|
|
|
MIRA INFORM REPORT
|
Report No. : |
499080 |
|
Report Date : |
22.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
SOHAR GALVANIZING & STEEL INDUSTRIES LLC |
|
|
|
|
Registered Office : |
Sohar Industrial Estate, Phase 5, Falaji Al Qabail, PO Box- 617, Sohar 322 |
|
|
|
|
Country : |
Oman |
|
|
|
|
Date of Incorporation : |
15.05.2011 |
|
|
|
|
Com. Reg. No.: |
1/11038/2 |
|
|
|
|
Legal Form : |
Limited Liability Company – LLC |
|
|
|
|
Line of Business : |
Subject Engaged in the fabrication, manufacture and repairs of metal
products and provision of coating, polishing, engraving services |
|
|
|
|
No. of Employees : |
75 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Oman |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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.
|
Source
: CIA |
SUMMARY
Company Name :
SOHAR GALVANIZING & STEEL INDUSTRIES LLC
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
15th May 2011
Commercial Registration Number :
1/11038/2
Issued Capital :
RO 930,000
Paid up Capital :
RO 930,000
Total Workforce :
75
Activities :
Fabrication, manufacture and repairs of metal products and provision of
coating, polishing, engraving services
Financial Condition :
Undetermined
Payments :
No Complaints
COMPANY
NAME
SOHAR GALVANIZING & STEEL INDUSTRIES
LLC
ADDRESS
Registered & Physical Address
Building : Sohar
Industrial Estate, Phase 5
Area :
Falaji Al Qabail
PO Box :
617
Town : Sohar 322
Country : Oman
Telephone : (968) 26701960
/ 26701962 / 26701968
Facsimile :
(968) 26701967
Mobile :
(968) 93950068 / 93895478 / 93895471
Email :
info@sohargalvanizing.com
Premises
Subject operates from a suite of offices and a galvanizing facility
covering 11,500 m2 that are rented and located in the Industrial
Area of Sohar.
KEY
PRINCIPALS
Name Nationality Position
Raed Ahmed Baqer Emirati
Managing Director
Saud Omar Hamad Abdullah Al Mana Qatari Director
Naresh Ram Hingorani Indian Director
Ziad Ahmed Baqer Emirati
Director
Raj Kumar - General
Manager
Vishal D'Souza - Sales
Manager
Soni Scavier - Financial
Controller
LEGAL
FORM & OWNERS
Date of Establishment : 15th
May 2011
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 1/11038/2
Issued Capital : RO 930,000
Paid up Capital : RO 930.000
Name of Shareholder (s) Percentage
Qatar Galvanizing WLL 99.9%
Doha
Qatar
CR No. 26248
Raed Ahmad Baker 0.1%
OPERATIONS
Activities: Engaged in the fabrication, manufacture and repairs of metal products
and provision of coating, polishing, engraving services
Production Capacity: 60,000 tons per annum
Subject has a workforce of 75 employees.
FINANCIAL
DATA
Companies registered in Oman are not legally required to make their
accounts public and no financial information was released by the company or
submitted by outside sources.
BANKERS
Oman Arab Bank
PO Box: 13979
Sohar
Tel: (968) 26842378 /
268422376
Fax: (968) 26842377
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.22 |
|
|
1 |
INR 91.33 |
|
Euro |
1 |
INR 79.96 |
|
OMR |
1 |
INR 169.23 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
KET |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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.