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Report Date : |
24.09.2014 |
IDENTIFICATION DETAILS
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Name : |
MUSCAT STEEL DISTRIBUTION COMPANY LLC |
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Registered Office : |
Rusayl Industrial Area, PO Box: 111, Rusayl 124 |
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Country : |
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Date of Incorporation : |
31.05.2006 |
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Com. Reg. No.: |
1/00016/9 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the cutting, bending and reinforcing of steel |
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No. of Employees : |
130 |
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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Oman |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
Company Name : MUSCAT STEEL DISTRIBUTION COMPANY
LLC
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
31st May 2006
Commercial Registration Number :
1/00016/9
Issued Capital :
RO 125,000
Paid up Capital :
RO 125,000
Total Workforce :
130
Activities :
Cutting, bending and reinforcing of steel
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
MUSCAT STEEL DISTRIBUTION COMPANY LLC
Registered & Physical Address
Location : Rusayl
Industrial Area
PO Box : 111
Town : Rusayl 124
Country : Oman
Telephone : (968) 24446938
/ 24449243
Facsimile : (968) 24446938
Mobile : (968)
92249022
Email : muscatsale@gmail.com
Please note that subject no longer uses Athaiba 130.
Premises
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of Muscat.
Name Nationality Position
Sulaiman Abu Musabbeh Jordanian Managing
Director
Juma Ali Omani Director
Mohamed Abu Musabbeh - General
Manager
Kumar Menon - Sales
Manager
Mohamed Akkasa - Finance
Manager
Date of Establishment : 31st
May 2006
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 1/00016/9
Issued Capital : RO 125,000
Paid up Capital : RO 125,000
Name of
Shareholder (s)
Sulaiman Abu Musabbeh
Juma Ali
Activities: Engaged in the
cutting, bending and reinforcing of steel.
Import Countries: Europe
and the Far East.
Operating Trend: Steady
Subject has a workforce of 130 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
2,400,000 RO
2,700,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Bank of Muscat
Al Burj Street
Greater Muttrah
PO Box: 6326, Ruwi
Muscat
Tel: (968) 24701769
Fax: (968) 24796488
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.87 |
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1 |
Rs.99.63 |
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Euro |
1 |
Rs.78.23 |
INFORMATION DETAILS
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Analysis Done by
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SUM |
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Report Prepared
by : |
SHG |
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 |
-- |
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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.