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Report Date : |
21.08.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Al Fahal Street, Ghala Industrial Area, PO Box 62, Qurum 102 |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
16.02.2010 |
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Com. Reg. No.: |
1/08350/2 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the import and distribution of water treatment
products and sewage equipment. Subject is also engaged as construction and
maintenance contractors for water treatment plants. |
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No of Employees : |
45 |
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
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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 :
MUSCAT PROJECTS & ENVIRONMENTAL SERVICES LLC
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Start Date :
2006
Registration Date :
16th February 2010
Commercial Registration Number :
1/08350/2
Chamber Membership Number :
11858
Issued Capital :
RO 180,000
Paid up Capital :
RO 180,000
Total Workforce :
45
Activities :
Distributors of water treatment products and sewage equipment
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
MUSCAT PROJECTS & ENVIRONMENTAL SERVICES LLC
Registered &
Physical Address
Street : Al Fahal
Street
Area : Ghala
Industrial Area
PO Box : 162
Town : Qurum 102
Country : Oman
Telephone : (968) 24591884
/ 24503385
Facsimile : (968) 24591885
Mobile : (968)
98049958
Email : mesllc@mpesllc.com
/ mesllc@omantel.net.om
Premises
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Industrial Area of Qurum.
Name Nationality Position
Badr Al Waheibi Omani Managing
Director
Badr Eddine Mohieddine Indian Director
Ganish Purindare - Project Manager
Faisal Nalakath - Finance
Manager
Chander Shaker - Sales Manager
Date of Establishment : Subject’s
operations date back to 2006, but it was registered on 16th February
2010
Legal Form :
Limited
Liability Company – LLC
Commercial Reg. No. : 1/08350/2
Chamber Member No. : 11858
Issued Capital : RO 180,000
Paid up Capital :
RO
180,000
Name of
Shareholder (s)
Badr Al Waheibi
Badr Eddine Mohieddine
Buildex International LLC
Muscat
Activities: Engaged in the import and distribution of water treatment products and
sewage equipment. Subject is also engaged as construction and maintenance
contractors for water treatment plants.
Import Countries: Europe and the Far East.
International
Suppliers:
Greatech Machinery Industrial Co Ltd Taiwan
Pro Uni-D Co Ltd Taiwan
Hydro Prokav Pumps India Pvt Ltd India
Grundfos Gulf Distribution FZE United Arab Emirates
Siemens LLC United
Arab Emirates
M A Ind SrL Italy
Mas-Daf Makina Sanayi A S Turkey
Oil Skimmers Inc United
States of America
Purafil Inc United
States of America
Lantec Products Inc United
States of America
Clients:
Ministry Of Regional Municipality & Water Resources (MRMWR)
Royal Oman Police (ROP)
Operating Trend: Steady
Subject has a workforce of 45 employees.
Financial highlights provided by local sources are given below:
Currency: Riyal Omani (RO)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales RO
2,510,000 RO
2,980,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Bank of Muscat
Al Burj Street
Greater Muttrah
PO Box: 6326, Ruwi
Muscat
Tel: (968) 24701769
Fax: (968) 24796488
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.60.67 |
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1 |
Rs.100.81 |
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Euro |
1 |
Rs.80.73 |
INFORMATION DETAILS
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Analysis Done by
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RAS |
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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.