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Report Date : |
10.10.2013 |
IDENTIFICATION DETAILS
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Name : |
FAHMY FURNITURE LLC |
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Registered Office : |
Al Hinai Building Al Khuwair Street Al Khuwair PO Box 897, Ruwi 112
Muscat Sultanate of Oman |
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Country : |
Oman |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.04.1975 |
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Com. Reg. No.: |
1/00509/0 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Wholesale and retail of household and office furniture. |
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No. of Employees : |
435 |
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 : FAHMY FURNITURE LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 1st April 1975
Commercial Registration Number : 1/00509/0
Chamber Membership Number : 435
Issued Capital : RO 500,000
Paid up Capital : RO 500,000
Total Workforce : 230
Activities : Wholesale and retail of household and office furniture.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Pramod Sirdhahar, Finance Manager
FAHMY FURNITURE LLC
Building : Al Hinai
Building
Street : Al Khuwair
Street
Area : Al Khuwair
PO Box : 897, Ruwi 112
Town : Muscat
Country : Sultanate of
Oman
Telephone : (968) 24489812
/ 24489813
Facsimile : (968) 24482231
Mobile : (968)
99447365
Email : fahmyfur@omantel.net.om / fahmyfur@gto.net.com / info@fahmyfurniture.com
Please note that the correct PO Box number is 897 and not 3897.
Subject operates from a suite of offices and a showroom with storage
facilities covering an area of 10,000 square metres that are owned and located
in the Central Business Area of Muscat.
Branch Offices
Location Description
· Ghala Area Workshop
premises
Muscat
Tel: (968)
24591246
Name Position
· Saeed Bin Saleh
Mohamed Omair Al Hinai Managing
Director
· Saif Bin Saleh Mohamed Omair Al Hinai Director
· Fahmy Saeed Bin Saleh Mohamed Omair Al Hinai Director
· Joseph Samuel
Charles General
Manager
· Pramod Sirdhahar Finance
Manager
· Anthony Lawrence Sales
Manager
Date of
Establishment : 1st
April 1975
History : Subject began in
1975 as a Sole Proprietorship, however is changed legal form and became
a Limited Liability Company in 2010.
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/00509/0
Chamber Member No. : 435
Issued Capital : RO 500,000
Paid up Capital : RO 500,000
Name of Shareholder (s)
· Saeed Bin Saleh
Mohamed Omair Al Hinai
· Saif Bin Saleh Mohamed Omair Al Hinai
· Fahmy Saeed Bin Saleh Mohamed Omair Al Hinai
· Poly Products LLC
Road No.
7
Rusayl Industrial
Estate
PO Box:
2561, Ruwi 112
Muscat
Tel:
(968) 24626043 / 24626045 / 24626044 / 24703579
Fax:
(968) 24626046
Email: polyprod@omantel.net.om
· Al Khoudh Steel
Furniture Industrial Co LLC
Al Khoudh
Factory Building
Al Rusayl
Industrial Area No. 2
PO Box:
92
Al Rusayl
124
Tel:
(968) 24626202
Fax:
(968) 24626201
Activities: Engaged in the wholesale and retail of household furniture, interior
decoration materials, carpets and rugs, garden furniture, lamps and light
fittings, as well as office furniture such as desks and tables, chairs, office
sofas and lockers.
Import Countries: Malaysia, Thailand, Netherlands, Belgium, Italy
and Germany
International Suppliers:
· Merryfair Malaysia
· Rockworth Thailand
· PVH Decor Netherlands
· Balta Carpets Belgium
· Deko Italy
· Inter Stuhl Germany
· Kusch Germany
Brand Names: RAHA
Operating Trend: Steady
Subject has a workforce of approximately 230 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
6,500,000 RO
6,712,465
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Pramod Sirdhahar,
Finance Manager
·
Bank Muscat Al Ahli Al Omani
Ruwi Branch
PO Box: 3134
Muscat
Tel: (968)
24707015
· The Commercial Bank of Oman SAOG
Rami
Plaza
PO Box:
4696
Muscat
Tel:
(968) 24793220
Fax: (968)
24793229
No complaints regarding subject’s payments have been reported.
Fahmy Furniture is very well established in the local market with operations
dating back over 25 years. The business specialises in the import and retail of
household furniture and interior decoration materials, as well as office
furniture.
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.61.92 |
|
|
1 |
Rs.99.45 |
|
Euro |
1 |
Rs.83.92 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
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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 |
|
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 |
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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 |
|
-- |
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.