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Report Date : |
03.09.2013 |
IDENTIFICATION DETAILS
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Name : |
AKBER
INTERNATIONAL COMPANY LLC |
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Registered Office : |
Al Seeb Area, 171
Muscat 101 |
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Country : |
Oman |
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Date of Incorporation : |
28.10.2009 |
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Com. Reg. No.: |
1/07891/6 |
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Legal Form : |
Limited Liability
Company – LLC |
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Line of Business : |
Wholesalers and
retailers of general foodstuffs. |
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No. of Employees : |
6 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
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 : AKBER
INTERNATIONAL COMPANY LLC
Country of Origin : Oman
Legal Form :
Limited Liability Company – LLC
Registration Date : 28th
October 2009
Commercial
Registration Number : 1/07891/6
Chamber Membership
Number : 11264
Issued Capital : RO
150,000
Paid up Capital : RO
150,000
Total Workforce : 6
Activities :
Wholesalers and retailers of general foodstuffs.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed : Akber Mohamed, Managing Director
AKBER INTERNATIONAL
COMPANY LLC
Location : Al Seeb Area
PO Box : 171
Town : Muscat 101
Country : Oman
Telephone : (968) 24550605
Facsimile : (968) 24550605
Mobile : (968) 99131863
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Muscat.
Name Nationality Position
·
Akber Mohamed Pakistani Managing
Director
·
Sayed Bilal Eddine Pakistani Director
·
Hamoud Salim Al Rawahi Omani Director
Date of Establishment : 28th
October 2009
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/07891/6
Chamber Member No. : 11264
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
·
Akber Mohamed
·
Sayed Bilal Eddine
·
Hamoud Salim Al Rawahi
Activities: Engaged in the wholesale and retail of
general foodstuffs, including rice, spices, vegetables, fruit, meat and poultry.
Import
Countries: Europe and the
Far East.
International Suppliers:
·
Karachi Trading Co Pakistan
Subject has a
workforce of 6 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.
·
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.65.86 |
|
|
1 |
Rs.102.50 |
|
Euro |
1 |
Rs.87.05 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
|
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.