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Report Date : |
05.08.2013 |
IDENTIFICATION DETAILS
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Name : |
GHAZAL AL SHUMAL SPECIALIST TRADING |
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Registered Office : |
Al Wadi Al Kabir Area,
Ruwi 114, P O Box 872, Muscat |
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Country : |
Oman |
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Date of Incorporation : |
23.01.2012 |
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Com. Reg. No.: |
1/13443/6 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
importer and distributor of general foodstuffs,
medical and laundry supplies. |
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No. of Employees : |
07 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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---- |
NB |
New Business |
---- |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 : GHAZAL AL SHUMAL SPECIALIST TRADING
Country of Origin : Oman
Legal Form : Sole Proprietorship
Registration Date : 23rd January 2012
Commercial Registration Number : 1/13443/6
Chamber Membership Number : 10315
Invested Capital : RO 25,000
Total Workforce : 7
Activities : Distributors of general foodstuffs, medical and laundry supplies
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Farooq Sayed, Assistant General Manager
GHAZAL AL SHUMAL
SPECIALIST TRADING
Registered &
Physical Address
Location : Al Wadi Al Kabir Area, Ruwi 114
PO Box : 872
Town : Muscat
Country : Oman
Mobile : (968) 952434497 / 99539826
Email : ghazalalshumal@gmail.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central Business
Area of Muscat.
Name Position
·
Ms
Ghazala Sayed Ashfaq Ashfaq Proprietor
·
Amer
Ali Gayed Ali Al Harbi General
Manager
·
Farooq
Sayed Assistant
General Manager
Date of Establishment : 23rd
January 2012
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 1/13443/6
Chamber Member No. : 10315
Invested Capital
: RO 25,000
Ms Ghazala Sayed
Ashfaq Ashfaq is the sole proprietor of the business.
Activities: Engaged in the import and distribution of
general foodstuffs, medical and laundry supplies.
Import
Countries: Europe and the
Far East
Subject has a
workforce of 7 employees.
Subject is a newly formed
business and as a result financial information is not currently available.
·
National
Bank of Abu Dhabi
Mutrah Business District
PO Box: 303 / 2293
Muscat 113
Tel: (968) 24798842 / 24798841 / 24798843
Fax: (968) 24794386
Account No. 6500154777
No complaints
regarding subject’s payments have been reported.
In view of
subject’s infancy, extensive payment and financial are not available, therefore
dealings are recommended to be on secured terms, and a close monitoring of
subject’s business development is advisable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
UK Pound |
1 |
Rs.91.95 |
|
Euro |
1 |
Rs.80.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
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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 |
|
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.