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Report Date : |
21.11.2013 |
IDENTIFICATION DETAILS
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Name : |
TOWELL TOOLS AND ENGINEERING CO LLC |
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Registered Office : |
Al Falaj Road Wadi Kabir 11 PO Box
308 Muscat |
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Country : |
Oman |
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Date of Incorporation : |
15.12.2012 |
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Com. Reg. No.: |
1/39921/7 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Import and distribution of industrial tools, machinery and engineering
equipment, safety products and hardware. |
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No. of Employees : |
26 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
-- |
NB |
New Business |
-- |
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Status : |
New company |
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Payment Behaviour : |
Unknown |
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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 |
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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 : TOWELL TOOLS AND ENGINEERING CO LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 15th December 2012
Commercial Registration Number : 1/39921/7
Issued Capital : RO 200,000
Paid up Capital : RO 200,000
Total Workforce : 26
Activities : Distribution of industrial tools, machinery and engineering equipment, safety products and hardware
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
TOWELL TOOLS AND ENGINEERING CO LLC
Street : Al Falaj
Road
Area : Wadi Kabir
112
PO Box : 308
Town : Muscat
Country : Oman
Telephone : (968) 24815277
/ 24811248
Facsimile : (968) 24812784
Email : wjtt@omantel.net.om
Subject operates from a medium sized suite of offices that are rented and
located in the Central Business Area of Muscat.
Name Nationality Position
· Reza Qamr Sultan Omani Managing
Director
· Mushtaq Qamr
Sultan Omani Director
· Naim Qamr Sultan Omani Director
· Jameel Qamr Sultan Omani Director
· Binesh Pillai - General
Manager
· A B Geoveas - Accounts
Manager
· John Varghese - Financial
Controller
Date of
Establishment : 15th
December 2012
Legal Form : Limited Liability Company
– LLC
Commercial Reg.
No. : 1/39921/7
Issued Capital : RO 200,000
Paid up Capital : RO 200,000
· W J Towell Group 100%
Muscat
Activities: Engaged in the import and distribution of industrial tools, machinery
and engineering equipment, safety products and hardware.
Import Countries: India, Germany, United Kingdom, Turkey and France
International Suppliers:
· Grindwell India
· Hazet Germany
· Carl Walter Germany
· Dormer United Kingdom
· James Neill United Kingdom
· Bacou France
· Oerlikon Turkey
· Batlioboi India
Subject has a workforce of 26 employees.
Subject is a newly formed business and as a result financial information
is not currently available.
·
Oman International Bank SAOG
Al
Khuwair
PO Box:
1727, Seeb 111
Muscat
Tel:
(968) 24682500
Fax: (968)
24682800
No complaints regarding subject’s payments have been reported.
In view of subject’s infancy, extensive payment and financial are not
available, therefore dealings are recommended to be on secured terms, and a
close monitoring of subject’s business development is advisable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.56 |
|
|
1 |
Rs.100.77 |
|
Euro |
1 |
Rs.84.71 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.