MIRA INFORM REPORT

 

 

Report No. :

334629

Report Date :

04.08.2015

 

IDENTIFICATION DETAILS

 

Name :

AL KIYUMI ELECTRIC & TRADING CO LLC

 

 

Registered Office :

Kiyumi Building, Office No. 27, Way No. 4401, Azaiba 130, PO Box : 166, Muscat

 

 

Country :

Oman

 

 

Date of Incorporation :

01.04.1993

 

 

Com. Reg. No.:

1/3879/4

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Subject is engaged in the import and distribution of electrical products, cables, cable management systems, cable ties, switchgear, fuses, industrial and hazardous area cable glands, PVC/GI conduit and accessories, industrial plugs and sockets, motor starters, explosion proof light fittings, J/boxes and accessories

 

 

No. of Employee :

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

 

Status :

Satisfactory

Payment Behaviour :

No complaints

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 heavily dependent on dwindling oil resources, which generates 77% of government revenue. It is using enhanced oil recovery techniques to boost production. 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 from 46% to 9% by 2020. Muscat also is focused on 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, have challenged the government's ability to effectively balance its budget as oil prices decline. Despite government acknowledgement that Oman’s expansive social welfare benefits are unsustainable, Oman authorities are comfortable with short-term budget deficits and have approved an expansionary 2015 budget. Concurrently, Oman has expanded efforts to support the development of small and medium-size enterprises and entrepreneurship. Government agencies and large oligarchic group companies have announced 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.

Source : CIA

 

 

SUMMARY

 

Company Name                                    : AL KIYUMI ELECTRIC & TRADING CO LLC

Country of Origin                                   : Oman

Legal Form                                           : Limited Liability Company – LLC

Registration Date                                  : 1st April 1993

Commercial Registration Number           : 1/3879/4

Chamber Membership Number               : 761

Issued Capital                                       : RO 250,000

Paid up Capital                                     : RO 250,000

Total Workforce                                    : 75

Activities                                               : Distributors of electrical products, cables, switchgear, plugs and sockets

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Anand Gheewala, Finance Manager

 

 

 

COMPANY NAME

 

AL KIYUMI ELECTRIC & TRADING CO LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Kiyumi Building, Office No. 27

Street               : Way No. 4401

Area                 : Azaiba 130

PO Box            : 166

Town                : Muscat

Country             : Oman

 

Telephone         : (968) 24503284 / 24493284

Facsimile          : (968) 24490824

Mobile              : (968) 99479191

Email                : tushar@alkiyumielectric.com / info@alkiyumielectric.com

 

Premises

 

Subject operates from a medium sized suite of offices that are owned and located in the Central Business Area of Muscat.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Sohar                                                                                               Showroom premises

Tel: (968) 26752081 / 26752082

 

·       Bidaya                                                                                             Showroom premises

Tel: (968) 26708356

 

·       Barka                                                                                               Showroom premises

Tel: (968) 26883791

 

·       Ruwi                                                                                                Showroom premises

Tel: (968) 24833602

 

·       Salalah                                                                                             Showroom premises

Tel: (968) 23288820

Fax: (968) 23288339

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Adel Bin Sulaiman Bin Hilal Al Kiyumi                                                Managing Director

 

·       Mohamed Bin Sulaiman Bin Hilal Al Kiyumi                                        Director

 

·       Essam Bin Sulaiman Bin Hilal Al Kiyumi                                             Director

 

·       Salem Bin Sulaiman Bin Hilal Al Kiyumi                                              Director

 

·       Amer Bin Sulaiman Bin Hilal Al Kiyumi                                               Director

 

·       Huda Bin Sulaiman Bin Hilal Al Kiyumi                                               Director

 

·       Heba Bin Sulaiman Bin Hilal Al Kiyumi                                               Director

 

·       Zwina Bin Sulaiman Bin Hilal Al Kiyumi                                               Director

 

·       Fatima Mohamed Salem Al Rawahi                                                    Director

 

·       Sheikha Bin Sulaiman Hilal Al Kiyumi                                                 Director

 

·       Tushar Hamlai                                                                                   General Manager

 

·       Anand Gheewala                                                                               Finance Manager

 

·       Mohamed Sulaiman                                                                          Public Relations Officer

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st April 1993

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.   : 1/3879/4

 

Chamber Member No.  : 761

 

Issued Capital              : RO 250,000

 

Paid up Capital            : RO 250,000

Name of Shareholder (s)                                             

 

·       Adel Bin Sulaiman Bin Hilal Al Kiyumi                                               

 

·       Mohamed Bin Sulaiman Bin Hilal Al Kiyumi                                       

 

·       Essam Bin Sulaiman Bin Hilal Al Kiyumi                                            

 

·       Salem Bin Sulaiman Bin Hilal Al Kiyumi                                             

 

·       Amer Bin Sulaiman Bin Hilal Al Kiyumi                                              

 

·       Huda Bin Sulaiman Bin Hilal Al Kiyumi                                              

 

·       Heba Bin Sulaiman Bin Hilal Al Kiyumi                                              

 

·       Zwina Bin Sulaiman Bin Hilal Al Kiyumi                                              

 

·       Fatima Mohamed Salem Al Rawahi

 

·       Sheikha Bin Sulaiman Hilal Al Kiyumi

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of electrical products, cables, cable management systems, cable ties, switchgear, fuses, industrial and hazardous area cable glands, PVC/GI conduit and accessories, industrial plugs and sockets, motor starters, explosion proof light fittings, J/boxes and accessories.

 

Import Countries: United Kingdom, Spain, France, Turkey, United States of America, Italy, India and Malaysia.

 

International Suppliers:

 

·       Hawke International               United Kingdom

·       Raxton                                 United Kingdom

·       Top Cable                            Spain

·       Nexans                                France / Turkey

·       Ramcro                                Italy

·       3M                                       United States of America

·       Kopex                                  United Kingdom

·       Critchley                               United Kingdom

·       Volex                                   United Kingdom

·       Yesha                                  India

·       Burndy                                 United States of America

·       Click                                    United Kingdom

·       Ace                                      Malaysia

·       Nohas Oman Co LLC            Oman

·       Oman Cable Co                    Oman

·       Oman Aluminium                  Oman

·       Dubai Cable Co                    United Arab Emirates

·       Interplast                              United Arab Emirates

 

Operating Trend: Steady

Subject has a workforce of 75 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Riyal Omani (RO)

 

                                                Year Ending 31/12/13:              Year Ending 31/12/14:

Total Sales                                RO 8,670,000                            RO 9,420,000

 

Local sources consider subject’s financial condition to be Fair.

The above figures were provided by Mr Anand Gheewala, Finance Manager

 

 

BANKERS

 

·       Bank of Muscat

     Al Burj Street

     Greater Muttrah

     PO Box: 6326, Ruwi

     Muscat

     Tel: (968) 24701769

     Fax: (968) 24796488

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.63.96

UK Pound

1

Rs.99.93

Euro

1

Rs.70.16

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ASH

 

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

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.