MIRA INFORM REPORT

 

 

Report Date :

10.05.2013

 

DENTIFICATION DETAILS

 

Name :

GULF STAR LLC

 

 

Registered Office :

Muttrah District, P O Box 1828 & 1761, Jibroo 114, Muscat

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

01.04.1993

 

 

Com. Reg. No.:

1/38937/9

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Subject’s operations are performed through the following divisions:

·       General Trading Division

·       Glass Division

·       Timber Division

 

 

No. of Employees :

30

 

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                         : GULF STAR LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 1st April 1993

Commercial Registration Number            : 1/38937/9

Chamber Membership Number                : 3215

Issued Capital                                        : RO 100,000

Paid up Capital                                      : RO 100,000

Total Workforce                                     : 30

Activities                                               : Subject operates several divisions (see below for details)

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person Interviewed                                 : Shord Bandu, General Manager

 

COMPANY NAME

 

GULF STAR LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Muttrah District

 

PO Box            : 1828 & 1761, Jibroo 114

 

Town                : Muscat

Country             : Sultanate of Oman

 

Telephone         : (968) 24501812 / 24593249

Facsimile          : (968) 24595278

Mobile              : (968) 99332274 / 99338251 / 99361879

Email                : gulfstar@darwish.com / spoman@darwish.com

 

Premises

 

Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Jibroo.

 

Branch Offices

 

Subject has branch offices located in Sohar, Salalah and Nizwa.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Mostjab Ahmed Sayed Mohamed Ahmed                                            Managing Director

 

·       Hassan Mress Sulaiman Darwish                                                       Director

 

·       Bonim Bint Jihan Bin Ahmed                                                              Director

 

·       Shord Bandu                                                                         General Manager

 

·       Pardeep Kumar                                                                                 Finance Manager

 

·       Ahmed Al Farsi                                                                                 Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st April 1993

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/38937/9

 

Chamber Member No. : 3215

 

Issued Capital              : RO 100,000

 

Paid up Capital            : RO 100,000

 

Name of Shareholder (s)

 

·       Mostjab Ahmed Sayed Mohamed Ahmed

 

·       Hassan Mress Sulaiman Darwish

 

·       Bonim Bint Jihan Bin Ahmed

 

 

AFFILIATED COMPANIES

 

·       Abu Nabil LLC

Muscat

 

·       Crystal Muscat LLC

Muscat

 

·       Mega Muscat LLC

Muscat

 

 

OPERATIONS

 

Activities: Subject’s operations are performed through the following divisions:

 

·       General Trading Division

 

       Engaged in the import and distribution of communication, computer and electrical equipment, building materials, paints, scaffolding materials as well as printed and plain stationery.

 

·       Glass Division

 

     Engaged in the import, processing and distribution of glass.

 

·       Timber Division

 

Engaged in the import, processing and distribution of exotic timber.

 

Import Countries: Europe and GCC countries

 

International Suppliers:

 

·       Sayerlack                 Italy

 

Operating Trend: Steady

 

Subject has a workforce of 30 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 9,800,000                            RO 10,500,000

 

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

 

The above figures were provided by Mr Shord Bandu, General Manager

 

 

BANKERS

 

·       Bank of Muscat

     PO Box: 8881

     Jibroo

     Tel: (968) 24711353

     Fax: (968) 24713239

     Acc No. 39-440060081011

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 1993, subject is involved in the import and distribution of communication, computer and electrical equipment, building materials, paints, scaffolding materials as well as printed and plain stationery.

 

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.54.24

UK Pound

1

Rs.84.30

Euro

1

Rs.71.36

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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.