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Report Date : |
02.08.2013 |
IDENTIFICATION DETAILS
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Name : |
MOHAMED RIAZ & PARTNERS CO LLC |
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Registered Office : |
Wadi Kabir Industrial Area, PO Box: 1239, Muscat 111 |
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Country : |
Oman |
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Date of Incorporation : |
03.02.1997 |
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Com. Reg. No.: |
1/54485/3 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Import and distribution of building materials |
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No. of Employees : |
105 |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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. However, increases in social welfare benefits, particularly since the
Arab Spring, will challenge the government's ability to effectively balance its
budget if oil revenues decline. 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. In 2012,
continued surpluses resulting from sustained high oil prices and increased
enhanced oil recovery allowed the government to maintain growth in social
subsidies and public sector job creation. However, the Sultan made widely
reported statements indicating this would not be sustainable, and called for
expanded efforts to support SME development and entrepreneurship. Government
agencies and large oligarchic group companies heeded his call, announcing new
initiatives to spin off non-essential functions to entrepreneurs, incubate new
businesses, train and mentor up and coming business people, and provide
financing for start-ups. In response to fast growth in household indebtedness,
the Central Bank reduced the ceiling on personal interest loans from 8 to 7%,
lowered mortgage rates, capped the percentage of consumer loans at 50% of
borrower's salaries for personal loans and 60% for housing loans, and limited
maximum repayment terms to 10 and 25 years respectively. In 2012 the Central
Bank also issued final regulations governing Islamic banking and two
full-fledged Islamic banks held oversubscribed IPOs while four traditional
banks opened sharia-compliant Islamic windows.
|
Source
: CIA |
Company Name :
MOHAMED RIAZ & PARTNERS CO LLC
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
3rd February 1997
Commercial Registration Number :
1/54485/3
Issued Capital :
RO 200,000
Paid up Capital :
RO 200,000
Total Workforce :
105
Activities :
Import and distribution of building materials
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
MOHAMED RIAZ & PARTNERS CO LLC
Registered &
Physical Address
Location : Wadi Kabir Industrial
Area
PO Box : 1239
Town : Muscat 111
Country : Oman
Telephone : (968) 24811648
/ 24456176 / 23211586 / 24454718
Facsimile : (968) 24812512
/ 24450427 / 23211069
Mobile : (968)
92833383 / 99188884
Email : info@mrpco.co.om
Premises
Subject operates from a medium sized suite of offices, a warehouse and
showroom that are rented and located in the Industrial Area of Muscat.
Branch Office (s)
Location Description
Road No. 4, Mabela Industrial Area Warehouse
& showroom premises
Muscat
Tel: (968) 24456176
Fax: (968) 24450427
Ruwi Warehouse & showroom premises
Salalah Warehouse & showroom premises
Nizwa Warehouse & showroom premises
Ibri Warehouse & showroom premises
Al Kamil Warehouse & showroom premises
Sohar Warehouse & showroom premises
N. Garden Warehouse & showroom premises
Ibra Warehouse & showroom premises
Rustaq Warehouse & showroom premises
Sinaw Warehouse & showroom premises
Name Nationality Position
Mohamed Riaz Pakistani Managing
Director
Fahad Mohamed Riaz Pakistani Director
Ghareeb Marhoon Omani Director
Date of Establishment : 3rd
February 1997
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 1/54485/3
Issued Capital : RO 200,000
Paid up Capital : RO 200,000
Name of
Shareholder (s)
Mohamed Riaz
Fahad Mohamed Riaz
Ghareeb Marhoon
Activities: Engaged in the import and
distribution of building materials, gypsum boards, false ceilings,
aluminium, kitchens, wood and timber,
glass, ceramic, sanitaryware, carpentry machines, and steel.
Import Countries: India,
China and Europe
Subject has a workforce of 105 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.
HSBC Middle East
PO Box: 234
Muscat 113
Tel: (968) 24736041 / 24736042
Fax: (968) 24736043
No complaints regarding subject’s payments have been reported.
Mohamed Riaz & Partners Co LLC is well established in the local
market with operations dating back over 25 years and a branch network covering
the country.
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.60.74 |
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|
1 |
Rs.92.05 |
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Euro |
1 |
Rs.80.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.