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Report Date : |
08.05.2013 |
IDENTIFICATION DETAILS
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Name : |
NUHAS |
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Registered Office : |
Rusayl
Industrial Area, P O Box186,
Rusayl 124 |
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Country : |
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Date of Incorporation : |
23.05.2005 |
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Com. Reg. No.: |
1/67409/9 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of copper products |
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No. of Employees : |
150 |
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 |
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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 |
|
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 : NUHAS
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 23rd May 2005
Commercial Registration Number : 1/67409/9
Chamber Member Number : 12244
Issued Capital : RO 10,000,000
Paid up Capital : RO 10,000,000
Total Workforce : 150
Activities : Manufacturers of copper products.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Sadeep Pandopadya, Financial Controller
NUHAS OMAN LLC
Registered &
Physical Address
Location : Rusayl
Industrial Area
PO Box : 186
Town : Rusayl 124
Country : Oman
Telephone : (968) 24449007 /
24449247 / 24449249
Facsimile : (968) 24446790
Email : info@nuhasoman.com / fm@nuhasoman.com / accounts@nuhasoman.com / psg@nuhasoman.com / marketing@nuhasoman.com
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Rusayl.
Name Position
·
Ajay Ajit Hamrali Managing
Director
·
Sujay Ajit Hamrali Director
·
P S Gopala Krishina General
Manager
·
Mahtera K. Sharma Deputy
General Manager
·
Suni Butani Commercial
Manager
·
Satish Sati Finance
Manager
·
Sadeep
Pandopadya Financial
Controller
Date of Establishment : 23rd
May 2005
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/67409/9
Chamber
Member No. : 12244
Issued Capital : RO 10,000,000
Paid up Capital : RO 10,000,000
Name of
Shareholder (s)
·
Ajay Ajit Hamrali
·
Sujay Ajit Hamrali
Subject is a member of the Al Bahja Group of Companies, which comprises
the following concerns:
·
Oman Agro
Industries LLC
·
Ajay
Enterprises LLC
·
Oman
Hygienic Products LLC
·
Oman
Chemical Company LLC
·
Al
Bahja Shopping Centre LLC
·
Oasis
Life Style LLC
·
Packaging
Co Ltd SAOG
Activities: Engaged in the manufacture of copper
products. The product range includes:
Import
Countries: Japan, China and
Russia.
Subject has a
workforce of approximately 150 employees.
Companies
registered in Oman are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
·
Bank
Muscat SAOG
Ruwi Main Branch
PO Box 6326
Muscat
Tel: (968) 24561399 / 24708543
Fax: (968) 24561036
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.54.27 |
|
UK Pound |
1 |
Rs.84.32 |
|
Euro |
1 |
Rs.70.99 |
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.