MIRA INFORM REPORT

 

 

Report Date :

12.06.2014

 

IDENTIFICATION DETAILS

 

Name :

CENTURY CONTRACTING CO LLC

 

 

Registered Office :

Plot No. 1174, Way No. 5224, Ghala Industrial Area, PO Box : 1367 & 94, Muttrah 114, Muscat

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

01.09.1989

 

 

Com. Reg. No.:

1/15745/0

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Subject is engaged as civil construction contractors for building industrial, commercial and residential complexes.

 

 

No. of Employees :

141

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Status :

Satisfactory

Payment Behaviour :

No complaints

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Oman

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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

 

SUMMARY

 

Company Name                                    : CENTURY CONTRACTING CO LLC

Country of Origin                                   : Oman

Legal Form                                           : Limited Liability Company – LLC

Registration Date                                  : 1st September 1989

Commercial Registration Number           : 1/15745/0

Issued Capital                                       : RO 350,000

Paid up Capital                                     : RO 350,000

Total Workforce                         : 141

Activities                                               : Civil construction contractors.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Stanley D’Souza, Finance Manager

 

 

 

COMPANY NAME

 

CENTURY CONTRACTING CO LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Plot No. 1174

Street               : Way No. 5224

Area                 : Ghala Industrial Area

PO Box            : 1367 & 94, Muttrah 114

Town                : Muscat

Country : Oman

 

Telephone         : (968) 24591818 / 24591788 / 24591256 / 24591858

Facsimile          : (968) 24590545

Email                : century@groupcentury.com

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Industrial Area of Muscat.

 

 

KEY PRINCIPALS

 

Name                                                   Nationality                    Position

 

Mitesh N Khimiji                                    Omani                           Managing Director

 

Pushbah Khimiji                                                Omani                           Director

 

Suresh Kumar                                            -                              General Manager

 

Stanley D’Souza                                         -                              Administration & Finance Manager

 

Yousef Ali Khan                                                     -                              Projects Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  :           1st September 1989

 

Legal Form      :                       Limited Liability Company – LLC

Commercial Reg. No.   :           1/15745/0

 

Issued Capital              :           RO 350,000

 

Paid up Capital            :           RO 350,000

 

Name of Shareholder (s)                                   Percentage

 

Mitesh N Khimiji                                                            99%

 

Group Century LLC                                                        1%

Muscat

 

 

AFFILIATED COMPANIES

 

Group Century LLC

 

Jamnadas Khimiji Partners Trading & Contracting LLC

 

MTV LLC

 

Roto Packing Materials Industry Co LLC

 

 

OPERATIONS

 

Activities:                     Engaged as civil construction contractors for building industrial, commercial and residential complexes.

 

Operating Trend:          Steady

 

Subject has a workforce of 141 employees.

 

 

FINANCIAL DATA

 

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 1,870,000                            RO 2,000,000

 

Local sources consider subject’s financial condition to be Fair.

The above figures were provided by Mr Stanley D’Souza, Finance Manager

 

 

BANKERS

 

HSBC Bank Middle East

Muttrah Business District

PO Box: 240, Ruwi 112

Muscat

Tel: (968) 24700810 / 24799920 / 2799927

Fax: (968) 24704241

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.59.33

UK Pound

1

Rs.99.42

Euro

1

Rs.80.32

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NNA

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.