|
Report Date : |
08.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHEF MIDDLE EAST LLC |
|
|
|
|
Registered Office : |
Way No. 5914, Block No. 3591, Rusayl Area, Al Khuwair 133 1748 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
28.09.2008 |
|
|
|
|
Com. Reg. No.: |
1/05504/0 |
|
|
|
|
Legal Form : |
Limited Liability Company – LLC |
|
|
|
|
Line of Business : |
Engaged in the import and distribution of general foodstuffs and
providers of catering services to hotels and restaurants. |
|
|
|
|
No of Employees : |
13 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Oman |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 :
CHEF MIDDLE EAST LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 28th September 2008
Commercial Registration Number : 1/05504/0
Chamber Membership Number : 2508/1
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 13
Activities : Distributors of general foodstuffs and providers of catering services.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Jaffar Saddiq, Branch Manager
‘
CHEF MIDDLE EAST LLC OMAN
Street : Way No.
5914, Block No. 3591
Area : Rusayl Area,
Al Khuwair 133
PO Box : 1748
Town : Muscat
Country : Oman
Telephone : (968) 22005112
Facsimile : (968) 22005113
Email : chefmct@chefmiddleeast.com
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Muscat.
Name Position
·
Micheal John Luise General
Manager
·
Jaffar Saddiq Branch
Manager
·
Vijay Anand Marketing
Manager
Date of
Establishment : 28th
September 2008
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/05504/0
Chamber Member No. : 2508/1
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
·
Al Ikhlas International Co
Oman
·
Fine Food International
United Kingdom
·
Chef Middle East LLC
Dubai
United Arab
Emirates
Activities: Engaged in the import and distribution of general foodstuffs and
providers of catering services to hotels and restaurants.
Import Countries: Europe and GCC countries.
Operating Trend: Steady
Subject has a workforce of 13 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 1,400,000 RO 1,635,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Jaffar Saddiq, Branch 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.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.31 |
|
|
1 |
Rs. 101.77 |
|
Euro |
1 |
Rs. 84.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
-- |
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.