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Report Date : |
03.09.2013 |
IDENTIFICATION DETAILS
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Name : |
AL NABA SUPPLIES & CATERING SERVICES LLC |
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Registered Office : |
Abuhani Building,
Al Ghoubra House, Al Ghoubra, P O Box 725, Ruwi 112, Muscat |
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Country : |
Oman |
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Date of Incorporation : |
31.05.2009 |
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Com. Reg. No.: |
1/06843/1 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Providers of catering services |
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No. of Employees : |
500 |
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 |
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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 : AL NABA SUPPLIES & CATERING SERVICES LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 31st May 2009
Commercial Registration Number : 1/06843/1
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
Total Workforce : 500
Activities : Providers of catering services
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
AL NABA SUPPLIES
& CATERING SERVICES LLC
Registered &
Physical Address
Building : Abuhani Building, Al Ghoubra House
Area : Al Ghoubra
PO Box : 725, Ruwi 112
Town : Muscat
Country : Oman
Telephone : (968) 24493853 / 24495338
Facsimile : (968) 24497659 / 24493854
Mobile : (968) 99431744
Email : enquiry@alnabacatering.com
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Muscat.
Name Position
·
Khalid Hamd
Saif Al Busaidi Managing
Director
·
Sulaiman
Shakili Assistant
General Manager
·
R
Chandra Sekar Finance
Manager
·
Krishnan
Mondian Auditing
Manager
·
Amer
Singh Marketing
Manager
Date of Establishment : 31st
May 2009
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/06843/1
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
Name of Shareholder
(s) Percentage
·
Al Naba
Holding Co 80%
Muscat
·
Khalid
Hamd Saif Al Busaidi 10%
·
Mira
Khalid Hamd Saif Al Busaidi 5%
·
Ms
Fatima Khalid Hamd Saif Al Busaidi 5%
·
Al Naba
Equipment & Supplies LLC
Muscat
Activities: Engaged in the provision of catering
services.
Import Countries: Europe and the Far East.
Subject has a
workforce of approximately 500 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
Rami Plaza
PO Box: 4696
Muscat
Tel: (968) 24793220
Fax: (968) 24793229
·
Bank
Muscat SAOG
PO Box: 134
Ruwi 112
Muscat
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 |
|
UK Pound |
1 |
Rs.102.52 |
|
Euro |
1 |
Rs.87.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
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 |
|
<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.