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MIRA INFORM REPORT
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Report No. : |
487992 |
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Report Date : |
29.01.2018 |
IDENTIFICATION DETAILS
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Name : |
ATLANTIC CONSTRUCTION LLC |
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Registered Office : |
Building No. 1345 Way No. 3557 Ruwi PO Box 1398 Muscat 114 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
09.11.2009 |
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Com. Reg. No.: |
1/07954/2 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject is engaged in the provision of general
construction services. |
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No. of Employees : |
100 |
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 (30.06.2017) |
Current Rating (30.09.2017) |
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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 could hinder their implementation.
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Source
: CIA |
SUMMARY
Company Name : ATLANTIC CONSTRUCTION LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 9th November 2009
Commercial Registration Number : 1/07954/2
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
Total Workforce : 100
Activities : Providers of general construction services
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY
NAME
ATLANTIC CONSTRUCTION
LLC
ADDRESS
Registered & Physical
Address
Building :
Building No. 1345
Street :
Way No. 3557
Area :
Ruwi
PO Box :
1398
Town :
Muscat 114
Country : Oman
Telephone :
(968) 24818754
Mobile :
(968) 99373782
Email :
mail@atlanticoman.com
Premises
Subject operates from a medium sized suite of offices that
are rented and located in the Central Business Area of Muscat.
Branch Office (s)
Location Description
· Hay Al
Mina Office
premises
KEY
PRINCIPALS
Name Nationality
Position
· Hassan
Mohamed Juma Al Lawati Omani Managing Director
· Manivarnan
Colangarath Indian Director
LEGAL
FORM & OWNERS
Date
of Establishment : 9th
November 2009
Legal
Form : Limited
Liability Company – LLC
Commercial
Reg. No. :
1/07954/2
Issued Capital : RO
250,000
Paid up Capital :
RO 250,000
Name of Shareholder (s) Percentage
· Manivarnan
Colangarath 51%
· Hassan
Mohamed Juma Al Lawati 49%
AFFILIATED
COMPANIES
· Transatlantic
Infraprojects Pvt Ltd
Bangalore
OPERATIONS
Activities: Engaged in the provision of general
construction services.
Import Countries: Europe and the Far East
Clients:
· Majid
Group
· Oman
70
· Saud
Bahwan Group
· Mohamed
Juma Sultan
· Oman
Plastics
· Nobel
Education Network
· OTE Group
· Al
Fairuz Trading & Contracting LLC
· Alizz
Islamic Bank
· Muscat
Overseas Group
· Salman
Properties
· Barr
Al Jissah Resort and Spa
· Nadhira
Enterprise LLC
Operating Trend: Steady
Subject has a workforce of 100 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
1,620,000 RO
1,800,000
Local sources consider subject’s financial condition to be
Fair.
The above financial figures are based on estimations by our
local sources.
BANKERS
·
HSBC Bank Middle East
Muttrah
Business District
PO
Box: 240, Ruwi 112
Muscat
Tel:
(968) 24700810 / 24799920 / 24799927
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 63.50 |
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1 |
INR 90.92 |
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Euro |
1 |
INR 79.07 |
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OMR |
1 |
INR 165.14 |
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
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
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.