Bala Krishnan Finance
Manager
S P Narayan Commercial
Manager
Mohamed Al Zajali Sales
Manager
Allan Robello Marketing
Manager
Hamood Al Rawahy Human
Resources Manager
Date of Establishment : 1st
February 1979
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 1/08681/2
Chamber Member No. : 200
Issued Capital : RO 11,000,000
Paid up Capital : RO 11,000,000
Name of
Shareholder (s) Percentage
MB Holding Company LLC 100%
Muscat
Oman
Smith International LLC
Muscat
Cameron Services Middle East
Muscat
SC Tubular Solutions Oman LLC
Muscat
Activities: Engaged in the import and
distribution of drilling equipment and supplies, engineering machinery and
related equipment.
Subject also acts as fabrication and petroleum
engineers and provides inspection services. Subject’s full range of services
includes:
- API
Oilfield and General Machine Shops (incorporating premium thread connections
such as VAM,
NSPT and NKK)
-
Mechanical Design (pressure vessels, heat exchangers, tanks and
structures)
-
Welding and Site Services (Fabrication and repair of pressure vessels,
tanks, chemical injection skids
and
other oilfield equipment)
-
Refinery shutdown support services
-
Surface Preparation and Coating
-
Scaffolding, Blasting, Insulation and Painting Contracting Service
-
Instrumentation and Calibration
-
Electric Motor and Generator Rewind Services
-
Rental of Drilling Equipment, Tools, Milling and Fishing Services
-
Licensed Repair Facility for Oilfield Equipment (tools & tubulars)
-
Refractory services
The company holds ISO
9001:2000 certification.
Import Countries: France,
Italy and Germany.
Customers:
Petroleum
Development of Oman (PDO)
Oman Refinery
Company
Oman LNG
Occidental of
Oman
Shell Oman
Halliburton
Galfar
Engineering & Contracting Company
Schlumberger
Dodsal & Co
Weatherfold
Al Turki
Enterprises
Cameron Services
Daleel Petroleum
Dalma Energy
Shivani Drilling
MIDWESCO
PTTEP
Deautag
Thomassen
Hitachi Zosen
Great Wall
Drilling
Operating Trend: Steady
Subject has a workforce of approximately 480 employees.
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales US$
74,607,000 US$ 76,534,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Bala Krishnan, Finance Manager
National Bank of Oman Ltd (SAOG)
PO Box: 916
Muscat 113
Tel: (968) 24737837 / 24740595
Fax: (968) 24737836
British Bank of the Middle East
PO Box: 240
Muscat
Tel: (968) 24799920
Fax: (968) 24704241
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.60.59 |
|
|
1 |
Rs.92.92 |
|
Euro |
1 |
Rs.78.94 |
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 |
|
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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.