MIRA INFORM REPORT

 

 

Report Date :

03.03.2012

 

IDENTIFICATION DETAILS

 

Name :

GOLDEN WAYS INTERNATIONAL LLC

 

 

Registered Office :

Mawaleh Vegetable Market PO Box 1456 Muscat 114

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishment :

1984

 

 

Com. Reg. No.:

1/02663/0

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Wholesale and retail of general foodstuffs.

 

 

No. of Employees :

35

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 150,000

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Oman

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : GOLDEN WAYS INTERNATIONAL LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Start Date                                             : 1984

Registration Date                                   : 11th September 2007

Commercial Registration Number                        : 1/02663/0

Chamber Membership Number                : 7588

Issued Capital                                        : RO 150,000

Paid up Capital                                      : RO 150,000

Total Workforce                                     : 35

Activities                                               : Wholesale and retail of general foodstuffs.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 150,000

Person Interviewed                                 : R K Unni, Sales Manager

 

COMPANY NAME

 

GOLDEN WAYS INTERNATIONAL LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Mawaleh Vegetable Market

 

PO Box             : 1456

 

Town                 : Muscat 114

Country             : Oman

 

Telephone         : (968) 24540995

Facsimile          : (968) 24541392 / 24541392

Mobile               : (968) 99312806 / 93316684

Email                : goldenwayskn@yahoo.com / mehmoodsabeel@yahoo.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.

 

 

KEY PRINCIPALS

 

     Name                                                                       Nationality                     Position

 

·       Hassan Bin Saleh Bin Masood Al Ajmi                                       Omani                        Managing Director

 

·       Kanaka Nagmbram Nair                                                Indian                         Director

 

·       R K Unni                                                                         -                            Sales Manager

 

·       Praveen T Thomas                                                            -                            Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1984, however it was registered on 11th September 2007

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/02663/0

 

Chamber Member No. : 7588

 

Issued Capital              : RO 150,000

 

Paid up Capital            : RO 150,000

 

Name of Shareholder (s)

 

·       Hassan Bin Saleh Bin Masood Al Ajmi

 

·       Kanaka Nagmbram Nair

 

 

AFFILIATED COMPANIES

 

·       Kanaka Sri Export Ltd

     India

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of general foodstuffs, including seafood, fruits, vegetables and eggs.

 

Import Countries: South Africa and India

 

International Suppliers:

 

·       Icon Produce International      South Africa

·       RPS Export Ltd                     India

 

Operating Trend: Steady

 

Subject has a workforce of 35 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Riyal Omani (RO)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                RO 850,000                               RO 1,000,000

 

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

 

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

 

 

BANKERS

 

·       Oman Arab Bank

     Muttrah Business District

     PO Box: 2010, Ruwi 112

     Muscat

     Tel: (968) 24700161 / 24706265 / 24706267

     Fax: (968) 24797736

 

 

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 and the above credit figure is within subject’s financial means.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.35

UK Pound

1

Rs.78.68

Euro

1

Rs.65.63

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

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%)

 

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.