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Report Date : |
30.05.2014 |
IDENTIFICATION DETAILS
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Name : |
INTEGRATED
OILFIELD SUPPLY & SERVICES LLC |
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Registered Office : |
Al Fardan Building, 3rd Floor, Al Azaiba Area, P O
Box 1854, Al Athaiba 130, Muscat |
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Country : |
Oman |
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Date of Incorporation : |
14.07.2007 |
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Com. Reg. No.: |
1/02291/8, Muscat |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject undertakes wide range of Contracting activities for complete Mechanical, Electrical and Plumbing (MEP) Building Services for large and medium sized facilities covering diverse applications such as commercial, educational, industrial, residential, retail, hospitality, medical and government facilities. This division has ROP approval for fire protection works and can undertake fire protection works on a turnkey lump sum basis.The list of clients includes all ministries, Petrochemical companies and major private clients and main contractors |
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No of Employees : |
200 (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 |
|
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 : INTEGRATED OILFIELD SUPPLY & SERVICES LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 14th July 2007
Commercial Registration Number : 1/02291/8, Muscat
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 200
Activities : MEP and ECP contractors.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Vasu Dave, Project Manager
INTEGRATED
OILFIELD SUPPLY & SERVICES LLC
Registered &
Physical Address
Building : Al Fardan Building, 3rd Floor
Area : Al Azaiba Area
PO Box : 1854, Al Athaiba 130
Town : Muscat
Country : Oman
Telephone : (968) 24115033
Facsimile : (968) 24523031
Mobile : (968) 95498900
Email : iossoman@omantel.net.om / info@iossoman.com / sales@iossman.com
Please note that
subject’s previous address was, Ghala Area, Muscat.
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Muscat.
Name Nationality Position
·
Salim Koyali Parambil Indian Managing
Director
·
Nasser Sayed Hamid Al Yahyahi Omani Director
·
P R
Manoj - Chief
Executive Officer
·
Vasu Dave -
Project Manager
·
Sajin
Parambil - Commercial
Manager
·
Sunil
Kumar - Financial
Manager
Date of Establishment : 14th
July 2007
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/02291/8, Muscat
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of Shareholder
(s)
·
Salim Koyali Parambil
·
Nasser Sayed Hamid Al Yahyahi
·
Integrated
Oilfield & Gas Services LLC
Dubai
United Arab Emirates
Activities: Engaged as MEP and ECP contractors.
Subject undertakes wide range of Contracting activities for complete Mechanical, Electrical and Plumbing (MEP) Building Services for large and medium sized facilities covering diverse applications such as commercial, educational, industrial, residential, retail, hospitality, medical and government facilities. This division has ROP approval for fire protection works and can undertake fire protection works on a turnkey lump sum basis.The list of clients includes all ministries, Petrochemical companies and major private clients and main contractors.
Agencies Held:
·
Shawndra
Products
·
Memolub
·
Philadelphia
Gear
·
Petrico
·
Aquawrap
Clients:
·
ONEIC
·
Galfar
·
Parsons
Arabian Industries
·
BEC
·
Dodsal
·
Wood
Group
·
ATE
·
STS
·
NCC
·
Adyard
·
Dewa
·
Vasavi
·
Petronas
·
ABB
Subject has a workforce
of approximately 200 employees.
Companies
registered in Oman are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
·
Bank Muscat
SAOG
PO Box: 6326
Muscat
Tel: (968) 24701769
No complaints
regarding subject’s payments have been reported.
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.58.84 |
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|
1 |
Rs.98.41 |
|
Euro |
1 |
Rs.80.03 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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.