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Report Date : |
01.12.2014 |
IDENTIFICATION DETAILS
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Name : |
AL HASSAN ELECTRICAL COMPANY LLC |
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Registered Office : |
Al Hassan Building Wadi Kabir Road Ruwi 112 PO Box 1948 |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.04.1986 |
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Com. Reg. No.: |
1/24537/6 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the import and distribution of power control, metering,
sub-station equipment, cables, instrumentation, electrical equipment and
energy management systems, wires, fans, heaters and water heaters |
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No. of Employees |
195 |
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 1, 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 |
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 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 : AL HASSAN ELECTRICAL COMPANY LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 1st April 1986
Commercial Registration Number : 1/24537/6
Chamber Membership Number : 602
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
Total Workforce : 195
Activities : Distributors of power control, metering, sub-station equipment, cables,
instrumentation, electrical equipment and energy management systems, wires, fans, heaters and water heaters.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Hassan Tajeri, Marketing Manager
AL HASSAN ELECTRICAL COMPANY LLC
Building : Al Hassan
Building
Street : Wadi Kabir
Road
Area : Ruwi 112
PO Box : 1948
Town : Muscat
Country : Oman
Telephone : (968) 24810575
/ 24497854
Facsimile : (968) 24810287
/ 24497854
Email : trading@al-hassan.com
Subject operates from a large suite of offices and a warehouse that are
rented and located in the Central Business Area of Muscat.
Name Position
· Hassan Bin Ali Bin
Sulaiman Managing
Director
· Maqbool Bin Ali
Bin Sulaiman Director
· Abbas Gameel Chief
Executive Officer
· Sabu Koshi Commercial
Manager
· Masawi Ahmed Finance
Manager
· M G K Hari Administration
Manager
· Hassan Tajeri Marketing
Manager
Date of
Establishment : 1st
April 1986
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/24537/6
Chamber Member No. : 602
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
· Hassan Bin Ali Bin
Sulaiman
· Maqbool Bin Ali Bin
Sulaiman
· Al Hassan
Switchgear LLC
Muscat
· Al Hassan Trading
& Contracting
Muscat
· Hightech Services & Suppliers LLC
Muscat
Activities: Engaged in the import and distribution of power control, metering,
sub-station equipment, cables, instrumentation, electrical equipment and energy
management systems, wires, fans, heaters and water heaters.
Import Countries: Italy, Germany, Sweden, Austria, France and
Slovenia.
International
Suppliers:
· Zontobel Italy
· R-Sthal Germany
· Abgevea Sweden
· Newlac Austria
· SADTEM France
· Iskrameter Slovenia
Operating Trend: Steady
Subject has a workforce of approximately 195 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
6,700,000 RO
7,115,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.97 |
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1 |
Rs.97.37 |
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Euro |
1 |
Rs.77.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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.