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MIRA INFORM REPORT
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Report No. : |
496921 |
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Report Date : |
13.03.2018 |
IDENTIFICATION DETAILS
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Name : |
OMAN OIL INDUSTRY
SUPPLIES & SERVICES CO LLC (OOISS) |
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Registered Office : |
Al Omran Street, Building
No. 89, Way No. 6606, Gala Industrial Area, PO Box, 510, Ruwi 112 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
01.10.1975 |
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Com. Reg. No.: |
1/00357/7 |
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Legal Form : |
Limited Liability
Company – LLC |
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Line of Business : |
Subject engaged in the import and distribution of oilfield supplies,
industrial equipment, instrumentation, industrial clothing and uniforms,
safety and fire fighting equipment and detection systems, pipes and
electrical products, industrial chemicals, paints and protective coatings |
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No. of Employees : |
120 |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 :
OMAN OIL INDUSTRY SUPPLIES & SERVICES CO LLC (OOISS)
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
1st October 1975
Commercial Registration Number :
1/00357/7, Muscat
Chamber Membership Number :
499
Issued Capital :
RO 255,000
Paid up Capital :
RO 255,000
Total Workforce :
120
Activities : Distributors of oilfield supplies
Financial Condition :
Good
Payments :
Regular
COMPANY
NAME
OMAN OIL INDUSTRY SUPPLIES & SERVICES CO LLC (OOISS)
ADDRESS
Registered & Physical Address
Street : Al Omran
Street, Building No. 89, Way No. 6606
Area : Gala
Industrial Area
PO Box :
510, Ruwi 112
Town : Muscat
Country : Sultanate of Oman
Telephone : (968) 24590061
/ 24590063 / 24590066 / 24590067 / 24117600
Facsimile : (968) 24590131
/ 24501619
Email : info@ooiss.com / ooiss@omantel.net.om
Premises
Subject operates from a site covering 60,000 square metres comprising a
suite of offices, workshop, warehouse and covered storage facilities that are
owned and located in the Industrial Area of Muscat.
Branch Office (s)
Location Description
PO Box: 19479 Office
& warehouse
Salalah
Tel: (968) 24212366
KEY
PRINCIPALS
Name Nationality Position
HE Mohamed Al Zubair Bin Ali *
Omani Managing
Director
Jassim Mohamed Al Jaidah Qatari Director
Rashad Mohamed Al Zubair - Chief
Executive Officer
Paul Jackull - General
Manager
Sivagi Gangouli - Finance Manager
E K Prem - Accounts
Manager
P S Bai - Technical Manager
Bimal Sarkhel - Quality Control Manager
D L Ali - Fire & Safety Manager
*Background on HE Mohamed Al Zubair Bin Ali
HE Mohamed Al Zubair Bin Ali is well educated and a graduate in Public
Administration Studies, his career started as an employee with Petroleum
Development Oman. In 1967 he set up his first business under the name “Muscat
Trading Co”, then “Zubair Enterprises” in 1973. HE Mohamed Al Zubair Bin Ali is
also Special Economic & Planning Adviser to the ruler of Oman; Sultan
Qaboos.
LEGAL
FORM & OWNERS
Date of Establishment : 1st
October 1975
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 1/00357/7, Muscat
Chamber Member No. : 499
Issued Capital : RO 255,000
Paid up Capital : RO 255,000
Name of Shareholder (s) Percentage
HE Mohamed Al Zubair Bin Ali 60%
Jaidah Motors & Trading Company 40%
Doha
Qatar
AFFILIATED
COMPANIES
Subject is a member of the Zubair Group of Companies, which comprises
the following concerns:
Zubair Automotive LLC
Zubair Automotive Complex
Sultan
Quboos Street
Azaiba
PO Box:
800, Seeb 111
Muscat
Tel: (968) 24590430 / 24591772
Fax: (968) 24590500 / 24592475
Email: zauto@omantel.net.om
International Parts Co LLC (Interparts)
Zubair Automotive
Complex
Azaiba
PO Box: 966, Seeb 111
Muscat
Tel: (968) 24590351 / 24590340
/ 24594418 / 24594529
Fax: (968) 24594530 /
24592130
Technical Engineering Services LLC
Technical Engineering
Building
Road No. 10
Rusayl Industrial
Estate
PO Box: 81, Rusayl 124
Muscat
Tel: (968) 24626751 /
24626462
Fax: (968) 24626463
Email: techengg1@yahoo.com
Photocentre LLC
Building No. 2321, Way
No. 6527
Off Wadi Arabee Bin
Habib Street
Al Wadi Al Kabir
PO Box: 115
Muscat 112
Tel: (968) 247714752 /
247714983
Fax: (968) 247711254
Email: photcent@omantel.net.om
United Engineering Services LLC
Zaiba Area
PO Box: 5638
Muscat
Tel: (968) 24592320/1/2
Fax: (968) 24592065
Muscat Marine LLC
Zubair Enterprise Building
Khamis Al Shaqsi Street
PO Box: 4050
Muscat
Tel: (968) 24591137 / 24591138
Fax: (968) 24590662
National Detergent Co Ltd SAO
PO Box: 6104
Muscat
Tel: (968) 24603824
