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Report Date : |
27.02.2014 |
IDENTIFICATION DETAILS
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Name : |
AL MULADDHA TRADING CO |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
11.10.2003 |
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Com. Reg. No.: |
1/73761/9 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject is engaged in the import and distribution of general foodstuffs,
canned foods and consumer goods. |
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No. of Employees : |
12 |
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
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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 : AL MULADDHA TRADING CO
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 11th October 2003
Commercial Registration Number : 1/73761/9
Chamber Membership Number : 4679/1
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 12
Activities : Distributors of general foodstuffs, canned foods and consumer goods
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Dr Shaialesh S Toprani, Managing Director
AL MULADDHA TRADING CO
Street : Corniche
Street
Area : Muttrah Souk
PO Box : 107
Town : Muttrah 114
Country : Oman
Telephone : (968) 24714271
Facsimile : (968) 24714371
Mobile : (968)
99319280 / 99373488
Email : svirji@omantel.net.om
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Muttrah.
Name Nationality Position
· Dr Shaialesh S
Toprani Indian Managing
Director
· Bhavana Toprani Indian Director
· Dhara Shaialesh Indian Director
· Kruti Shaialesh Indian Director
· Mohamed Saif Bin
Khalfan Al Henai Omani Director
· Luck Patel - Accountant
· Suresh Cheg - Sales
Executive
Date of
Establishment : 11th
October 2003
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/73761/9
Chamber Member No. : 4679/1
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
· Mohamed Saif Bin
Khalfan Al Henai 51%
· Dr Shaialesh S
Toprani ]
]
· Bhavana Toprani ]
] 49%
· Dhara Shaialesh ]
]
· Kruti Shaialesh ]
Activities: Engaged in the import and distribution of general foodstuffs, canned
foods and consumer goods.
Import Countries: Europe and the Far East
International
Suppliers:
· Sadhu Rice Mill India
Brand Names: DACTUR, ALSAMI
and ALMULADDHA
Operating Trend: Steady
Subject has a workforce of 12 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
1,420,000 RO
1,750,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Dr Shaialesh S Toprani, Managing
Director
·
Bank of Muscat
Al
Khuwair Street
PO Box:
6326, Ruwi
Muscat
Tel:
(968) 24602274
Fax:
(968) 24698300
No complaints regarding subject’s payments have been reported.
Local sources report that payment obligations are met in a generally timely
manner and the operating history is clear. As such the company is deemed a fair
trade risk and the above credit figure is considered to be within subject’s
financial means.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.94 |
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|
1 |
Rs.103.31 |
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Euro |
1 |
Rs.85.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.