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Report Date : |
12.07.2013 |
IDENTIFICATION DETAILS
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Name : |
SINSILA MIDDLE EAST LLC |
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Registered Office : |
Muttrah Area, P O
Box 1724, Muscat 114 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
29.04.2006 |
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Com. Reg. No.: |
1/84112/2 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
importer and distributor of general foodstuffs,
toys and packaging materials. |
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No. of Employees : |
08 |
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 |
|
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 : SINSILA MIDDLE EAST LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 29th April 2006
Commercial Registration Number : 1/84112/2
Chamber Membership Number : 394
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 8
Activities : Distributors of general foodstuffs, toys and packaging materials
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
SINSILA MIDDLE EAST
LLC
Registered &
Physical Address
Location : Muttrah Area
PO Box : 1724
Town : Muscat 114
Country : Oman
Telephone : (968) 25545779
Facsimile : (968) 24795034
Mobile : (968) 99327244 / 95368095
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Muscat.
Name Nationality Position
·
Mohamed
Anwar Indian Managing Director
·
Sidiqa
Abdul Karim Ismail Omani Director
Date of Establishment : 29th
April 2006
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/84112/2
Chamber Member No. : 394
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of Shareholder
(s)
·
Mohamed
Anwar
·
Sidiqa
Abdul Karim Ismail
Activities: Engaged in the import and distribution of
general foodstuffs, toys and packaging materials.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 8 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 825,000 RO 860,000
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
Muttrah Business District
PO Box: 1696, Ruwi 112
Muscat
Tel: (968) 24793225 / 24793226 /
24793228
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.59.64 |
|
UK Pound |
1 |
Rs.90.14 |
|
Euro |
1 |
Rs.77.99 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
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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 |
|
<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.