MIRA INFORM REPORT

 

 

Report No. :

320332

Report Date :

02.05.2015

 

IDENTIFICATION DETAILS

 

Name :

GULF SERVICES & INDUSTRIAL SUPPLIES CO LLC

 

 

Registered Office :

Al Shanfari Building, Bait Al Falaj Street, Wadi Al Kabir, P O Box: P O Box: 2250, Ruwi 112, Muscat

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

01.04.1977

 

 

Com. Reg. No.:

1/05377/9, Muscat

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Import and distribution of industrial machinery and equipment, garage and  workshop equipment, tools, welding equipment, hose fittings and accessories, lubricants, pumps and fittings, safety and firefighting equipment, cleaning and waste water equipment.

 

 

No. of Employees :

170

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 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                                    : GULF SERVICES & INDUSTRIAL SUPPLIES CO LLC

Country of Origin                                   : Oman

Legal Form                                           : Limited Liability Company – LLC

Registration Date                                  : 1st April 1977

Commercial Registration Number           : 1/05377/9, Muscat

Membership Number                             : 978

Issued Capital                                       : RO 2,000,000

Paid up Capital                                     : RO 2,000,000

Total Workforce                                     : 170

Activities                                               : Import and distribution of industrial machinery and equipment, garage

and workshop equipment, tools, welding equipment, hose fittings and   accessories, lubricants, pumps and fittings, safety and fire fighting equipment, cleaning and waste water equipment.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Beshoi Zarakia, Finance Manager

 

 

COMPANY NAME

 

GULF SERVICES & INDUSTRIAL SUPPLIES CO LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Al Shanfari Building

Street               : Bait Al Falaj Street

Area                 : Wadi Al Kabir

 

PO Box            : 2250, Ruwi 112

 

Town                : Muscat

Country             : Sultanate of Oman

 

Telephone         : (968) 24811238 / 24816866 / 24812271 / 24811239 / 24811240

Facsimile          : (968) 2416146

Mobile              : (968) 99314096  / 99458302 / 99363321

Email                : gsiscom@omantel.net.om / bzakaria@arabigsis.com

 

Premises

 

Subject operates from a large suite of offices, a warehouse and a showroom that are owned and located in the Suburban Business Area of Muscat.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       PO Box: 245                                                                                    Sales office & warehouse

Sohar

     Tel: (968) 24844383 / 24844389

 

·       PO Box: 993                                                                                    Sales office & warehouse

Salalah 211

Tel: (968) 23299108

 

·       Barka                                                                                               Sales office & warehouse

Tel: (968) 26893995

 

·       Sur                                                                                                  Sales office & warehouse

Tel: (968) 25543508

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Hussain Al Baloushi                                                                          Managing Director

 

·       Mathew Thomas                                                                               General Manager

 

·       Kamal Nat                                                                                        Technical Manager

 

·       Beshoi Zarakia                                                                                  Finance Manager

 

·       Shashi Kumar                                                                                   Sales Manager

 

·       K Ranith                                                                                           Accountant

 

·       Salim Mohamed Al Raqqady                                                             Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st April 1977

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.   : 1/05377/9, Muscat

 

Membership No            : 978

 

Issued Capital              : RO 2,000,000

 

Paid up Capital            : RO 2,000,000

 

Name of Shareholder (s)                                     Percentage

 

·       Hussain Al Baloushi                                                       51%

 

·       Arabi Co WLL                                                                49%

PO Box: 4090

Safat

Kuwait

 

 

AFFILIATED COMPANIES

 

·       Gulf Paper Manufacturing Company

 

·       Al Khat Printing Press

 

·       Maousherji Catering Company (McDonald’s)

 

·       Warba Graphic Advertisement & Marketing Company

 

·       Metropolitan

 

·       Saudi Nourgeh

Riyadh

Saudi Arabia

 

·       Coral Villa

Jeddah

Saudi Arabia

 

·       Al Farabi Investment Company

 

·       Kuwait National Lube Oil Co

Safat

Kuwait

 

·       ABC Real Estate

 

·       Al Khat Packaging

 

·       Al Mouasher Economic Newspaper

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of industrial machinery and equipment, garage and workshop

equipment, tools, welding equipment, hose fittings and accessories, lubricants, pumps and fittings, safety and fire fighting equipment, cleaning and waste water equipment.

 

Import Countries: Germany and the United Kingdom.

 

Brand Names: MAKITA, MAKTEC, EVEREST, IRWIN, KAWASAKI, TYROLIT, COOPER, EHWA, OSBORN,

KLAUKE, RUKO, JCF, NORTH, WORK MASTER, LIBERTY, FEND ALL, AQUASOL, SACIT,

ASADA, DMI, CALPEDA, FLAMCO, FOGCO, SOLAHART, SANDPIPER, POLYPIPE, ROBUSCH and SHARP

 

Operating Trend: Steady

 

Subject has a workforce of approximately 170 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 10,920,000                          RO 11,500,000

 

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

 

The above figures were provided by Mr Beshoi Zarakia, Finance Manager

 

 

BANKERS

 

·       Bank of Oman, Bahrain & Kuwait

     BOBK House

     Al Burj Street

     PO Box: 4708, Ruwi 112

     Muscat

     Tel: (968) 24701528 / 24701532 / 24701788

     Fax: (968) 24705607 / 24793536

 

 

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.63.58

UK Pound

1

Rs.97.99

Euro

1

Rs.70.53

 

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

 

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.