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Report Date : |
04.12.2014 |
IDENTIFICATION DETAILS
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Name : |
AL MURAD
INTERNATIONAL CO LLC |
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Registered Office : |
Ghala Industrial Area, Al Hamriyah
131, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
26.01.1999 |
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Com. Reg. No.: |
1/61006/6, Al Hamriyah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· Engaged in the import and distribution of electrical power cables, transformers, conductors, wooden poles, hardware, insulators, earthing materials, power factor correction capacitor banks, low voltage switchgear and control gears, feeder pillars & control panels Subject
is one of the authorized distributors of Copper cables rating up to 33kV and
overhead line conductors manufactured by Oman Cables Industry SAOG. |
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No of Employees : |
18 |
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 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.
|
Source
: CIA |
Company Name : AL MURAD INTERNATIONAL CO LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 26th January 1999
Commercial Registration Number : 1/61006/6, Al Hamriyah
Chamber Membership Number : 3159
Issued Capital : RO 500,000
Paid up Capital : RO 500,000
Total Workforce : 18
Activities : Distributors of electrical products, cables, wires, panel control and
related accessories
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mahesh Wararn, Sales Manager
AL MURAD INTERNATIONAL CO LLC
Registered &
Physical Address
Location : Ghala
Industrial Area, Al Hamriyah 131
PO Box : 598 & 278, Ruwi 112
Town : Muscat
Country : Oman
Telephone : (968) 24595204 / 24495204
Facsimile : (968) 24593527
Mobile : (968) 99411009 / 99344650
Email : tuami1@omantel.net.om
Premises
Subject operates
from a suite of offices and a warehouse covering 6,500m2 that are
rented and located in the Industrial Area of Muscat.
Name Nationality Position
·
Govinda Raju Radha Krishna Indian Managing
Director
·
Suba Madhav Rao Indian Director
·
Mohamed
Al Habib Omani Director
·
P J
Joseph - General
Manager
·
Mahesh Wararn - Sales
Manager
·
Mohamed
Redha - Accountant
Date of Establishment : 26th
January 1999
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/61006/6, Al
Hamriyah
Chamber Member No. : 3159
Issued Capital : RO 500,000
Paid up Capital : RO 500,000
Name of Shareholder
(s) Percentage
·
Mohamed
Al Habib 51%
·
Govinda Raju Radha Krishna ]
] 49%
·
Suba Madhav Rao ]
Subject is a member of Al Musandam Group of
companies that consists of the following concerns:
·
Musandam
Electrical Equipment Co LLC
Abu Dhabi
United Arab Emirates
·
Power Economy
Middle East Co WLL
Abu Dhabi
United Arab Emirates
·
Majan Switchgear
Co LLC
Sohar
·
Electrical
Supplies Est
Abu Dhabi
United Arab Emirates
Activities: Engaged in the import and distribution of
electrical power cables, transformers, conductors, wooden poles, hardware,
insulators, earthing materials, power factor
correction capacitor banks, low voltage switchgear and control gears, feeder
pillars, control panels etc. Further, Al Murad is one
of the authorized distributors of Copper cables rating up to 33kV and overhead
line conductors manufactured by Oman Cables Industry
SAOG.
Import
Countries: Europe and the
Far East
International Suppliers:
·
OHM Energy System Ltd India
·
Supreme & Co Pvt Ltd India
·
Oman Cable Industry Oman
·
Power Economy Middle East WLL United Arab Emirates
Operating Trend: Steady
Subject has a
workforce of 18 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 Revenue RO 9,385,000 RO 10,500,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Mahesh Wararn,
Sales Manager
·
National
Bank of Oman Limited (SAOG)
Muttrah Business District
PO Box: 751, Ruwi 112
Muscat
Tel: (968) 24708894 / 24708630 / 24708684
Fax: (968) 24707781 / 24703972
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
|
Indian Rupees |
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US Dollar |
1 |
Rs.61.89 |
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|
1 |
Rs.96.83 |
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Euro |
1 |
Rs.76.57 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
MNL |
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 |
-- |
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.