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Report Date : |
19.03.2013 |
IDENTIFICATION DETAILS
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Name : |
AREEN MUSCAT LLC |
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Registered Office : |
College Street, Al
Khuwair Area, P O Box 39, Madinat Qaboos 115, Muscat |
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Country : |
Oman |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
July 2006 |
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Com. Reg. No.: |
1/75927/2 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of fast moving consumer goods |
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No. of Employees : |
18 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Oman |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
4Very High |
C1 |
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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. 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.
|
Source : CIA |
Company Name : AREEN MUSCAT LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : July 2006
Commercial Registration Number : 1/75927/2
Chamber Membership Number : 4920
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 18
Activities : Distributors of fast moving consumer goods
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Subin Daz, Financial Controller
AREEN MUSCAT LLC
Registered &
Physical Address
Street : College Street
Area : Al Khuwair Area
PO Box : 39, Madinat Qaboos 115
Town : Muscat
Country : Oman
Telephone : (968) 24818352
Facsimile : (968) 24812558
Mobile : (968) 99232143 / 99349304
Email : arenmsct@omantel.net.om
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Muscat.
Name Nationality Position
·
Saeed
Sultan Hamad Al Busaidi Omani Managing
Director
·
Mohamed
Ahmed Bukhashem Emirati Director
·
Salem
Mohamed Abdullah Yemeni Director
·
Subin
Daz - Financial
Controller
·
Anil
Kumar - Sales
Manager
Date of Establishment : July 2006
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/75927/2
Chamber Member No. : 4920
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of Shareholder (s)
·
Saeed
Sultan Hamad Al Busaidi
·
Mohamed
Ahmed Bukhashem
·
Salem
Mohamed Abdullah
·
Areen Middle
East LLC
Dubai
·
Areen
East & West LLC
Dubai
·
Areen
Yemen LLC
Yemen
Activities: Engaged in the import and distribution of
fast moving consumer goods.
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 825,000 RO 900,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Subin Daz, Financial Controller
·
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.
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.54.29 |
|
UK Pound |
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.70.01 |
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.