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MIRA INFORM REPORT
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Report No. : |
501158 |
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Report Date : |
03.04.2018 |
IDENTIFICATION DETAILS
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Name : |
BLUE STAR
ENTERPRISES LLC |
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Registered Office : |
Building No. 221,
Street No. 2108, Madinat Sultan Qaboos, P O Box: 6, Seeb 111 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
Subject's
activities date back to 1983, however it was registered on 27.06.1995. |
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Com. Reg. No.: |
1/48972/0 |
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Legal Form : |
Limited Liability
Company – LLC |
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Line of Business : |
Import and
distribution of electrical products, including transformers, generators, cables,
switches, circuit breakers, conductors, earth rods, nuts and bolts, fibre
optic products and safety valves as well as seeds, fertilizers, pesticides,
fish and other seafood products. |
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No. of Employees : |
15 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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 its dwindling oil resources, which generate 84% of government revenue. In 2016, low global oil prices drove Oman’s budget deficit to $11.5 billion, or approximately 19% of GDP, but the budget deficit was reduced to 13% of GDP in 2017 as Oman reduced government subsidies. Oman has limited foreign assets and is issuing debt to cover its deficit.
Oman is using enhanced oil recovery techniques to boost production, but has simultaneously 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% at present to 9% by 2020 in accordance with Oman’s ninth five-year development plan. Tourism and gas-based industries are key components of the government's diversification strategy.
Muscat also has notably focused on creating more Omani jobs to employ the rising number of nationals entering the workforce. However, high social welfare benefits — that had increased in the wake of the 2011 Arab Spring — have challenged the government's ability to effectively balance its budget in light of low export oil prices. In response, Omani officials imposed austerity measures to its gasoline and diesel subsidies in 2016, with further subsidy cuts planned for electricity and liquid petroleum gas. The spending cuts have faced some public opposition, which in 2017 prompted the Omani Government to announce a cap on fuel prices and a plan to provide 25,000 public-sector jobs for Omanis.
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Source
: CIA |
SUMMARY
Company Name : BLUE STAR ENTERPRISES
LLC
Country of Origin : Oman
Legal Form :
Limited Liability Company – LLC
Start Date :
1983
Registration Date : 27th
June 1995
Commercial
Registration Number : 1/48972/0
Chamber Membership
Number : 2399
Issued Capital : RO
150,000
Paid up Capital : RO
150,000
Total Workforce : 15
Activities :
Distributors of electrical products, including transformers, generators,
cables, switches, circuit breakers,
conductors, earth rods, nuts and
bolts, fibre optic products and safety valves
as well as seeds, fertilizers,
pesticides, fish and other seafood products
Financial Condition : Fair
Payments :
No Complaints
Operating Trend : Steady
COMPANY
NAME
BLUE STAR
ENTERPRISES LLC
ADDRESS
Registered & Physical
Address
Building : Building No. 221
Street : Street No. 2108
Area : Madinat Sultan Qaboos
PO Box : 6
Town : Seeb 111
Country : Oman
Telephone : (968) 24605525 / 24695880 / 24596063
/ 24558606
Facsimile : (968) 24698200 / 24504831
Mobile : (968) 98033066 / 99864818 / 99364692
Email : info@bsellc.net / bsetrdg@omantel.net.om / bse_spd@hotmail.com /
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Seeb.
KEY
PRINCIPALS
Name ID
Number Position
·
Mohamed
Bin Saif Salem Saif Al Maamari 942849 Managing Director
· Arina Bint
Mohammed Saif Al Maamari - Director
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Nautilah
Bint Ahmed Ali Al Shirawi 8864617 Director
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Saif
Bin Mohammed Saif Al Maamari 19161806 Director
·
N K Unni - General
Manager
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Sayed
Qadari - Sales
Manager
·
Nalina
Kumar - Financial
Controller
LEGAL
FORM & OWNERS
Date of Establishment : Subject's
activities date back to 1983, however it was registered on 27th June
1995
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/48972/0
Chamber Member No. : 2399
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of Shareholder (s) Percentage
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Mohamed
Bin Saif Salem Saif Al Maamari 90.0%
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Nautilah
Bint Ahmed Ali Al Shirawi 5.0%
· Arina Bint
Mohammed Saif Al Maamari 2.5%
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Saif
Bin Mohammed Saif Al Maamari 2.5%
OPERATIONS
Activities: Engaged in the import and distribution of
electrical products, including transformers, generators, cables, switches,
circuit breakers, conductors, earth rods, nuts and bolts, fibre optic products
and safety valves as well as seeds, fertilizers, pesticides, fish and other
seafood products.
Import
Countries: Europe, India,
China and South Africa
International Suppliers:
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MICO India
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AXIS India
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So Oly Finland
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Pomomique
Silicone Rubber China
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Oman
Cables Industry SAOG Oman
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Al
Jizzi Transformers Oman
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Axis
Electrical Components India
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TM
Power Line India
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Myco
Industries India
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Supreme
& Co India
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Synapses
Remote Power Management South
Africa
Brand Names: AMULETS, GURU VALVES, PAUWELS, RAUSCHER
STOECKLIN and SYNAPSES
Operating Trend: Steady
Subject has a
workforce of 15 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: Riyal
Omani (RO)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales RO 1,900,000 RO 2,150,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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National
Bank of Oman Limited (SAOG)
PO Box: 574
Seeb 121
Tel: (968) 24623511 / 24623512
Fax: (968) 24623513
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL
COMMENTS
The subject and its
shareholders/owners have been searched in the following databases; Office of
Foreign Assets Control (OFAC), United Nations Security Council Sanctions,
Australian Sanctions List, US Consolidated Sanctions List, EU Financial
Sanctions List and UK Financial Sanctions List and nothing adverse could be
found on the exact names listed within the report.
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 |
INR 65.04 |
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1 |
INR 92.28 |
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Euro |
1 |
INR 80.62 |
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OMR |
1 |
INR 168.86 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on secured
terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.