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Report Date : |
14.08.2013 |
IDENTIFICATION DETAILS
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Name : |
SAMA ITALIA MARBLE AND GRANITE LLC |
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Registered Office : |
Al Maha Street Al Khuwair Area PO Box 446
Rusayl 124 |
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Country : |
Oman |
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Date of Incorporation : |
09.12.2012 |
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Com. Reg. No.: |
1160171 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Distributors of marble and granite. |
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No. of Employees : |
20 |
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 Business |
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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 |
|
Moderate |
B1 |
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High |
B2 |
|
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 : SAMA ITALIA MARBLE AND GRANITE LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 9th December 2012
Commercial Registration Number : 1160171
Membership Number : 16629
Issued Capital : RO 20,000
Paid up Capital : RO 20,000
Total Workforce : 20
Activities : Distributors of marble and granite.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Yasser Raad, Commercial Manager
SAMA ITALIA MARBLE AND GRANITE LLC
Street : Al Maha
Street
Area : Al Khuwair
Area
PO Box : 446
Town : Rusayl 124
Country : Oman
Telephone : (968) 24484876
Facsimile : (968) 24485557
Email : yasser@sunitaliamarble.com
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Rusayl.
Name Nationality Position
· Mohamed Ali Al
Zain American Managing
Director
· Jana Raad American Director
· Yasser Raad - Commercial
Manager
· Saleem Royadan - Sales
Manager
Date of
Establishment : 9th
December 2012
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 1160171
Membership No. : 16629
Issued Capital : RO 20,000
Paid up Capital : RO 20,000
· Mohamed Ali Al
Zain
· Jana Raad
· Sama Italia Marble
& Granite LLC
PO Box: 27365
Sharjah
United Arab Emirates
· Sun Italia Marble
and Granite LLC
PO Box: 27365
Sharjah
United Arab
Emirates
Activities: Engaged in the import and distribution of marble and granite.
Import Countries: Europe and the Far East.
Subject has a workforce of 20 employees.
Subject is a newly formed business and as a result
financial information is not currently available.
·
Bank of Muscat
Al Burj
Street
Greater
Muttrah
PO Box:
6326, Ruwi
Muscat
Tel: (968)
24701769
Fax: (968) 24796488
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.61.43 |
|
|
1 |
Rs.95.07 |
|
Euro |
1 |
Rs.81.77 |
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 |
|
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.