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Report Date : |
19.08.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
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Country : |
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Date of Incorporation : |
1989 |
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Com. Reg. No.: |
3/09171/6 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the operation of bakeries. Subject has over 140 outlets,
60 fleet vehicles and 16 production facilities. Subject’s products include
cluster buns, classic buns, jumbo rolls, milk bread, sesame burger buns,
special burger buns and special Samun. |
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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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Oman |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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.
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Source
: CIA |
Company Name :
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
1989
Commercial Registration Number :
3/09171/6
Issued Capital :
RO 1,000,000
Paid up Capital :
RO 1,000,000
Total Workforce :
500
Activities :
Operators of bakeries
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
SOHAR BEACH BAKERY & STORES LLC
Registered & Physical Address
Street : Hamba Street
Area : Sohar
PO Box : 271 & 197,
Mussanah 312
Town : Sohar 311
Country : Oman
Telephone : (968) 26842364
/ 26868484 / 26868500
Facsimile : (968) 26842923
/ 26868199
Mobile : (968)
95599333
Email : misha@soharbeachbakery.com
Premises
Subject operates from a large suite of offices that are rented and located
in the Central Business Area of Muscat.
Branch Office (s)
Location Description
Falaj Industrial Area Factory
covering 3,600 m2
Sohar
Subject has further production facilities located in Shinas, Sohar,
Saham, Kabura, Bidaya, Suwaiq, Mussanah, Rustaq, Mabela, Sumail, Bahla, Adam,
Ibri and Janal bu Ali.
Name Position
Abdullah Ibrahim Al Farsi Managing
Director
Mrs Al Farsi Director
Varghese Chacko General
Manager
Yaseen Khoram Accounts
Manager
Misha Mohandaz Purchase
Manager
Zahri Kumar Sales
Manager
Date of Establishment : 1989
Legal Form :
Limited
Liability Company – LLC
Commercial Reg. No. : 3/09171/6
Issued Capital : RO 1,000,000
Paid up Capital :
RO
1,000,000
Name of
Shareholder (s)
Abdullah Ibrahim Al Farsi
Mrs Al Farsi
Activities: Engaged in the operation of bakeries. Subject has over 140 outlets, 60
fleet vehicles and 16 production facilities. Subject’s products include cluster
buns, classic buns, jumbo rolls, milk bread, sesame burger buns, special burger
buns and special Samun.
Production
Capacity: 900 tons of flour per month and 18,000 buns and rolls per hour.
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.
National Bank of Oman Limited (SAOG)
PO Box: 497
Sohar 497
Tel: (968) 26850207
Fax: (968) 26850234
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.05 |
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1 |
Rs.101.84 |
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Euro |
1 |
Rs.81.55 |
INFORMATION DETAILS
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Analysis Done by
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SUM |
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Report Prepared
by : |
TPT |
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 |
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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.