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Report Date : |
05.06.2013 |
IDENTIFICATION DETAILS
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Name : |
AL FELAIJ BRUSHES INDUSTRIES CO LLC |
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Registered Office : |
Street No. 44, Way No. 4638 Al Wadi Al Kabir Industrial Area PO Box
2266, Ruwi 112 Muscat |
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Country : |
Oman |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
02.08.1986 |
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Com. Reg. No.: |
1/25162/7, Muscat |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Manufacture of brooms and brushes for domestic and industrial uses. |
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No. of Employees : |
45 |
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 : AL FELAIJ BRUSHES INDUSTRIES CO LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 2nd August 1986
Commercial Registration Number : 1/25162/7, Muscat
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
Total Workforce : 45
Activities : Manufacture of brooms and brushes for domestic and industrial uses.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : B Ghulam, Financial Controller
AL FELAIJ BRUSHES INDUSTRIES CO
LLC
Street : Street No.
44, Way No. 4638
Area : Al Wadi Al
Kabir Industrial Area
PO Box : 2266, Ruwi 112
Town : Muscat
Country : Oman
Telephone : (968) 24810918
/ 24814481
Facsimile : (968) 24811352
Email : alfelaij@omantel.net.om
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Industrial Area of Muscat.
Name Nationality Position
·
Shahid Bashir Pakistani Managing
Director
·
Abdullah Al Bousaidi Omani Director
·
Faisal Al Bousaidi - General
Manager
·
Baqer Mohamed - Sales
Manager
·
Freddy Fernandes - Production
Manager
·
B Ghulam
- Financial
Controller
Date of
Establishment : 2nd
August 1986
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/25162/7, Muscat
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
·
Shahid Bashir
·
Abdullah Al Bousaidi
· Al Felaij Trading
& Contracting
Al Wadi Al Kabir
Industrial Area
PO Box:
2266
Ruwi 112
Muscat
Tel:
(968) 24704881 / 24700532
Fax:
(968) 24708532
Activities: Engaged in the manufacture of brooms and brushes for domestic and
industrial uses.
Import Countries: Germany and the United Kingdom.
Operating Trend: Steady
Subject has a workforce of 45 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
982,400 RO
990,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr B Ghulam, Financial Controller
·
Commercial Bank of Oman SAOG
Muttrah Business
District
PO Box:
1696
Ruwi 112
Muscat
Tel:
(968) 24793225
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.56.64 |
|
|
1 |
Rs.86.68 |
|
Euro |
1 |
Rs.73.97 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
|
<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.