Port Services Corporation Limited SAOG (PSC)
Muttrah
PO Box: 133
Muscat
Tel: (968) 24714001
Fax: (968) 24714007
Oman Agricultural Development Co SAOG
PO Box: 3604
Ruwi
Tel: (968) 24840301
Fax: (968) 24842363
Oman National Electric Co SAOG
Jabir Bin Zaid Street
Greater Muttrah
PO Box: 4393
Muscat
Tel: (968) 24796353 / 24700369
Omani European Bank SAOC
PO Box: 4565
Muscat
Tel: (968) 24797410
Fax: (968) 24797431
Oman United Agencies LLC
OUA Building
Al Rustaq Street
PO Box: 3985
Muscat
Tel: (968) 24701219 / 24701299
Fax: (968) 24793390
Zubair Travel & Service Bureau LLC
Khamis Al Shaqsi Street
Ruwi
PO Box: 3833
Muscat
Tel: (968) 24701488 / 24705457
Zubair Kilpatrick LLC
Azaibah
PO Box: 4999
Muscat
Tel: (968) 24590577
Fax: (968) 24590811
Technical & Consumer Services Company Limited
Madinat Qaboos
PO Box: 50418
Muscat
Tel: (968) 24561413
Fax: (968) 24561416
Oman Computer Services LLC
Al Rezaigi Building
Al Khuwair
PO Box: 7917
Muscat
Tel: (968) 24698352 / 24600544 / 24600047
Fax: (968) 24698356
Zubair Electric LLC
Zubair Ruwi Towers
Nasir Bin Murshid Street
Ruwi
PO Box: 4127
Muscat
Tel: (968) 24701271
Fax: (968) 24796921
Jawahir Oman LLC
Qaboos Street
PO Box: 4008
Ruwi
Muscat
Tel: (968) 24701669 / 24600500
Fax: (968) 24795688
Muscat Commercial Agencies LLC
PO Box: 4050
Muscat
Muscat Trading Company
Muscat
Oman Refreshment Company Ltd (PEPSI)
PO Box: 1030
Muscat
Oman International Development Company
Muscat
Oman Sea Farms SAO
Muscat
Socat LLC
Muscat
Building Supplies and Services Company LLC
Muscat
Falaj Construction Co LLC
Muscat
Oman Bitumen Company LLC
Muscat
Azaiba Construction Company LLC
Muscat
Oman Lubricants Company LLC
Muscat
Zubair Automotive LLC
Muscat
Zubair Credit Services
Muscat
Zubair Enterprises Southern LLC
Muscat
Zubair Enterprises Northern LLC
Muscat
Oman National Transport Company
Muscat
Mezoon Travel
Muscat
Oman Industrial Services
Muscat
Electronic Supplies & Services Company
Muscat
Oman A/C and Refrigeration Company
Muscat
OPERATIONS
Activities: Engaged in the import and distribution of oilfield supplies, industrial
equipment, instrumentation, industrial clothing and uniforms, safety and fire
fighting equipment and detection systems, pipes and electrical products,
industrial chemicals, paints and protective coatings.
Subject also provides installation, maintenance and repair services on
all its products.
The company is ISO9002 and ISO14001 accredited.
Import Countries: Germany, Italy, United Kingdom, Australia,
Malaysia and the United States of America
International Suppliers:
Bayrol Chemische GmbH Germany
Wika Germany
B.F.E. SpA Italy
Facet Industrial Products United
Kingdom
Gas Tech (Australia) Australia
Kulitkraf Sdn Bhd Malaysia
Hach Company United
States of America
GBA Corona Inc United
States of America
Brand Names: BAROID,
WEATHERFORD, BENTELER, FABRICOM, HUGHES TOOLS, MOKVELD &
MAGNETROL
Subject has a workforce of 120 employees.
FINANCIAL
DATA
Financial highlights provided by local sources are given below:
Currency: Riyal Omani (RO)
Year
Ending 31/12/17:
Total sales RO
23,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr E K Prem,
Accounts Manager
BANKERS
Bank Dhofar Al Omani Al Fransi
Mutrah Business District
PO Box: 1507, Ruwi 112
Muscat
Tel: (968) 24790466
Fax: (968) 24797246
Bank of Oman, Bahrain & Kuwait
Ghala Branch
PO Box: 4708, Ruwi
Muscat
Tel: (968) 24590122
National Bank of Oman Limited (SAOG)
Mutrah Business District
PO Box: 751, Ruwi 112
Muscat
Tel: (968) 24708894 / 24708630 / 24708684
Fax: (968) 24707781 / 24703972
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
Oman Oil Industry Supplies & Services Co LLC (OOISS) is well
established in the local market with operations dating back to 1974.It is engaged
in the import and distribution of oilfield supplies and industrial equipment,
dealing with a host of reputable international suppliers.
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.
Subject is a member of the well-known Zubair Group of Companies and is
partly owned by HE Mohamed Al Zubair Bin Ali who is a very well known and
wealthy Omani businessman. As such subject is considered trustworthy for
respecting its financial trade commitments. The operating record is clear with
payment obligations met in a timely manner.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.02 |
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|
1 |
INR 90.12 |
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Euro |
1 |
INR 80.91 |
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OMR |
1 |
INR 168.16 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
NIS |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
|
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
·
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.