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Report Date : |
12.04.2013 |
IDENTIFICATION DETAILS
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Name : |
OMAN UNITED EXCHANGE CO LLC |
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Registered Office : |
Ruwi High Street,
P O Box 889, Muscat 100 |
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Country : |
Oman |
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Date of Incorporation : |
23.03.1983 |
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Com. Reg. No.: |
1/15490/7 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Providers of foreign currency exchange services |
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No. of Employees : |
35 |
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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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
oman - ECONOMIC OVERVIEW
Oman is a middle-income economy that is heavily dependent on dwindling
oil resources. Because of declining reserves and a rapidly growing labor force,
Muscat has actively pursued a development plan that focuses on diversification,
industrialization, and privatization, with the objective of reducing the oil
sector's contribution to GDP to 9% by 2020 and creating more jobs to employ the
rising numbers of Omanis entering the workforce. Tourism and gas-based
industries are key components of the government's diversification strategy. By
using enhanced oil recovery techniques, Oman succeeded in increasing oil
production, giving the country more time to diversify, and the increase in
global oil prices through 2011 provided the government greater financial
resources to invest in non-oil sectors.
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Source : CIA |
Company Name : OMAN UNITED EXCHANGE CO LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 23rd March 1983
Commercial Registration Number : 1/15490/7
Chamber Membership Number : 7091
Issued Capital : RO 165,000
Paid up Capital : RO 165,000
Total Workforce : 35
Activities : Providers of foreign currency exchange services
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
OMAN UNITED
EXCHANGE CO LLC
Registered &
Physical Address
Location : Ruwi High Street
PO Box : 889
Town : Muscat 100
Country : Oman
Telephone : (968) 24794305 / 24794344 / 24782048
Facsimile : (968) 24794344
Mobile : (968) 99369476
Email : ouecl@omantel.net.om
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Muscat.
Name Position
·
Maqbool Humaid Mohamed Al Saleh Managing
Director
·
Ammar Maqbool Humaid Mohamed Al Saleh Director
·
Qamr Qurashi Hussain Director
·
Raban Sonokubata Director
·
Azhar Masood Finance
Manager
Date of Establishment : 23rd
March 1983
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/15490/7
Chamber Member No. : 7091
Issued Capital : RO 165,000
Paid up Capital : RO 165,000
Name of
Shareholder (s)
·
Oman
Holdings International Co SAOG
Muscat
·
United
Bank Limited
Pakistan
Activities: Engaged in the provision of foreign
currency exchange services.
The Company deals in the sale and purchase of foreign currencies, travellers’ cheques, demand drafts and remittances by having correspondence arrangements with banks across the world.
In 2001, in collaboration with United Bank Limited, Pakistan, the Company successfully launched ‘’TEZRAFTAR’’ (FAST SPEED): an e-based scheme by virtue of which the beneficiary’s account in Pakistan is credited swiftly. This scheme is offered to the remitter absolutely free.
OUE are selling agents of American Express Travellers’ cheques in US Dollars, Pounds Sterling, EURO, Swiss Francs and Australian Dollars.
OUE has recently started to transfer money through Western Union Money Transfer enabling the company to send/receive money within minutes, covering 189 countries with more than 130,000 agents worldwide.
Subject has a workforce of 35 employees.
Companies
registered in Oman are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
·
Commercial Bank of Oman SAOG
Muttrah Business District
PO Box: 1696, Ruwi 112
Muscat
Tel: (968) 24793225 / 24793226 /
24793228
Fax: (968) 24793229
No complaints
regarding subject’s payments have been reported.
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 |
Rs.54.53 |
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UK Pound |
1 |
Rs.83.59 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
---- |
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.