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Report Date : |
22.08.2013 |
IDENTIFICATION DETAILS
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Name : |
GOLDEN INTERNATIONAL ESTABLISHMENT LLC |
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Registered Office : |
Ali Al Shaihani Complex High Street Al Ghubrah Roundabout PO Box 2606,
Ruwi 112 Muscat |
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Country : |
Oman |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
05.06.1994 |
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Com. Reg. No.: |
1/29014/2 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Distributors of cable and wire supplies, overhead transmission lines, and power transmission equipment as well as fire alarms and installation services. |
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No. of Employees : |
28 |
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 |
|
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 : GOLDEN INTERNATIONAL ESTABLISHMENT LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 5th June 1994
Commercial Registration Number : 1/29014/2
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 28
Activities : Distributors of cable and wire supplies, overhead transmission
lines, and power transmission equipment as well as fire alarms and
installation services.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
GOLDEN INTERNATIONAL
ESTABLISHMENT LLC
Building : Ali Al
Shaihani Complex
Street : High Street
Area : Al Ghubrah
Roundabout
PO Box : 2606, Ruwi 112
Town : Muscat
Country : Oman
Telephone : (968) 24835656 / 24619100 / 24619102
Facsimile : (968) 24835558 / 24619102
Email : giellc@omantel.net.om
/ giellc@gioman.com
/ giemktg@gieoman.com
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Muscat.
Name Nationality Position
· Aroon Kumar Jawhar British Managing
Director
· Sonia E Jawhar British Director
· Ali Kudadat Al Shehani Omani Director
· Raja Gopal Rao - Financial
Controller
· C S Iyer - Sales
Manager
Date of
Establishment : 5th
June 1994
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/29014/2
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
· Aroon Kumar Jawhar
· Sonia E Jawhar
· Ali Kudadat Al Shehani
· Al Refaa Trading & Contracting LLC
PO Box: 2606
Muscat
CR No. 1/27379/5
Activities: Engaged in the import and distribution of cable and wire supplies,
overhead transmission lines and power transmission equipment as well as fire
alarms and installation services.
Import Countries: United Kingdom and India.
Operating Trend: Steady
Subject has a workforce of 28 employees.
Financial highlights provided by local sources are given below:
Currency: Riyal Omani (RO)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales RO
2,200,000 RO
2,375,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
National Bank of Oman
Ruwi Branch
PO Box: 3752
Muscat
Tel: (968)
24708898
No complaints regarding subject’s payments have been reported.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.46 |
|
|
1 |
Rs.99.42 |
|
Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.