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Report Date : |
27.12.2013 |
IDENTIFICATION DETAILS
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Name : |
BAHAJAT AL KHUWAIR OVERSEAS LLC |
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Registered Office : |
Commercial Business District Al Khuwair Area |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
27.03.2007 |
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Com. Reg. No.: |
1/01574/7 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Import and distribution of seafood products, frozen fish and shrimps |
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No. of Employees : |
16 |
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 |
|
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 : BAHAJAT AL KHUWAIR OVERSEAS LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 27th March 2007
Commercial Registration Number : 1/01574/7
Chamber Membership Number : 6880
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 16
Activities : Distributors of seafood products, frozen fish and shrimps.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Othman, Operations Manager
BAHAJAT AL KHUWAIR OVERSEAS LLC
Location : Commercial
Business District
Area : Al Khuwair
Area
PO Box : 1105
Town : Muscat 112
Country : Oman
Telephone : (968) 24815255
Facsimile : (968) 24832958
Mobile : (968) 99342491
/ 99202993
Email : ahmedmori@yahoo.com
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Central Business Area of Muscat.
Branch Offices
Location Description
· Mawalih Vegetables
Market Warehouse
premises
Tel: (968)
99070086 / 99892491
Name Position
· Khalid Baksh Al
Baloushi Managing
Director
· Khada Baksh Al
Baloushi Director
· Ghulam Ahmed Ghulam
Mohamed Director
· Ahmed Mori General
Manager
· Mohamed Elias
Ghulam Patiwala Marketing
Manager
· Abdul Sattar
Ismail Bhai Dodmal Sales
Manager
· Mohamed Othman Operations
Manager
· Farooq Malik Financial
Manager
Date of
Establishment : 27th
March 2007
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/01574/7
Chamber Member No. : 6880
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
· Khalid Baksh Al
Baloushi
· Khada Baksh Al
Baloushi
· Ghulam Ahmed
Ghulam Mohamed
· Al Jabaly Trading
LLC
Muscat
Activities: Engaged in the import and distribution of seafood products, frozen fish
and shrimps.
Import Countries: India, Thailand, Vietnam and the United Arab
Emirates
International
Suppliers:
· Khishodwala Food
Pvt Ltd India
· N S Seafood Thailand
· NAVICO Seafood Ltd Vietnam
·
East Fish Processing LLC United Arab Emirates
Operating Trend: Steady
Subject has a workforce of 16 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
2,080,000 RO
2,150,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
· Commercial Bank of Oman SAOG
Rami
Plaza
PO Box:
4696
Muscat
Tel:
(968) 24793220
Fax:
(968) 24793229
No complaints regarding subject’s payments have been reported.
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.61.98 |
|
|
1 |
Rs.101.49 |
|
Euro |
1 |
Rs.84.79 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
|
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.