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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

506852

Report Date :

03.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

SITCO LLC

 

 

Registered Office :

Ruwi Main Street, PO Box 557, Muscat 100

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2017

 

 

Date of Incorporation :

14.10.1996

 

 

Com. Reg. No.:

10170603

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Subject Engaged as importers and traders of office automation and AV Solutions. Subject’s products and services include the following

·         Office Automation

·         Large Format

·         Business Machines

·         AV Solutions

·         Professional Services

·         Bureau Services

 

 

No. of Employees :

45

 

 

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                                    : SITCO LLC

Country of Origin                                   : Oman

Legal Form                                           : Limited Liability Company – LLC

Start Date                                             : 1983

Registration Date                                  : 14th October 1996

Commercial Registration Number           : 10170603

Chamber Membership Number               : 763

Issued Capital                                       : RO 150,000

Paid up Capital                                     : RO 150,000

Total Workforce                                                : 45

Activities                                               : Importers and traders of office automation and AV Solutions

Financial Condition                                : Fair

Payments                                             : No Complaints

Operating Trend                                    : Steady

 

 

COMPANY NAME

 

SITCO LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Ruwi Main Street

 

PO Box                        : 557

 

Town                : Muscat 100

Country : Oman

 

Telephone         : (968) 24704582 / 24709582

Facsimile          : (968) 24709585

 Mobile             : (968) 96909405 / 97233423

Email                : sitco1@omantel.net.om / vinil.prakash@sitcollc.com

 

Premises

 

Subject operates from a medium sized suite of offices and a showroom that are rented and located in the Central Business Area of Muscat.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       PO Box: 2958                                                                                   Rented showroom premises

     Salalah 211

     Tel: (968) 23292917

     Fax: (968) 23297940

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Velayatha Jaya Prakash                                   Indian                                    Managing Director

 

·       Majid Sulaiman Hamood Al Kindi                      Omani                        Director

 

·       Vinil Jaya Prakash                                           Indian                                    General Manager

·       Venod Kumr                                                        -                            Financial Controller

 

·       Vishnu Raju                                                         -                            Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1983, however it was registered on 14th October 1996

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.   : 10170603

 

Chamber Member No.  : 763

 

Issued Capital              : RO 150,000

 

Paid up Capital            : RO 150,000

 

Name of Shareholder (s)

 

·       Velayatha Jaya Prakash

 

·       Majid Sulaiman Hamood Al Kindi

 

 

OPERATIONS

 

Activities: Engaged as importers and traders of office automation and AV Solutions. Subject’s products and services include the following:

 

     Office Automation

     -  Photocopiers

     -  Scanners

     -  Plotters

     -  Printers

     -  Copy Printers

     -  MFPs

     -  Gel Printers

     -  Fax

 

     Large Format

     -  Coding Solutions

     -  Industrial Inks

     -  Display Solutions

     -  Plotters

     -  Medias

 

     Business Machines

     -  Laminators

     -  Binders

     -  Shredders

     -  Card Printers

 

     AV Solutions

     -  Meeting Solutions

     -  Projectors

     -  OHPs

     -  Digital Boards

     -  Audio Solutions

     -  Projection Lifts

     -  Screens

 

     Professional Services

     -  Bill Printing Solutions

     -  Document Management Solutions

     -  Archiving Solutions

 

     Bureau Services

     -  Photocopying

     -  Scanning – up to A0

     -  Binding – all types

     -  Lamination

     -  Poster Printing

     -  CD Works

     -  Graphic Designing

 

Import Countries: United Kingdom, India and the Far East

 

International Suppliers:

 

·       Ricoh           United Kingdom

·       Domino        United Kingdom

 

Operating Trend: Steady

 

Subject has a workforce of 45 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 4,105,000                            RO 4,200,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Bank Muscat SAOG

Ruwi Main Branch

     PO Box: 6326

     Muscat

     Tel: (968) 24561399 / 24708543

     Fax: (968) 24561036

 

 

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.

 

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 66.66

UK Pound

1

INR 91.66

Euro

1

INR 81.01

OMR

1

INR 173.15

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.