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Report Date : |
10.04.2014 |
IDENTIFICATION DETAILS
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Name : |
TECHNICAL SUPPLIES INTERNATIONAL COMPANY LLC |
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Registered Office : |
Commercial Area PO Box 1827 Al Athaibah 130 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
05.05.2007 |
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Com. Reg. No.: |
1/01858/0 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subjects operations are performed through the following divisions:
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No. of Employees |
65 |
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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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Oman |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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
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Source
: CIA |
Company Name : TECHNICAL SUPPLIES INTERNATIONAL COMPANY LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 5th May 2007
Commercial Registration Number : 1/01858/0
Chamber Membership Number : 3540
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
Total Workforce : 65
Activities : Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
TECHNICAL SUPPLIES INTERNATIONAL COMPANY LLC
Location : Commercial
Area
PO Box :
1827
Town : Al Athaibah
130
Country : Oman
Telephone : (968) 24503915
Facsimile : (968) 24503920
Email : sales@tecsintl.com
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Al Athaibah.
Branch Office (s)
Location Description
· Sohar Office
premises
Tel: (968)
26753007
Fax: (968)
26753007
Name Nationality Position
· Mohamed Saud
Mansoor Al Suhaimi Omani Managing Director
· Fairus Ismail
Jariwala Indian Director
· K Murali Darren - Sohar
Branch Manager
· Ali Asghar
- Financial
Controller
Date of
Establishment : 5th
May 2007
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/01858/0
Chamber Member No. : 3540
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
· Mohamed Saud
Mansoor Al Suhaimi
· Fairus Ismail
Jariwala
· Westec Supplies
General Trading
Al Khawarizmi
Street
New Industrial
Area
PO Box: 14524
Ajman
United Arab
Emirates
Activities: Subjects operations are performed through the following divisions:
·
Oil & Gas Division
Engaged in the import and distribution of oil and gas equipment, flanges
and valves.
·
Electrical Division
Engaged in the import and distribution of electrical
products.
·
Mechanical Division
Engaged in the import and distribution of mechanical
equipment.
·
Scaffolding Division
Engaged in the provision of scaffolding
equipment.
Subject is ISO 9001:2008 accredited.
Import Countries: Europe and the Far East
Brand Names: DUCAB, FURSE, GENERAL CABLE, LAPP GROUP, NUHAS
OMAN, SICAMEX, ZARGES,
TREMCO, 3M, FISCHER, INDIANA,
METABO, ST LOUIS, TRADEX, TYROLIT, SENSIT,
CHEMTROLS, DB, DH BUDENBERG, DTS,
LEROY SOMER, GRAINGER, SSF, COPES-VULCAN,
GOODWIN, IMMARCO, LBH, MAC-WELD,
ELPRESS, HAWKE, HEX, TYCO ELECTRONICS,
LANRIC, CCG, THOMAS & BETTS,
BAND-IT, FLEXICON, BRADY and DORMAN SMITH
Operating Trend: Steady
Subject has a workforce of 65 employees.
Financial highlights provided by local sources are given below:
Currency: Riyal Omani (RO)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Sales RO
3,175,000 RO
3,300,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
HSBC Bank Middle East
Al Bab Al Kabeer
Street
Muscat
Tel: (968)
24736044
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.07 |
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1 |
Rs.100.56 |
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Euro |
1 |
Rs.82.79 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.