|
Report Date : |
07.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
AL MURAD INTERNATIONAL CO LLC |
|
|
|
|
Registered Office : |
Ghala Industrial Area, Al Hamriyah 131 PO Box 598 Muscat |
|
|
|
|
Country : |
Oman |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
26.01.1999 |
|
|
|
|
Com. Reg. No.: |
1/61006/6, Al Hamriyah |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Distributors of electrical products, cables, wires, panel control and related accessories |
|
|
|
|
No. of Employees : |
18 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 MURAD INTERNATIONAL CO LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 26th January 1999
Commercial Registration Number : 1/61006/6, Al Hamriyah
Chamber Membership Number : 3159
Issued Capital : RO 500,000
Paid up Capital : RO 500,000
Total Workforce : 18
Activities : Distributors of electrical products, cables, wires, panel control and related accessories
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : P J Joseph, General Manager
AL MURAD INTERNATIONAL CO LLC
Registered &
Physical Address
Location : Ghala
Industrial Area, Al Hamriyah 131
PO Box : 598
Town : Muscat
Country : Oman
Telephone : (968) 24595204
/ 24495204
Facsimile : (968) 24593527
Mobile : (968)
99411009
Email : tuami1@omantel.net.om
Premises
Subject operates from a suite of offices and a warehouse covering 6,500m2
that are rented and located in the Industrial Area of Muscat.
Name Nationality Position
· G Radha Krishna Indian Managing
Director
· S M Rao Indian Director
· Mohamed Al Habib Omani Director
· P J Joseph - General
Manager
Date of
Establishment : 26th
January 1999
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/61006/6, Al Hamriyah
Chamber Member No. : 3159
Issued Capital : RO 500,000
Paid up Capital : RO 500,000
Name of Shareholder
(s) Percentage
· Mohamed Al Habib 51%
· G Radha Krishna ]
] 49%
· S M Rao ]
Subject is a member of Al Musandam Group of
companies that consists of the following concerns:
· Musandam
Electrical Equipment Co LLC
Abu Dhabi
United Arab
Emirates
· Power Economy
Middle East Co WLL
Abu Dhabi
United Arab
Emirates
· Majan Switchgear
Co LLC
Sohar
· Electrical
Supplies Est
Abu Dhabi
United Arab
Emirates
Activities: Engaged in the import and distribution of electrical products, cables,
wires, panel control and related
accessories.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 18 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
2,510,000 RO
2,750,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
National Bank of Oman Limited (SAOG)
Muttrah Business District
PO Box: 751, Ruwi 112
Muscat
Tel: (968) 24708894 / 24708630 / 24708684
Fax: (968) 24707781 / 24703972
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.56.87 |
|
UK Pound |
1 |
Rs.87.65 |
|
Euro |
1 |
Rs.74.52 |
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 |
|
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 |
|
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 |
|
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 |
|
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.