|
Report No. : |
303442 |
|
Report Date : |
21.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
BYRNE EQUIPMENT
RENTAL LLC |
|
|
|
|
Registered Office : |
Rumaish Area, PO
Box No. 849, Mina Al Fahal 116, Barka |
|
|
|
|
Country : |
Oman |
|
|
|
|
Date of Incorporation : |
07.04.2010 |
|
|
|
|
Com. Reg. No.: |
1087138 |
|
|
|
|
Legal Form : |
Limited Liability
Company – LLC |
|
|
|
|
Line of Business : |
Subject is
engaged in the supply and rental of machinery and equipment, with a particular
focus in construction and marine repair and supplying DNV approved products
for the oil and gas industry, both onshore and offshore. |
|
|
|
|
No. of Employee : |
26 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Oman |
A1 |
A1 |
|
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 :
BYRNE EQUIPMENT RENTAL LLC
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
7th April 2010
Commercial Registration Number :
1087138
Issued Capital :
RO 150,000
Paid up Capital :
RO 150,000
Total Workforce : 26
Activities :
Supply and rental of machinery and equipment
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
BYRNE EQUIPMENT RENTAL LLC
Location : Rumaish Area
PO Box : 849, Mina Al
Fahal 116
Town : Barka
Country : Oman
Telephone : (968) 26893082
Facsimile : (968) 26893084
Mobile : (968)
99811622
Email : oman@byrnerental.com
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Industrial Area of Barka.
Name Position
· Sheikh Hamad Saad
Al Sulaiman Chairman
· Patrick Fallon Chief
Executive Officer
· Toni Balaji General
Manager
· Salaish Pramar Financial
Controller
Date of
Establishment : 7th
April 2010
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1087138
Issued Capital : RO 150,000
Paid up Capital :
RO
150,000
· Byrne Equipment
Rental LLC 99%
PO Box: 50283
Dubai
United
Arab Emirates
Tel:
(971-4) 4544800
Fax:
(971-4) 4544899
· Space Maker
Emirate LLC 1%
Dubai
United
Arab Emirates
· Byrne Equipment
Rental WLL
PO Box: 2712
Doha
Qatar
Tel: (974)
44602320
Fax: (974)
44600409
· Byrne Investments
Saudi Arabia Limited
PO Box: 35936
Jubail 31931
Tel: (966-13)
3404888
Fax: (966-13) 3404777
Activities: Engaged in the supply and rental of
machinery and equipment, with a particular focus in construction and marine
repair and supplying DNV approved products for the oil and gas industry, both onshore
and offshore. Subject’s product range includes:
- Accommodation, office, kitchen
and storage buildings
- Generators
- Compressors, 100% oil free
compressors
- Desiccant dryers
- Boilers
- Lighting towers
- Baskets
- Fencing
- Intrinsically safe air
conditioners
- Welding machines
- Workshops
Import Countries: United
States of America, Europe and India
Operating Trend: Steady
Subject has a workforce of 26 employees.
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
2,115,000 RO
2,500,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures were confirmed by Salaish Pramar, Financial
Controller.
·
Bank Muscat SAOG
Ruwi Main Branch
PO Box:
6326
Muscat
Tel:
(968) 24561399 / 24708543
Fax:
(968) 24561036
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. 61.84 |
|
|
1 |
Rs. 93.26 |
|
Euro |
1 |
Rs. 71.54 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.