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MIRA INFORM REPORT
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Report No. : |
497594 |
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Report Date : |
17.03.2018 |
IDENTIFICATION DETAILS
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Name : |
LOTUS MUSCAT LLC |
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Registered Office : |
Ruwi 112, P O
Box: 713, Muscat |
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Country : |
Oman |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
30.09.2007 |
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Com. Reg. No.: |
1/02764/3 |
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Legal Form : |
Limited Liability
Company – LLC |
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Line of Business : |
Import and distribution
of sanitary ware, electrical equipment, construction materials, computers and
software, lighting and oilfield and gas equipment and supplies. |
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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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Maximum Credit Limits : |
US$ 150,000 |
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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 $11.5 billion, or approximately 19% of GDP, but the budget deficit was reduced to 13% of GDP in 2017 as Oman reduced government subsidies. Oman has limited foreign assets and is issuing debt to cover its deficit.
Oman is using enhanced oil recovery techniques to boost production, but has simultaneously pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP from 46% at present to 9% by 2020 in accordance with Oman’s ninth five-year development plan. Tourism and gas-based industries are key components of the government's diversification strategy.
Muscat also has notably focused on creating more Omani jobs to employ the rising number of nationals entering the workforce. However, high social welfare benefits — that had increased in the wake of the 2011 Arab Spring — have challenged the government's ability to effectively balance its budget in light of low export oil prices. In response, Omani officials imposed austerity measures to its gasoline and diesel subsidies in 2016, with further subsidy cuts planned for electricity and liquid petroleum gas. The spending cuts have faced some public opposition, which in 2017 prompted the Omani Government to announce a cap on fuel prices and a plan to provide 25,000 public-sector jobs for Omanis.
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Source
: CIA |
SUMMARY
Company Name : LOTUS
MUSCAT LLC
Country of Origin : Oman
Legal Form :
Limited Liability Company – LLC
Registration Date : 30th
September 2007
Commercial
Registration Number : 1/02764/3
Issued Capital : RO
150,000
Paid up Capital : RO
150,000
Total Workforce :
12
Activities :
Distributors of sanitary ware, electrical equipment, construction
materials, computers and software, lighting
and oilfield and gas
equipment and supplies
Financial Condition : Fair
Payments :
Slow but correct
Operating Trend : Steady
Recommended Credit
Limit : US$ 150,000
COMPANY
NAME
LOTUS MUSCAT LLC
ADDRESS
Registered & Physical
Address
Location : Ruwi 112
PO Box : 713
Town : Muscat
Country : Oman
Telephone : (968) 24835042 / 24830412
Facsimile : (968) 24830542
Mobile : (968) 95422881
Email : lotusomn@omantel.net.om
Premises
Subject operates from
a small suite of offices and a showroom that are rented and located in the
Central Business Area of Muscat.
KEY
PRINCIPALS
Name Nationality
Position
·
Madhu
Pillai Indian Managing Director
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Siddiq
Faqir Mohamed Al Balushi Omani Director
LEGAL
FORM & OWNERS
Date of Establishment : 30th
September 2007
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/02764/3
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of Shareholder (s) Percentage
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Madhu
Pillai 70%
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Siddiq
Faqir Mohamed Al Balushi 30%
AFFILIATED
COMPANIES
·
Pearl
Light Global LLC
Al Wadi Al Kabeer
PO Box: 713, Ruwi 112
Muscat
Tel:
(968) 968 24837122 / 24783042 / 24835042
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United
Hydraulics Services LLC
·
Edeza Trading
Company LLC
OPERATIONS
Activities: Engaged in the import and distribution of
sanitary ware, electrical equipment, construction materials,
computers and software,
lighting and oilfield and gas equipment and supplies.
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 1,400,000 RO 1,550,000
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
Middle East
PO Box: 234
Muscat 113
Tel: (968) 24736041 / 24736042
Fax: (968) 24736043
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
CREDIT
RATING
Recommended
credit limit: US$ 150,000
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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.
According to local
sources, subject meets its payment obligations in a timely manner and 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 64.87 |
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1 |
INR 90.49 |
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Euro |
1 |
INR 79.91 |
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OMR |
1 |
INR 169.16 |
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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NIS |
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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.