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Report Date : |
13.06.2014 |
IDENTIFICATION DETAILS
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Name : |
SPECIAL TECHNICAL
SERVICES LLC |
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Registered Office : |
STS Building No. 1/75/A,
Block 223, Plot No. 15, Dohat Al Adab Street, Madina Qaboos, P O Box 307,
Harthy Complex 118, Muscat |
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Country : |
Oman |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
06.08.1980 |
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Com. Reg. No.: |
1/10180/3 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
·
Engaged as EPC contractors for civil works and
infrastructure ·
Subject’s activities include multi discipline EPC projects and service contracts,
civil and structural works, electrical and instrumentation projects, workshop
fabrication and maintenance, EPCC of tanks, HDPE pipe lining, maintenance and
process plant turnaround and aluminium component fabrication and installation |
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No of Employees : |
8,000 (Approximately) |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Oman |
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 : SPECIAL TECHNICAL SERVICES LLC
Also Known As : STS OMAN
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 6th August 1980
Commercial Registration Number : 1/10180/3
Chamber Membership Number : 597
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
Total Workforce : 8,000
Activities : EPC contractors
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Manjunath Nayak, Finance Manager
SPECIAL TECHNICAL SERVICES LLC
STS OMAN
Registered &
Physical Address
Building : STS Building No. 1/75/A, Block
223, Plot No. 15
Street : Dohat Al Adab Street
Area : Madina Qaboos
PO Box : 307, Harthy Complex
118
Town : Muscat
Country : Oman
Telephone : (968) 24647100 / 24603480
Facsimile : (968) 24697100
Email : ramal@stsoman.com / manjunath@stsoman.com / info@stsoman.com
Premises
Subject operates
from a large suite of offices that are owned and located in the Central
Business Area of Muscat.
Branch Offices
Location Description
·
Nizwa Industrial Estate Office
premises
Plot No.357 to 370
Road No. 3A
Nizwa
Tel: (968) 25449077
Fax: (968) 25449099
·
Plot No. 253 & 254 Office
premises
PO Box: 52
Sohar 327
Tel: (968) 26751238
Fax: (968) 26750392
Name Nationality Position
·
Salim Hassan Macki Omani Chairman
·
Basil Salim Hassan Macki Omani Managing Director
·
Tariq Ellahi British Director
·
Hana Salim Hassan Macki Omani Director
·
Alex Clark - General
Manager
·
Manjunath Nayak - Finance
Manager
·
L Ramachandran - Business
Development Manager
Date of Establishment : 6th
August 1980
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/10180/3
Chamber Member No. : 597
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
Name of Shareholder
(s) Percentage
·
Salim Hassan Macki ]
]
·
Basil Salim Hassan Macki ] 75%
]
·
Hana Salim Hassan Macki ]
·
Tariq Ellahi 25%
Activities: Engaged as EPC contractors for civil works
and infrastructure.
Subject’s activities include, multi discipline EPC projects and service contracts, civil and
structural works, electrical and instrumentation projects, workshop fabrication
and maintenance, EPCC of tanks, HDPE pipe lining, maintenance and process plant
turnaround and aluminium component fabrication and installation.
Project: Orpic – Aromatics Plant – Sohar. Subject was awarded the turnaround for Sohar
Aromatics plant in March 2013. The scope involved maintenance of static
equipment such as Exchangers, Columns, Vessels, Heaters, Tanks. Major repairs
were executed to the steam drum and the column where internals removed, repaired and reinstalled. These jobs were
additional to the planned scope. In addition, 2 floating head exchangers were opened, cleaned,
reinserted and tested successfully. The Shutdown commenced on the 18th March
and was completed on the 31st March.
Operating Trend: Steady
Subject has a
workforce of approximately 8,000 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 Revenue RO 150,000,000 RO 156,250,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Manjunath Nayak, Finance Manager
·
National
Bank of Oman Limited (SAOG)
Muttrah Business District
PO Box: 751, Ruwi 112
Muscat
Tel: (968) 24708894 / 24708630 / 24708684
Fax: (968) 24707781 / 24703972
No complaints
regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.33 |
|
|
1 |
Rs.99.68 |
|
Euro |
1 |
Rs.80.30 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
MNL |
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.