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Report Date : |
07.10.2014 |
IDENTIFICATION DETAILS
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Name : |
OFFICE SUPPLIES
CO LLC |
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Registered Office : |
Building No. A/28/1,
Way No. 1135, MBD South, Ruwi 112, P O Box: 1437, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
22.06.1975 |
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Com. Reg. No.: |
1/00721/1 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Import and
Distribution of Office Supplies, Equipment, Furniture and Stationery. |
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No. of Employees : |
75 |
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 |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Oman |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source
: CIA |
Company Name : OFFICE SUPPLIES CO LLC
Country of Origin : Oman
Legal Form :
Limited Liability Company – LLC
Registration Date : 22nd
June 1975
Commercial
Registration Number : 1/00721/1
Issued Capital : RO
500,000
Paid up Capital : RO
500,000
Total Workforce : 75
Activities :
Distribution of office supplies, equipment, furniture and stationery
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person (s)
Interviewed :
Jetish Singh, Accounts Manager
OFFICE SUPPLIES CO
LLC
Building : Building No. A/28/1
Street : Way No. 1135
Area : MBD South, Ruwi 112
PO Box : 1437
Town : Muscat
Country : Oman
Telephone : (968) 24829430 / 24829400 / 24563033
Facsimile : (968) 24829492 / 24562547
Email : oss@omzest.com
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Muscat.
Name Position
·
HE Dr
Omar Abdulmoniem Al Zawawi Managing Director
·
Surya
Narayan General
Manager
·
Jetish
Singh Accounts
Manager
·
Rohit
Mehta Commercial
Manager
·
Srii
Kumar Puthoora Sales
Manager
·
Sandeep
Sharma Personal
Assistant to General Manager
Date of Establishment : 22nd
June 1975
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/00721/1
Issued Capital : RO 500,000
Paid up Capital : RO 500,000
·
HE Dr
Omar Abdulmoniem Al Zawawi 99%
·
Omar
Zawawi Establishment (OMZEST) 1%
Muscat
Subject belongs to the Omzest Group of Companies, which contains the
following concerns:
·
Al
Khuwair Development & Services Co SAOG
·
Modern
Exchange LLC
·
Muscat
Finance Co Ltd (SAOG)
·
Muscat
Insurance Company SAOC
·
Muscat
Life Assurance Company SAOC
·
Muscat
National Holding Company SAOG
·
Oman
International Bank SAOG
·
Oman
Securities' Portfolio Co SAOG
·
Omzest
Investment Division
·
Personal
Investments
·
Personal
Real Estate Department
·
United
Business & Investment Co
·
Wilayat
Holding Co
·
Wipro
Holding Co
·
Mideast
Integrated Drilling & Well Services
·
National
Telephone Services Co LLC
·
Qurum
Contractors LLC
·
Al Amal
Industries Co (SAOG)
·
Al Wardha
Footwear & Leather Products Company
·
Amiantit
Oman SAOC
·
Areej
Vegetable Oils & Derivatives SAOG
·
Bausher
Chemicals SAOG
·
Decorative
Glass Manufacturing LLC
·
Jyoti
Sohar Switchgear LLC
·
Keemya
Oman SAOG
·
Modern
Poultry Farms Company SAOG
·
National
Heaters Industries Co LLC
·
Oman
Agriculture Development Company SAOG
·
Oman
Fiber Optic Co SAOG
·
Oman
Textile Mills Co SAOG
·
Oman
Water Pumps Mfg Co SAOG
·
Oman
Water Treatment
·
Omani
Marble Company LLC
·
Protein
Products International LLC
·
Waleed
Associates LLC
·
Riyam Investment
& Trading Est LLC
·
Reem
Batteries & Power Appliances Co SAOC
·
The
National Detergent Company SAOG
·
Advertising
International Company SAOC
·
Al-Rimah
Medical Centre LLC
·
Circle
Freight International (Oman)
·
Gulf of
Oman Services
·
Gulf
Seagull Co
·
Impact
Films LLC
·
Maersk
Shipping Services & Co LLC
·
Mezoon
Travel LLC
·
Muscat
Contract Cleaning & Maintenance LLC
·
Riyam
Computer Services LLC
·
Waleed
Catering & Services Co LLC (WACASCO)
·
YBA
Kanoo (Oman)
·
Areej
Business Systems Co LLC
·
Bishara
Establishment LLC
·
General
Electronics & Trading Co
·
Medical
& Scientific Supplies LLC
·
Muscat
Cold Stores LLC
·
National
Oilfield Supply Co LLC
·
Oman
Mechanical Services Co Ltd LLC (OMSC)
·
Oman
Services & Supply Organisation
·
Omzest
Beijing
·
Omzest
Business Division
·
Reem
Scientific & Energy Technologies & Trade LLC
·
Riyam
Engineering & Services LLC
·
Riyam
Marketing & Services Co LLC
·
Waleed
Communications Co (WACOM) Ltd
·
Waleed
Pharmacy LLC
·
Waljat
Modern Technology
·
Zawawi
Business Machines LLC
·
Sadolin Paints (Oman) Ltd (Spol)
Activities: Engaged in the import and distribution of
office supplies, equipment, furniture and stationery.
Import
Countries: Europe and the
Far East
Brand Names: TRIUMPH-ADLER, PITNEY BOWES, 3M, GEHA, HSM,
STEELCASE and FICHET BAUCHE
Operating Trend: Steady
Subject has a
workforce of 75 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 3,969,090 RO 4,483,060
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Jetish Singh, Accounts 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.
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.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
|
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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 |
|
|
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.