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Report Date : |
12.06.2013 |
IDENTIFICATION DETAILS
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Name : |
RASHID AL KIYUMI UNITED ENTERPRISES LLC |
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Registered Office : |
Rashid Al Kiyumi Complex Way No. 3915 Ruwi 112 PO Box 168 Muscat |
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Country : |
Oman |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
06.08.2006 |
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Com. Reg. No.: |
1/00334/1 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Distributors of electrical products and acts as MEP contractors. |
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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) |
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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 : RASHID AL KIYUMI UNITED ENTERPRISES LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 6th August 2006
Commercial Registration Number : 1/00334/1
Chamber Membership Number : 6073
Issued Capital : RO 101,000
Paid up Capital : RO 101,000
Total Workforce : 180
Activities : Distributors of electrical products and acts as MEP contractors.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : V C Paul, Financial Manager
RASHID AL KIYUMI UNITED ENTERPRISES LLC
Building : Rashid Al
Kiyumi Complex
Street : Way No. 3915
Area : Ruwi 112
PO Box : 168
Town : Muscat
Country : Oman
Telephone : (968) 24785851
/ 24785852 / 24785552
Facsimile : (968) 24788393
Mobile : (968)
99361070
Email : rakuel@omantel.net.om
Subject operates from a large suite of offices and a showroom that are
owned and located in the Central Business Area of Muscat.
Name Position
· Mohamed Rashid Bin
Halal Bin Nasser Al Kiyumi Chairman
· Saleh Rashid Bin
Halal Bin Nasser Al Kiyumi Managing
Director
· Mathew Varghese Chief
Executive Officer
· Suraj Mathew
Varghese General
Manager
· V C Paul Financial
Manager
Date of
Establishment : 6th
August 2006
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/00334/1
Chamber Member No. : 6073
Issued Capital : RO 101,000
Paid up Capital : RO 101,000
· Mohamed Rashid Bin
Halal Bin Nasser Al Kiyumi
· Saleh Rashid Bin
Halal Bin Nasser Al Kiyumi
· Heirs of the late
Ali Rashed Bin Hilal Bin Nassser Al Kiyumi
· Rashid Al Kiyumi
Trading Establishment
Muscat
CR No. 1/00732/7
Activities: Engaged in the import and distribution of electrical products and acts
as MEP contractors.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of approximately 180 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
2,230,000 RO
2,600,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr V C Paul, Financial Manager
·
HSBC Bank Middle East
Muttrah Business
District
PO Box: 240, Ruwi
112
Muscat
Tel: (968) 24700810
/ 24799920 / 24799927
Fax: (968)
24704241
No complaints regarding subject’s payments have been reported.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.92 |
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|
1 |
Rs.91.80 |
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Euro |
1 |
Rs.78.18 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.