MIRA INFORM REPORT

 

 

Report Date :

05.03.2013

 

IDENTIFICATION DETAILS

 

Name :

DESERT THUNDERS EST

 

 

Formerly Known As :

TECHNO INX

 

 

Registered Office :

Rusayl Industrial Estate, Road No. 23, Factory 214 PO Box 111 Rusayl 116

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

25.04.2000

 

 

Com. Reg. No.:

1/64099/2

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Manufacture of printing inks.

 

 

No. of Employees :

12

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

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. 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.

Source : CIA

 

 

 

SUMMARY

 

Company Name                                     : DESERT THUNDERS EST

Also Known As                                      : TECHNO INX

Country of Origin                                    : Oman

Legal Form                                            : Sole Proprietorship

Start Date                                             : 25th April 2000

Registration Date                                   : 1st August 2009

Commercial Registration Number            : 1/64099/2

Invested Capital                                     : RO 100,000

Total Workforce                                     : 12

Activities                                               : Manufacture of printing inks.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                 : Kartik Kayam, Factory Manager

 

 

 

COMPANY NAME

 

DESERT THUNDERS EST

 

ALSO KNOWN AS: TECHNO INX

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Rusayl Industrial Estate, Road No. 23, Factory 214

 

PO Box             : 111

 

Town                 : Rusayl 116

Country             : Oman

 

Telephone         : (968) 24449445

Facsimile          : (968) 24449447

Mobile               : (968) 95251195 / 97653471

Email                : technoinx@technoinx.net / karthi@technoinx.com

 

Premises

 

Subject operates from a small suite of offices and a factory that are rented and located in the Industrial Area of Rusayl.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Rashid Bin Ahmed Bin Rashid Al Hosni                                              Proprietor & General Manager

 

·       Kartik Kayam                                                                                    Factory Manager

 

·       Varghese Thomas                                                                             Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 25th April 2000, however subject was registered on 1st August 2009.

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 1/64099/2

 

Invested Capital           : RO 100,000

 

Mr Rashid Bin Ahmed Bin Rashid is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of printing inks.

 

Import Countries: Europe and the Far East.

 

Brand Names: TECHNOINX

 

Subject has a workforce of 12 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Riyal Omani (RO)

 

                                                Year Ending 3112/11:                 Year Ending 31/12/12:

 

Total Sales                                RO 1,000,000                            RO 1,200,000

 

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

 

The above financial figures were confirmed by Kartik Kayam, Factory Manager.

 

 

BANKERS

 

·       Bank Muscat SAOG

Ruwi Main Branch

     PO Box: 6326

     Muscat 112

     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 business is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.05

UK Pound

1

Rs.82.75

Euro

1

Rs.71.61

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.