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Report Date : |
08.07.2013 |
IDENTIFICATION DETAILS
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Name : |
LOCAL TENTS FACTORY CO LLC |
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Registered Office : |
Street No. 11,
Rusayl Industrial Area, P O Box 26, Rusayl 124 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
02.12.1987 |
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Com. Reg. No.: |
1/26456/7 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of tents |
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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 |
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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 : LOCAL TENTS FACTORY CO LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 2nd December 1987
Commercial Registration Number : 1/26456/7
Chamber Membership Number : 2456
Issued Capital : RO 50,000
Paid up Capital : RO 50,000
Total Workforce : 28
Activities : Manufacturers of tents
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Khalid Ali Mossalam Brook Amer, General Manager
LOCAL TENTS FACTORY
CO LLC
Registered &
Physical Address
Street : Street No. 11
Area : Rusayl Industrial Area
PO Box : 26
Town : Rusayl 124
Country : Oman
Telephone : (968) 24446506 / 24445538
Facsimile : (968) 24446069
Mobile : (968) 92818288 / 98882208 /
99491530
Email : info@localtentsfactory.com / mohsinali@localtentsfactory.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Industrial Area of Rusayl.
Branch Offices
Location Description
·
Salalah Office
premises
Tel: (968) 23289650
Name Position
·
Ali
Mossalam Brook Amer Managing
Director
·
Mohsin
Ali Mossalam Brook Amer Director
·
Khalid
Ali Mossalam Brook Amer General
Manager
Date of Establishment : 2nd December
1987
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/26456/7
Chamber Member No. : 2456
Issued Capital : RO 50,000
Paid up Capital : RO 50,000
Name of Shareholder
(s)
·
Ali
Mossalam Brook Amer
·
Mohsin
Ali Mossalam Brook Amer
Activities: Engaged in the manufacture of camping and
military tents, car parking shades, marquees, canvas beds & animal skin
tents.
Import
Countries: Europe and the
Far East.
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 Revenue RO 2,800,000 RO 3,000,000
Local sources consider
subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Bank of
Oman, Bahrain & Kuwait
PO Box: 4708
Rusayl
Tel: (968) 24626140
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.60.34 |
|
UK Pound |
1 |
Rs.90.79 |
|
Euro |
1 |
Rs.77.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.