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Report No. : |
327474 |
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Report Date : |
27.06.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Building No. 346, Way No. 48, Al Thaiba Street, Al Azaiba Area 1820 Muscat 130 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
16.04.2005 |
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Com. Reg. No.: |
1/78705/5 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the import and distribution of building materials, tools, masonry equipment, and safety items |
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No of Employees : |
30 |
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, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 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 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.
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Source
: CIA |
Company Name : STERLING INTERNATIONAL TRADING AND ENGINEERING
SERVICES LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 16th April 2005
Commercial Registration Number : 1/78705/5
Chamber Membership Number : 5205
Issued Capital : RO 200,000
Paid up Capital : RO 200,000
Total Workforce : 30
Activities : Distributors of building materials and tools.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Renil Thomas, Finance Manager
STERLING
INTERNATIONAL TRADING AND ENGINEERING SERVICES LLC
Building : Building No. 346
Street : Way No. 48, Al Thaiba Street
Area : Al Azaiba Area
PO Box : 1820
Town : Muscat 130
Country : Oman
Telephone : (968) 24614201 / 24590596 / 23201921
Facsimile : (968) 24614202 / 24590530
Mobile : (968) 99363580 / 99358741 /
99899074 / 93216759
Email : info@sitesoman.com / sites@omantel.net.om / askar@sitesoman.com
/ farhan@sitesoman.com renal@sitesoman.com
Subject operates
from a small suite of offices and a warehouse that are rented and located in the
Central Business Area of Muscat.
Branch Office
(s)
Location Description
·
Nizwa Rented
showroom
Tel: (968) 25410068
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Sur Rented
showroom
Tel: (968) 25545082
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Sohar Rented
showroom
Tel: (968) 26708624
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Salalah Rented
showroom
Name Position
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Tariq
Bin Abdullah Majid Al Baloushi Managing
Director
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Salman
Bin Abdullah Majid Al Baloushi Director
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Saeed
Bin Abdullah Majid Al Baloushi Director
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Mostafa
Bin Abdullah Majid Al Baloushi Director
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Ahmed K
Mohamed General
Manager
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Azhar
Zia Al Kariya Assistant
General Manager
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Renil Thomas Finance
Manager
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Askar
Ali Purchasing
Manager
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Farhan
Mohamed Assistant
Purchasing Manager
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Riyad
Mohamed Operations
Manager
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Hassan
Mohamed Chief
Accountant
Date of Establishment : 16th
April 2005
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/78705/5
Chamber Member No. : 5205
Issued Capital : RO 200,000
Paid up Capital : RO 200,000
·
Tariq
Bin Abdullah Majid Al Baloushi
·
Salman
Bin Abdullah Majid Al Baloushi
·
Saeed
Bin Abdullah Majid Al Baloushi
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Mostafa
Bin Abdullah Majid Al Baloushi
·
Intersite International LLC
Muscat
·
Concept International LLC
Muscat
Activities: Engaged in the import and distribution of
building materials, tools, masonry equipment, and safety items
Import
Countries: Italy, Belgium Brazil,
United Kingdom, Malaysia, China, India, Korea, Cyprus, Oman, Qatar and the
United Arab Emirates.
Brand Names: PEGLER, GLOBAL, ALMAGUARD, SIPRO, PETA,
CONFLO and SPERO
Operating Trend: Steady
Subject has a
workforce of 30 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 7,922,607 RO 9,115,636
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Renil Thomas,
Finance Manager
·
HSBC
Bank Middle East
Muttrah Business District
PO Box: 240, Ruwi 112
Muscat
Tel: (968) 24700810 / 24799920 / 24799927
Fax: (968) 24704241
No complaints regarding
subject’s payments have been reported.
According to local
sources, subject meets its payment obligations in a timely manner and 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. 63.60 |
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1 |
Rs. 100.09 |
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Euro |
1 |
Rs. 71.23 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
DPT |
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.