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Report Date : |
26.07.2013 |
IDENTIFICATION DETAILS
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Name : |
INTISAR CORPORATION MUSCAT |
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Registered Office : |
Amart Street,
Ruwi 112, P O Box 947, Muscat |
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Country : |
Oman |
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Date of Incorporation : |
30.06.1972 |
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Com. Reg. No.: |
1/34425/0 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject operates through several divisions Fire and Safety Division Building Material Division Sanitary Ware Division GRP and Fibreglass Division Computer Division |
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No. of Employees : |
180 |
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.
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Source : CIA |
Company Name : INTISAR CORPORATION MUSCAT
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 30th June 1972
Commercial Registration Number : 1/34425/0
Issued Capital : RO 160,000
Paid up Capital : RO 160,000
Total Workforce : 180
Activities : Subject operates several divisions (see below for details)
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Thomas Varghese, Financial Controller
INTISAR CORPORATION MUSCAT
Registered &
Physical Address
Street : Amart Street
Area : Ruwi 112
PO Box : 947
Town : Muscat
Country : Oman
Telephone : (968) 24872402 / 24782819 / 24834447
/ 24831072
Facsimile : (968) 24892414 / 24790418 / 24834447
Email : info@intisarllc.com
Please note that
subject’s previous address was, Honda Road, Muscat.
Premises
Subject operates
from a large suite of offices that are rented and located in the Central Business
Area of Muscat.
Name Nationality Position
·
Kishore
Mehta Omani Managing
Director
·
Anil
Kumar Indian Director
·
T
Rajandran - General
Manager
·
R
Subranmanian - Financial
Manager
·
Ijaz
Munir
- Sales
Manager
·
Thomas
Varghese - Financial
Controller
Date of Establishment : 30th
June 1972
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/34425/0
Issued Capital : RO 160,000
Paid up Capital : RO 160,000
Name of Shareholder
(s)
·
Kishore
Mehta
·
Anil
Kumar
Activities: Subjects operations are performed through
the following divisions:
·
Fire
and Safety Division
Engaged in the import and distribution of fire
and safety products.
·
Building
Material Division
Engaged in the import and distribution of
general building and construction materials.
·
Sanitary
Ware Division
Engaged in the import and distribution of
sanitary ware products
·
GRP
and Fibreglass Division
Engaged in the import and distribution of
fibre glass products
·
Computer
Division
Engaged in the import and distribution of
computer products and peripherals.
Import
Countries: United Arab
Emirates, United Kingdom, Germany and Malaysia.
International Suppliers:
·
Shield United Arab
Emirates
·
Apollo United Kingdom
·
Control
Equipment Ltd United Kingdom
·
Central
Sprinklers United Kingdom
·
Esser Germany
·
Pyrogen Malaysia
Subject has a
workforce of approximately 180 employees.
Companies registered
in Oman are not legally required to make their accounts public and no financial
information was released by the company or submitted by outside 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.58.94 |
|
UK Pound |
1 |
Rs.90.48 |
|
Euro |
1 |
Rs.77.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.