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Report Date : |
20.08.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
OOSC Building, Way No. 2336, Dohat AL Adab Street, AI Khuwair Industrial
Area, Ruwi 112, P O Box 1160, Muscat |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
14.05.1974 |
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Com. Reg. No.: |
1/00382/8 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is
engaged in the import, distribution and servicing of gas and oilfield
equipment. |
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No of Employees : |
54 |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 : OMAN OILFIELD SUPPLY
CENTER LLC
Country of Origin : Oman
Legal Form :
Limited Liability Company – LLC
Registration Date : 14th
May 1974
Commercial
Registration Number : 1/00382/8
Issued Capital : RO
1,000,000
Paid up Capital : RO
1,000,000
Total Workforce : 54
Activities :
Distribution and servicing of gas and oilfield equipment
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Saad
Sulaiman, Financial Controller
OMAN OILFIELD
SUPPLY CENTER LLC
Registered &
Physical Address
Building : OOSC Building
Street : Way No. 2336, Dohat Al Adab
Street
Area : Al Khuwair Industrial Area,
Ruwi 112
PO Box : 1160
Town : Muscat
Country : Oman
Telephone : (968) 24602044 / 24693340 / 24698414
/ 22004600
Facsimile : (968) 24699730
Email : hafeedh@oosc.net / ooscofd@omantel.net.om / admin@oosc.net
Premises
Subject operates
from a medium sized suite of offices that are owned and located in the
Industrial Area of Muscat.
Name Nationality Position
Salem Hassan Makki Omani Managing
Director
Basel Salem Hassan
Makki Omani Director
Hana Salem Hassan
Makki Omani Director
Aron Desai - General
Manager
Hafeedh Al Baloushi - Administration
Manager
Peter Makalini - Financial Manager
Saad Sulaiman - Financial Controller
Date of
Establishment : 14th May 1974
Legal Form : Limited Liability Company – LLC
Commercial Reg.
No. : 1/00382/8
Issued Capital : RO 1,000,000
Paid up Capital : RO 1,000,000
Name of Shareholder (s)
·
Salem
Hassan Makki
·
Basel
Salem Hassan Makki
·
Hana
Salem Hassan Makki
KCA Oman Deutag
Drilling
Oman
Tuboscope &
Company
Activities: Engaged in the import, distribution and
servicing of gas and oilfield equipment.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 54 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 5,110,000 RO 5,500,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were provided by Mr Saad Sulaiman, Financial Controller
Bank of Muscat
Al Burj Street
Greater Muttrah
PO Box: 6326, Ruwi
Muscat
Tel: (968) 24701769
Fax: (968) 24796488
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
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.73 |
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|
1 |
Rs.101.47 |
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Euro |
1 |
Rs.81.04 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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 |
-- |
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.