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Report Date : |
11.10.2013 |
IDENTIFICATION DETAILS
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Name : |
MIDDLE EAST INTERNATIONAL CO LLC |
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Registered Office : |
Al Khuwair Street Ruwi 112 PO Box 1320
Muscat |
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Country : |
Oman |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
19.04.2004 |
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Com. Reg. No.: |
1/75273/1 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Import and distribution of lubricants and greases. |
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No. of Employees : |
15 |
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 |
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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
Source
: CIA
Company Name : MIDDLE EAST INTERNATIONAL CO LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 19th April 2004
Commercial Registration Number : 1/75273/1
Chamber Membership Number : 4847
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 15
Activities : Distributors of lubricants and greases
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed :
Mohandaz Ghandi, General Manager
MIDDLE EAST INTERNATIONAL CO LLC
Street : Al Khuwair Street
Area :
Ruwi 112
PO Box : 1320
Town : Muscat
Country : Oman
Telephone : (968) 24602760 / 24603543 / 24487152 / 24487153
Facsimile : (968) 24607252 / 24483832
Mobile : (968) 99093670 / 99340455
Email : mghandi@gulfoil.com.om / gulfoil@omantel.net.om
Subject operates from a small suite of offices and a warehouse that are rented
and located in the Suburban Business Area of Muscat.
Name Nationality Position
· Paul Rajan Indian Managing Director
· Saud Ibrahim Saud Al Busaidi Omani Director
· Mohandaz Ghandi - General
Manager
Date of
Establishment : 19th
April 2004
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/75273/1
Chamber Member No. : 4847
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
· Paul Rajan
· Saud Ibrahim Saud Al Busaidi
· Gulf Oil Middle East Ltd
Jebel Ali Free Zone
Dubai
United Arab Emirates
Tel: (971-4) 8836080
Fax: (971-4) 2277951
Activities: Engaged in the import and distribution of lubricants and greases.
Import Countries: Europe and GCC countries.
Brand Names: GULF OIL
Operating Trend: Steady
Subject has a workforce of 15 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
875,000 RO
1,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mohandaz Ghandi,
General Manager
· 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.
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.62.14 |
|
|
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.83.87 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
|
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.