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Report Date : |
26.06.2013 |
IDENTIFICATION DETAILS
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Name : |
DOUBLE CROWN TRADING LLC |
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Registered Office : |
18th November Street Al Azaiba Area |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
10.11.1992 |
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Com. Reg. No.: |
1/36294/1 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Distributors of data, electrical and submersible cables, also agricultural equipment including products for landscaping. |
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No. of Employees : |
30 |
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.
Source
: CIA
Company Name : DOUBLE CROWN TRADING LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 10th November 1992
Commercial Registration Number : 1/36294/1
Chamber Membership Number : 3047
Issued Capital : RO 300,000
Paid up Capital : RO 300,000
Total Workforce : 30
Activities : Distributors of data, electrical and submersible cables, also agricultural
equipment including products for landscaping.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
DOUBLE CROWN TRADING LLC
Street : 18th
November Street
Area : Al Azaiba
Area
PO Box : 1175
Town : Seeb 111
Country : Oman
Telephone : (968) 24498601
/ 24498602 / 24501760 / 24591111
Facsimile : (968) 24498603
/ 24501860 / 24590503
Email : engg@doublecrown.net
/ admin@doublecrown.net
/ hr@doublecrown.net
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Central Business Area of Oman.
Name Position
· Adham Tariq
Taymoor Al Saeed Managing
Director
· Ali Salem Mohamed
Al Wahaibi Director
· Awatif Abdullah
Hamd Al Busaidi Director
· V Sunil Accounts
Manager
· Osman Ali Administration
Manager
Date of
Establishment : 10th
November 1992
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/36294/1
Chamber Member No. : 3047
Issued Capital : RO 300,000
Paid up Capital : RO 300,000
· Adham Tariq
Taymoor Al Saeed
· Ali Salem Mohamed
Al Wahaibi
· Awatif Abdullah
Hamd Al Busaidi
· El Multazim
Development & Construction Co LLC
Muscat
· Unity Hotel
Restaurants LLC
Muscat
Activities: Engaged in the import and distribution of data, electrical and
submersible cables, also agricultural
equipment including products for
landscaping.
Import Countries: Europe and the Far East.
Brand Names: FINOLEX, JAIN, TATA, BAYER and INTERENG
Operating Trend: Steady
Subject has a workforce of 30 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
1,910,000 RO
2,100,000
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.59.70 |
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|
1 |
Rs.92.25 |
|
Euro |
1 |
Rs.78.38 |
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.