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Report Date : |
02.10.2013 |
IDENTIFICATION DETAILS
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Name : |
IKTIMAL TRADING CO LLC |
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Registered Office : |
Exhibition Road Ghala Area PO Box 57 Azaiba 130 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
03.10.1994 |
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Com. Reg. No.: |
1/42980/9 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Import and distribution of fresh and frozen seafood, poultry and meat. |
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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 : IKTIMAL TRADING CO LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Start Date : 3rd October 1994
Commercial Registration Number : 1/42980/9
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 30
Activities : Distributors of fresh and frozen seafood, poultry and meat.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Salem Ahmed Sultan, Managing Director
IKTIMAL TRADING CO LLC
Street : Exhibition
Road
Area : Ghala Area
PO Box : 57
Town : Azaiba 130
Country : Oman
Telephone : (968) 24503388
/ 24501900
Facsimile : (968) 24503232
Mobile : (968)
99229263
Email : ikhtimaltrdg@gmail.com
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Azaiba.
Name Nationality Position
· Salem Ahmed Sultan Omani Managing
Director
· Majid Abdullah Ali
Al Harthi Omani Director
· Rehan Sheikhm - Financial
Controller
Date of
Establishment : 3rd October 1994
History : Subject began in
1994 as a sole proprietorship, however on the 21st March 2011 it re-
registered as a
limited liability company.
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/42980/9
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
· Salem Ahmed Sultan
· Majid Abdullah Ali
Al Harthi
Activities: Engaged in the import and distribution of fresh and frozen seafood,
poultry and meat.
Import Countries: Australia, India and Kenya.
International
Suppliers:
·
Meem Agro India
·
Rostom Food India
·
Al Hamd Food India
·
Benden Food Export Kenya
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
1,320,000 RO
1,500,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Salem Ahmed Sultan, Managing
Director
· Commercial Bank of Oman SAOG
Muttrah Business
District
PO Box:
1696, Ruwi 112
Muscat
Tel:
(968) 24793225 / 24793226 / 24793228
Fax: (968) 24793229
No complaints regarding subject’s payments have been reported.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk and the above credit figure is considered to be within
subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.36 |
|
|
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.