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Report Date : |
18.12.2013 |
IDENTIFICATION DETAILS
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Name : |
GENERAL ELECTRONICS AND TRADING CO LLC |
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Registered Office : |
Bishara Building, 4th Floor CBD Area PO Box 1092 Muscat 112 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.02.1978 |
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Com. Reg. No.: |
1/06593/9 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject is engaged in the import and distribution of electrical equipment,
switchgear and overhead lines |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
OMAN - ECONOMIC OVERVIEW
apidly 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 window
Source
: CIA
Company Name : GENERAL ELECTRONICS AND TRADING CO LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 1st February 1978
Commercial Registration Number : 1/06593/9
Chamber Membership Number : 1820
Issued Capital : RO 500,000
Paid up Capital : RO 500,000
Total Workforce : 10
Activities : Distributors of electrical equipment, switchgear and overhead lines
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Rajesh Shah, Commercial Manager
GENERAL ELECTRONICS AND TRADING CO LLC
Building : Bishara
Building, 4th Floor
Area : CBD Area
PO Box : 1092
Town : Muscat 112
Country : Oman
Telephone : (968) 24797954
/ 24798022
Facsimile : (968) 24797694
Email : getoman@omantel.net.om
/ get@omzest.com
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Muscat.
Name Position
· Dr Omar
Abdulmoniem Al Zawawi Managing
Director
· Waleed Omar
Abdulmoniem Al Zawawi Director
· Reem Omar Abdulmoniem Al Zawawi Director
· K S Mehta General
Manager
· H P Kothari Administration
Manager
· Rajesh Shah Commercial
Manager
Date of
Establishment : 1st
February 1978
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/06593/9
Chamber Member No. : 1820
Issued Capital : RO 500,000
Paid up Capital : RO 500,000
· Dr Omar
Abdulmoniem Al Zawawi
· Waleed Omar
Abdulmoniem Al Zawawi
· Reem Omar Abdulmoniem Al Zawawi
Subject belongs to the Omzest group of companies,
which contains the following concerns:
·
Al Khuwair Development & Services Co SAOG
·
Modern Exchange LLC
·
Muscat Finance Co Ltd (SAOG)
·
Muscat Insurance Company SAOC
·
Muscat Life Assurance Company SAOC
·
Muscat National Holding Company SAOG
·
Oman International Bank SAOG
·
Oman Securities' Portfolio Co SAOG
·
Omzest Investment Division
·
Personal Investments
·
Personal Real Estate Department
·
United Business & Investment Co
·
Wilayat Holding Co
·
Wipro Holding Co
·
Mideast Integrated Drilling & Well Services
·
National Telephone Services Co LLC
·
Qurum Contractors LLC
·
Al Amal Industries Co (SAOG)
·
Al Wardha Footwear & Leather Products Company
·
Amiantit Oman SAOC
·
Areej Vegetable Oils & Derivatives SAOG
·
Bausher Chemicals SAOG
·
Decorative Glass Manufacturing LLC
·
Jyoti Sohar Switchgear LLC
·
Keemya Oman SAOG
·
Modern Poultry Farms Company SAOG
·
National Heaters Industries Co LLC
·
National Telephone Services Co LLC
·
Oman Agriculture Development Company SAOG
·
Oman Fiber Optic Co SAOG
·
Oman Textile Mills Co SAOG
·
Oman Water Pumps Mfg Co SAOG
·
Oman Water Treatment
·
Omani Marble Company LLC
·
Protein Products International LLC
·
Reem Batteries & Power Appliances Co SAOG
·
Riyam Investment & Trading Est LLC
·
Sadolin Paints (Oman) Ltd
·
The National Detergent Company SAOG
·
Advertising International Company SAOC
·
Al-Rimah Medical Centre LLC
·
Circle Freight International (Oman)
·
Gulf of Oman Services
·
Gulf Seagull Co
·
Impact Films LLC
·
Maersk Shipping Services & Co LLC
·
Mezoon Travel LLC
·
Muscat Contract Cleaning & Maintenance LLC
·
Riyam Computer Services LLC
·
Waleed Catering & Services Co LLC (WACASCO)
·
YBA Kanoo (Oman)
·
Areej Business Systems Co LLC
·
Bishara Establishment LLC
·
Oman Mechanical Services Company Ltd LLC
·
Medical & Scientific Supplies LLC
·
Muscat Cold Stores LLC
·
National Oilfield Supply Co LLC
·
Office Supplies Co LLC
·
Oman Services & Supply Organisation
·
Omzest Beijing
·
Omzest Business Division
·
Reem Scientific & Energy Technologies &
Trade LLC
·
Riyam Engineering & Services LLC
·
Riyam Marketing & Services Co LLC
·
Waleed Communications Co (WACOM) Ltd
·
Waleed Pharmacy LLC
·
Waljat Modern Technology
·
Zawawi Business Machines LLC
Activities: Engaged in the import and distribution of electrical equipment,
switchgear and overhead lines.
Import Countries: United States of America, United Kingdom, Korea,
India, Italy, China and Malaysia.
International Suppliers:
· Supreme & Co India
· National
Switchgear India
· Copper Power
System United
States of America
· Cu Phosco United
Kingdom
· CVS Costruzione
Veicoli Speciali SPA Italy
· Emek Electrik
Endustrisi AS Turkey
· Industronics
Berhad SDN BHD Malaysia
· Jyoti Ltd India
· Mapna
International FZE Iran
· New Korea Electric
Co South
Korea
· REPL Engineering
Ltd India
· Supreme & Co India
· Xiangfan Guowang
Composite Insulators Co Ltd China
· Wenzhou Yikun
Electric Co Ltd China
· PingGao Group Co China
Operating Trend: Steady
Subject has a workforce of 10 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
1,370,000 RO
1,515,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
HSBC Bank Middle East
Muttrah Business
District
PO Box: 240, Ruwi
112
Muscat
Tel: (968)
24700810 / 24799920 / 24799927
Fax: (968)
24704241
No complaints regarding subject’s payments have been reported.
According to local sources, subject meets its payment obligations in a timely
manner and the company is considered to be a fair trade risk
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.96 |
|
|
1 |
Rs.101.14 |
|
Euro |
1 |
Rs.85.33 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
|
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.