MIRA INFORM REPORT
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Report Date : |
30.11.2011 |
IDENTIFICATION DETAILS
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Name : |
GENERAL LEATHER MANUFATURING COMPANY LLC |
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Registered Office : |
Road No. 12, Rusayl Industrial Area, P O Box 692, Ruwi 112, Muscat |
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Country : |
Oman |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
01.12.1991 |
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Com. Reg. No.: |
1/31592/7 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of leather products |
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No. of Employees
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60 Persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
SUMMARY
Company Name : GENERAL LEATHER MANUFATURING COMPANY LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 1st December 1991
Commercial Registration Number : 1/31592/7
Chamber Membership Number : 2818
Issued Capital : RO 60,000
Paid up Capital : RO 60,000
Total Workforce : 60
Activities : Manufacturers of leather products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
Person Interviewed : Prajesh Sabastian, Factory Manager
COMPANY NAME
GENERAL LEATHER MANUFATURING COMPANY LLC
company ADDRESS
Registered &
Physical Address
Street : Road No. 12
Area : Rusayl
Industrial Area
PO Box : 692, Ruwi 112
Town : Muscat
Country : Sultanate of
Oman
Telephone : (968) 24446293
Facsimile : (968) 24449204
Email : alkhamis@omantel.net.om / gelemco@omantel.net.om
Please note that subject’s previous address was, Khamis Shoes Building,
Hamriya Street, Ruwi 112, Muscat.
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of Muscat.
KEY PRINCIPALS
Name Position
·
Mohamed
Khamis Mubarak Al Alawi Managing
Director
·
Ali Khamis Mubarak Al Alawi Director
·
Rashid Khamis Mubarak Al Alawi Director
·
Khamis Mohamed Khamis Mubarak Al Alawi General
Manager
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Prajesh Sabastian Factory
Manager
·
Ram Vishunath Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1st
December 1991
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/31592/7
Chamber Member No. : 2818
Issued Capital : RO 60,000
Paid up Capital : RO 60,000
Name of
Shareholder (s)
·
Mohamed
Khamis Mubarak Al Alawi
·
Ali Khamis Mubarak Al Alawi
·
Rashid Khamis Mubarak Al Alawi
AFFILIATED COMPANIES
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Al
Khamis Trading Co LLC
PO Box: 692
Ruwi 112
Muscat
Tel: (968) 24835129
Fax: (968) 24831782
OPERATIONS
Activities: Engaged in the manufacture of leather
products, specialized in men's slippers called Naalat.
Import
Countries: Europe and the
Far East.
Brand Names: GELEMCO, GAZALA, TIGER and DANA
Operating Trend: Steady
Subject has a
workforce of 60 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Riyal
Omani (RO)
Year
Ending 31/12/09: Year
Ending 31/12/10:
Total Sales RO 865,000 RO 950,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Prajesh Sabastian, Factory Manager
BANKERS
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Bank of
Muscat
Hatat House Branch
Wadi Adai
PO Box: 4077
Ruwi
Tel: (968) 24564861
Fax: (968) 24564860
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.51.93 |
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UK Pound |
1 |
Rs.80.62 |
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Euro |
1 |
Rs.69.37 |
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.