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Report Date : |
18.06.2014 |
IDENTIFICATION DETAILS
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Name : |
GULF ADDITIVES
LLC |
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Registered Office : |
Road 4C, Rusayl Industrial
Estate, P O Box 175, Muscat 117 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
22.10.2001 |
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Com. Reg. No.: |
1/68325/0 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the manufacturing of plastic masterbatches for injection moulding, blow moulding and film application |
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No of Employees : |
25 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
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 |
|
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 : GULF ADDITIVES LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 22nd October 2001
Commercial Registration Number : 1/68325/0
Chamber Membership Number : 1286
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
Total Workforce : 25
Activities : Manufacturers of plastic masterbatches.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Asif Ansari, Sales Manager
GULF ADDITIVES LLC
Registered &
Physical Address
Street : Road 4C
Area : Rusayl Industrial Estate
PO Box : 175
Town : Muscat 117
Country : Oman
Telephone : (968) 24449258 / 24449259 / 27779258
Facsimile : (968) 24449264 / 23449264
Mobile : (968) 99431672
Email : galsales@otegroup.com / harpreets@otegroup.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Industrial Area of Muscat.
Name Position
·
Harpeet
Singh General
Manager
·
Asif
Ansari Sales
Manager
·
Awat
Keshore Financial
Controller
·
Ragonath
Mangat Sales
Officer
Date of Establishment : 22nd
October 2001
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/68325/0
Chamber
Mem. No. : 1286
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
Name of Shareholder
(s) Percentage
·
Oman
Trading Est (OTE) 100%
Muscat
Tel: (968) 249793072
·
Vehicle
Leasing Co LLC
Muscat
·
Souq
Technia
Muscat
·
TATAI Training
Institute
Muscat
Activities: Engaged in the manufacture of plastic
masterbatches for injection moulding, blow moulding and film
application. Production began in early 2004.
Production Capacity: 1,500 metric tonnes
Import
Countries: Europe and GCC
countries.
International Suppliers:
·
Saudi
Carbonate Saudi Arabia
·
SABIC Saudi Arabia
Operating Trend: Steady
Subject has a
workforce of 25 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 1,185,000 RO 1,500,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Asif Ansari, Sales Manager
·
Commercial Bank of Oman SAOG
Rami Plaza
PO Box: 4696
Muscat
Tel: (968) 24793220
Fax: (968) 24793229
·
Bank
Dhofar Al Omani Al Fransi
Al Burj Street
PO Box: 4507, Ruwi
Muscat
Tel: (968) 24798012 / 24798013
Fax: (968) 24798015
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.60.37 |
|
|
1 |
Rs.102.48 |
|
Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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 |
|
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.