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Report Date : |
15.01.2014 |
IDENTIFICATION DETAILS
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Name : |
STERLING INTERNATIONAL TRADING AND ENGINEERING SERVICES LLC |
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Registered Office : |
Building No. 346, Way No. 48, Al Thaiba Street, Al Azaiba Area, PO Box
: 1820, Muscat 130 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
16.04.2005 |
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Com. Reg. No.: |
1/78705/5 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the import and distribution of
building materials, tools, masonry equipment, and safety items |
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No. of Employees : |
30 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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. 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 :STERLING
INTERNATIONAL TRADING AND ENGINEERING SERVICES LLC
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
16th April 2005
Commercial Registration Number :
1/78705/5
Chamber Membership Number :
5205
Issued Capital :
RO 200,000
Paid up Capital :
RO 200,000
Total Workforce :
30
Activities :
Distributors of building materials and tools.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Renil Thomas, Finance Manager
STERLING
INTERNATIONAL TRADING AND ENGINEERING SERVICES LLC
Registered &
Physical Address
Building : Building No.
346
Street : Way No. 48,
Al Thaiba Street
Area : Al Azaiba
Area
PO Box : 1820
Town : Muscat 130
Country : Oman
Telephone : (968) 24614201
/ 24590596 / 23201921
Facsimile : (968) 24614202
/ 24590530
Mobile : (968)
99363580 / 99358741 / 99899074 / 93216759
Email :info@sitesoman.com
/ sites@omantel.net.om / askar@sitesoman.com / farhan@sitesoman.com
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Central Business Area of Muscat.
Branch Office (s)
Location Description
Nizwa Rented
showroom
Tel: (968) 25410068
Sur Rented showroom
Tel: (968) 25545082
Sohar Rented
showroom
Tel: (968) 26708624
Salalah Rented
showroom
Name Position
Tariq Bin Abdullah Majid Al Baloushi Managing
Director
Salman Bin Abdullah Majid Al Baloushi Director
Saeed Bin Abdullah Majid Al Baloushi Director
Mostafa Bin Abdullah Majid Al Baloushi Director
Ahmed K Mohamed General
Manager
Azhar Zia Al Kariya Assistant
General Manager
Renil Thomas Finance
Manager
Askar Ali Purchasing Manager
Farhan Mohamed Assistant
Purchasing Manager
Riyad Mohamed Operations
Manager
Date of Establishment : 16th April 2005
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 1/78705/5
Chamber Member No. : 5205
Issued Capital : RO 200,000
Paid up Capital : RO 200,000
Name of
Shareholder (s)
Tariq Bin Abdullah Majid Al Baloushi
Salman Bin Abdullah Majid Al Baloushi
Saeed Bin Abdullah Majid Al Baloushi
Mostafa Bin Abdullah Majid Al Baloushi
Intersite International LLC
Muscat
Concept International LLC
Muscat
Activities: Engaged in the import and
distribution of building materials, tools, masonry equipment, and safety items
Import Countries: Italy, Belgium Brazil, United Kingdom,
Malaysia, China, India, Korea, Cyprus, Oman, Qatar and the United Arab
Emirates.
Brand Names: PEGLER,
GLOBAL, ALMAGUARD, SIPRO, PETA, CONFLO and SPERO
Operating Trend: Steady
Subject has a workforce of 30 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
6,080,000 RO
7,050,600
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Renil Thomas, Finance Manager
HSBC Bank Middle East
Muttrah Business District
PO Box: 240, Ruwi 112
Muscat
Tel: (968) 24700810 / 24799920 / 24799927
Fax: (968) 24704241
No complaints regarding subject’s payments have been reported.
According to local sources, subject meets its payment obligations in a
timely manner and the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.52 |
|
|
1 |
Rs.101.48 |
|
Euro |
1 |
Rs.84.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.