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Report Date : |
19.04.2014 |
IDENTIFICATION DETAILS
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Name : |
AL DASTOOR
CONTRACTING & TRADING LLC |
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Registered Office : |
Building No. 295,
Ground Floor, Baladiya Street, PO Box: 577, Ruwi 114 Muscat |
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Country : |
Oman |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
04.03.1991 |
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Com. Reg. No.: |
1/31449/1 |
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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: Electrical Division, ITC Division, Industrial Products Division, Fire
and Safety Division, Building Materials Division |
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No. of Employees |
130 |
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 – March 31st, 2014
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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.
|
Source
: CIA |
Company Name : AL DASTOOR CONTRACTING &
TRADING LLC
Country of Origin : Oman
Legal Form : Limited
Liability Company – LLC
Registration Date : 4th
March 1991
Commercial
Registration Number : 1/31449/1
Chamber Membership
Number : 1842
Issued Capital : RO
200,000
Paid up Capital : RO
200,000
Total Workforce : 130
Activities :
Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Ali Arshi, Financial Controller
AL DASTOOR CONTRACTING
& TRADING LLC
Registered & Physical Address
Building : Building No. 295, Ground Floor
Street : Baladiya Street
PO Box : 577, Ruwi 114
Town : Muscat
Country : Oman
Telephone : (968) 24820140 / 24837934 / 24820100
/ 24820102 / 24820141 / 24833715
Facsimile : (968) 24836778
Mobile : (968) 99314377 / 99417369 /
99206462 / 99533613
Email : kutty@dastoor.com / dastoor@omantel.net.om / arshi@dastoor.com
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Muscat.
Branch Office
(s)
Location Description
Sur Office
premises
Tel: (968) 25542177
Fax: (968) 25542177
Sohar Office
premises
Tel: (968) 26844385
Fax: (968) 26840463
Salalah Office
premises
Tel: (968) 23299718
Fax: (968) 23299714
Honda Road Showroom
premises
Ruwi
Tel: (968) 24833286
Al Ghubra Showroom
premises
Tel: (968) 24492025
Wadi Al Kabir Showroom
premises
Tel: (968) 24820190
Fax: (968) 24820191
Name Position
Dr Salim Said Hamad
Al Fannah Al Araimi Chairman
Dr Parambath Kandi
Mohamed Ali Director
Budoor Mohamed
Rashid Al Fannah Al Araimi Director
Ahmed Rayees General
Manager
P Madhvan Kutty Financial
Manager
C A Mohsin Operations
Manager
Mohamed Ali Arshi Financial
Controller
Harith Mohamed Sales
Manager (Electrical Division)
Ani Mathew Sales
Manager (Fire & Safety Division)
Ajit Padan Sales
Manager (Industrial Products Division)
Date of
Establishment : 4th March 1991
Legal Form : Limited Liability Company – LLC
Commercial Reg.
No. : 1/31449/1
Chamber Member
No. : 1842
Issued Capital : RO 200,000
Paid up Capital : RO 200,000
Name of Shareholder (s) Percentage
Salim International
Holding For Investment Co LLC 40.00%
Muscat
P M A International
Ltd 30.00%
Al Siraj Investment
Holding LLC 25.84%
Muscat
Qhassya Projects
& Investment LLC
4.16%
Muscat
Activities: Subjects operations are performed through
the following divisions:
Electrical
Division
Engaged in the import and distribution of electrical equipment
ITC Division
Engaged in the import and distribution of information technology
equipment.
Industrial
Products Division
Engaged in the import and distribution of industrial products.
Fire and
Safety Division
Engaged in the import and distribution of fire and safety equipment.
Building
Materials Division
Engaged in the import and distribution of building materials.
Import
Countries: Europe and the
Far East
Brand Names: EATON, GEWISS, UMS, BRITMAC, HAMILTON
LIFESTAT GROUP, MARSHALL TUFFLEX, BAJAJ, SUPER IMPAX, WARMATE, LIFE TECH, ESTO,
YIDA, AVISAN LIGHTINGS, KSR LIGHTINGS, OMAN CABLES INDUSTRY, OMAN PLAST
MUNANOOR and HOTACE OMAN
Operating Trend: Steady
Subject has a
workforce of 130 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 13,233,000 RO 14,008,674
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Mohamed Ali Arshi,
Financial Controller
Bank of Muscat
Hatat House Branch
Wadi Adai
PO Box: 4077, Ruwi
Muscat
Tel: (968) 24564861
Fax: (968) 24564860
No complaints
regarding subject’s payments have been reported.
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.60.38 |
|
UK Pound |
1 |
Rs.101.63 |
|
Euro |
1 |
Rs.83.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
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.