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Report Date : |
25.06.2013 |
IDENTIFICATION DETAILS
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Name : |
XPERT TRADING ENTERPRISES LLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
16.01.1993 |
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Com. Reg. No.: |
1/61155/0 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
import
and distribution of electrical
hardware products, including wiring, flexible pipes, GI & PVC conduits,
trunking and copper pipes |
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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) |
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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.
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Source : CIA |
Company Name : XPERT TRADING ENTERPRISES LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 16th January 1993
Commercial Registration Number : 1/61155/0
Chamber Membership Number : 3179
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 8
Activities : Distributors of electrical hardware products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Darmesh Patel, Sales Manager
XPERT TRADING
ENTERPRISES LLC
Registered &
Physical Address
Street : Baladiya Street
Area : Wadi
Kabir
PO Box : 1805
Town : Muttrah 114
Country : Oman
Telephone : (968) 24813464 / 24814181
Facsimile : (968) 24816465
Email : xpert@omantel.net.om / xpertoman@gmail.com
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Muttrah.
Name Nationality Position
·
Purshotam
Megchani Indian Managing
Director
·
Rostum Ramadas Megchani Indian Director
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Parkash Rostum Megchani Indian Director
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Megechani Ghitta Rostum Indian Director
·
Megchani Nailesh Pagwanadas Indian Director
·
Anwar Hussain Al Zagali Omani Director
·
Darmesh
Patel - Sales
Manager
·
Mahmoud
Mourad - Public
Relations Manager
·
Axit
Patel - Financial
Controller
Date of Establishment : 16th
January 1993
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/61155/0
Chamber Member No. : 3179
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of
Shareholder (s)
·
Purshotam
Megchani
·
Rostum Ramadas Megchani
·
Parkash Rostum Megchani
·
Megechani Ghitta Rostum
·
Megchani Nailesh Pagwanadas
·
Anwar Hussain Al Zagali
Activities: Engaged in the import
and distribution of electrical hardware products, including wiring, flexible
pipes, GI & PVC conduits, trunking and copper pipes.
Import
Countries: Germany, United Kingdom,
Japan and India
International
Suppliers:
·
GI Thailand
·
Brass
Copper Alloy Ltd India
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Ason Electrical India
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BIS Industries India
·
Nohas Oman Oman
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 1,000,000 RO 1,250,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Bank of
Baroda
Muttrah Corniche Branch
PO Box: 7231
Muscat
Tel: (968) 24714549 / 24712367 / 24734549 /
24744559
Fax: (968) 24714560
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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.59.73 |
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UK Pound |
1 |
Rs.91.82 |
|
Euro |
1 |
Rs.78.23 |
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.