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Report Date : |
12.02.2014 |
IDENTIFICATION DETAILS
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Name : |
GOLDEN GRAIN TRADING LLC |
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Registered Office : |
Building No. 1067, Street No. 839, Souq Muttrah, PO Box : 872, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
08.05.2000 |
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Com. Reg. No.: |
1/64204/9 |
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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
general foodstuffs, including dairy products, milk powder, spices and rice. |
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No. of Employees : |
25 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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. 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.
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Source
: CIA |
Company Name :
GOLDEN GRAIN TRADING LLC
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
8th May 2000
Commercial Registration Number :
1/64204/9
Chamber Membership Number :
12260
Issued Capital :
RO 150,000
Paid up Capital :
RO 150,000
Total Workforce :
25
Activities :
Distributors of general foodstuffs
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Arvind Vijaysing Toprani, Managing Director
GOLDEN GRAIN
TRADING LLC
Registered &
Physical Address
Building : Building No.
1067
Street : Street No.
839
Area : Souq Muttrah
PO Box : 872
Town : Muscat 113
Country : Oman
Telephone : (968) 24711256
Facsimile : (968) 24712614
Mobile : (968)
99333292
Email : ggrain@gmail.com
/ ggrains@omantel.net.om
Please note that the correct PO Box number is 872 and not 874.
Premises
Subject operates from a medium sized suite of offices and a showroom
that are rented and located in the Central Business Area of Muscat.
Name Nationality Position
Arvind Vijaysingh Toprani Indian Managing
Director
Sumit Arvind Toprani Indian Director
Mahes Haridaz Toprani Indian Director
Abdullah Bin Saeed Bin Hamd Al Alawi Omani Director
Date of Establishment : 8th May 2000
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 1/64204/9
Chamber Member No. : 12260
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of
Shareholder (s)
Abdullah Bin Saeed Bin Hamd Al Alawi
Arvind Vijaysingh Toprani
Sumit Arvind Toprani
Mahes Haridaz Toprani
Activities: Engaged in the import and
distribution of general foodstuffs, including dairy products, milk powder,
spices and rice.
Import Countries: Europe
and the Far East.
Brand Names: GOLDEN,
HELLO and ALNASR
Operating Trend: Steady
Subject has a workforce of 25 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
1,500,000 RO
1,770,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
HSBC Bank Middle East
Muttrah Business District
PO Box: 240, Ruwi 112
Muscat
Tel: (968) 24700810 / 24799920 / 24799927
Fax: (968) 24704241
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.62.44 |
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1 |
Rs.102.48 |
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Euro |
1 |
Rs.85.28 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.