MIRA INFORM REPORT
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Report Date : |
19.05.2011 |
IDENTIFICATION DETAILS
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Name : |
SOFAN TRADING EST. |
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Registered Office : |
Nizwa Building, Ground Floor, Commercial Business District (CBD), Near to Oman Chamber of Commerce, P.O.Box No. 3711, Ruwi 112 |
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Country : |
Oman |
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Date of Incorporation : |
30.11.1993 |
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Com. Reg. No.: |
1/34125/1 |
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Legal Form : |
Proprietorship Concern |
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Line of Business : |
Importers, Wholesalers and Retailers of stationery, office equipment,
advertising articles and business gifts |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
RO
25,000 |
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Status : |
Small Company |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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 |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company NAME
Sofan Trading Est. (Correct)
Sofan Trading LLC (Requested)
Company ADDRESS
Building :
Nizwa Building, Ground Floor
Area :
Commercial Business District (CBD), Near to Oman Chamber
of
Commerce
P.O.Box
No. : 3711
Town :
Ruwi 112
Country :
Oman
Telephone :
(968) 2479 2830
Fax :
(968) 2479 2831
E-Mail :
sales@sofantrading.com / xavithekkath@psc-llc.com
sofan@omantel.net.om
SENIOR COMPANY PERSONNEL
Name Position
1.
Xavi Thekkath General Manager
2.
Willy Palocaren Marketing Manager
3.
Bobi Joe Chief
Accountant
4.
Sumith Malhotra Sales Coordinator
Total
Employees : 20
PAYMENTS
No
complaints have been heard regarding payments from local suppliers
or
banks.
We
consider it is acceptable to deal with subject for SMALL amounts.
Opinion
on maximum credit : RO 25,000
Trade
risk assessment : Normal
Opinion
on the credit figure of US DLRS 150,000 :
The
above figure is higher than normally seen in one amount, however could prove
admissible in a short series of transactions provided the total indebtedness is
strictly monitored.
PRINCIPAL BANKERS
NAME : OMAN ARAB BANK
Branch : Main branch
PO
Box : 2010
Town : Ruwi 112
Telephone:
(968) 2470 6265
Fax : (968) 2479 7736
The
company also has an account with :
Main
Branch
Al
Burj Street, Muttrah Commercial District 1073
PO
Box : 134
Ruwi
112
Telephone:
(968) 2470 3044 / 2478 8638 / 2470 8653
Fax : (968) 2478 9886 / 2478 8638
FINANCIAL INFORMATION
Balance
sheets are not available. However, the subject interviewed
offered
the following information :
Sales
Turnover : RO 1,500,000 – 2010 –
exact
: RO 1,300,000 – 2011 –
exact *
: RO 1,600,000 – 2012 -
projected
Net
Profit : RO 120,000 – 2010 – exact
: RO 100,000 – 2011 – exact
: RO 150,000 – 2012 - projected
*
Decrease in sales turnover in 2011 was due to unfavourable market conditions.
Financial
year ends 31 March.
LEGAL STATUS AND HISTORY
Date
Started : 30 November 1993
C.R.
No. : 1/34125/1 (expiry date: 29/11/2010 - to be renewed)
Chamber
of Commerce Membership No.: 3983 (issue date : 29/08/2001 /
expiry
date: 28/08/2011)
Capital
: RO 150,000
Proprietorship
owned by Mohammed Salem Ahmed Al Balushi (Omani national).
*
It is understood that Xavi Thekkath (Indian national) is
the
unofficial owner of the business.
Affiliated
companies of Sofan Trading :
Associates
Pipe
Line Supply Co. LLC
P.O.
Box 1896
Oman
Telephone:
(968) 2449 2517
Fax : (968) 2459 2516
ACTIVITIES
The
Company is involved in the following activities :
Trading
as importers, wholesalers and retailers of stationery, office equipment,
advertising articles and business gifts.
NACE
Code : 4762 / 4666
Imports
from Europe and Asia, mainly from Indonesia, Malaysia, India, China, UK and
Denmark.
Exports
occasionally to UAE.
Agencies
held : Agipa (France), Bantex (Denmark), Boris (Taiwan), Kores (Spain),
Schneider (Germany), SN Exports (India),
Smart Designs (India), Young Tone (Taiwan) and Bindomatic (Sweden).
FACILITIES
The
Company has the following facilities :
Rented
administrative office, a retail outlet with integrated storage facilities
located at the heading address as well as warehouse located in Darsait.
Subject
previously used PO Box 305 Muscat 118.
SPECIAL NOTE
You
enquired on: Sofan Trading LLC. Please note that the correct name is as per
heading.
The
PO Box and postal code address given by you: 305 and Muscat 118 respectively
apply to subject's former PO Box and postal code address. Please note that
subject's correct PO Box and postal code address are as per heading.
The
banker name given by you: Standard Chartered Bank is incorrect. Please note
that subject's correct banker names are Oman Arab Bank and Bank Muscat (see
‘Principal Bankers’ section).
Interviewed:
Xavi Thekkath (General Manager).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.45.08 |
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UK Pound |
1 |
Rs.73.45 |
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Euro |
1 |
Rs.64.30 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.