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MIRA INFORM REPORT
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Report No. : |
493013 |
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Report Date : |
22.02.2018 |
IDENTIFICATION DETAILS
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Name : |
WHITESTONE INTERNATIONAL LLC |
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Registered Office : |
Al Musanaah, South Batinah PO Box 3 Barka 312 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
10.04.2011 |
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Com. Reg. No.: |
1/10772/2 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject is engaged in the import and distribution of
electrical equipment and fittings, construction materials, commercial and
professional machinery and sanitaryware. |
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No. of Employees : |
12 |
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 : |
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
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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 : WHITESTONE INTERNATIONAL LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 10th April 2011
Commercial Registration Number : 1/10772/2
Municipal Number : 13796
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 12
Activities : Distributors of electrical equipment and fittings, construction materials,
commercial and professional machinery and sanitaryware
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY
NAME
WHITESTONE
INTERNATIONAL LLC
ADDRESS
Registered &
Physical Address
Location : Al Musanaah, South Batinah
PO Box : 3
Town : Barka 312
Country : Oman
Telephone : (968) 98989165 / 99338474
Premises
Subject
operates from a small suite of offices and showroom that are rented and located
in the Central Business Area of Muscat.
KEY
PRINCIPALS
Name Nationality Position
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Ahmed Mohamed Salim Al Saadi Omani Managing Director
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Yahya Mohamed Salim Al Saadi Omani Director
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Mohamed Muhail Indian Director
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Ramis Ben Razak Abdel Razzaq Indian Director
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Afsal Thayal Kunnikallayil House Indian Director
LEGAL
FORM & OWNERS
Date of Establishment : 10th April 2011
Legal Form : Limited Liability Company – LLC
Commercial
Reg. No. : 1/10772/2
Municipal No. : 13796
Issued
Capital : RO 150,000
Paid
up Capital : RO 150,000
Name of Shareholder (s) Percentage
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Afsal Thayal Kunnikallayil House 25%
· Ramis
Ben Razak Abdel Razzaq 25%
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Mohamed Muhail 20%
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Ahmed Mohamed Salim Al Saadi 15%
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Yahya Mohamed Salim Al Saadi 15%
OPERATIONS
Activities: Engaged in the import and distribution
of electrical equipment and fittings, construction materials,
commercial and
professional machinery and sanitaryware.
Import
Countries:
Europe and the Far East
Operating
Trend: Steady
Subject
has a workforce of 12 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 1,200,000 RO 1,385,000
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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HSBC Bank Middle East
PO Box: 701528
Muscat
Tel: (968)
24799920
Fax: (968)
24704241
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.
Local
sources report that the subject’s operating history is clear with payment
obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed 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 63.81 |
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1 |
INR 90.66 |
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Euro |
1 |
INR 79.94 |
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OMR |
1 |
INR 168.92 |
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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DIV |
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Report Prepared
by : |
TRU |
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.