MIRA
INFORM REPORT
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Report Date : |
10.05.2013 |
IDENTIFICATION DETAILS
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Name : |
NUHAS OMAN LLC |
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Registered Office : |
Rusayl Industrial Area, PO Box
186, Rusayl 124 |
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Country : |
Oman |
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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
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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
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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 :
NUHAS OMAN LLC
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:
LV, MV and HV Cables and Wires
LV Speciality
Wires & Cables
LV Flexible
Cables
LV – Power &
Control Cables -1.5mm2 to 1000mm2
Medium Voltage
Cables – 50mm2 to 1000mm2 (3.6 KV to 33 KV)
High Voltage
Cables – 95mm2 to 1000mm2 (above 33 KV to 110 KV)
8mm Oxygen Free CC Copper Rods
Bare Drawn Copper Conductors
Enamelled Copper Wires
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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.24 |
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|
1 |
Rs.84.29 |
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Euro |
1 |
Rs.71.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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.