MIRA INFORM REPORT
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Report Date : |
03.09.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
SOFAN TRADING EST. |
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Registered Office : |
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Country : |
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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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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
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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 :
Area :
Commercial Business District (CBD), Near to
of
Commerce
P.O.Box
No. : 3711
Town :
Ruwi 112
Country :
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.
Trade
risk assessment :
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 :
Bank
Main
Branch
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
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
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
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
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.89 |
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1 |
Rs.74.31 |
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Euro |
1 |
Rs.65.40 |
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.