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Report Date : |
10.01.2014 |
IDENTIFICATION DETAILS
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Name : |
MODERN EAST TRADING AND CONTRACTING CO LLC |
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Registered Office : |
Al Messfa Area PO Box 168 Al Harthy 118 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
11.07.2008 |
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Com. Reg. No.: |
1/6412/2 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Import and distribution of consumables for the marble and ceramic
industry. |
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No. of Employees : |
10 |
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) |
|
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 : MODERN EAST TRADING AND CONTRACTING CO LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 11th July 2008
Commercial Registration Number : 1/6412/2
Chamber Membership Number : 5362
Issued Capital : RO 125,000
Paid up Capital : RO 125,000
Total Workforce : 10
Activities : Distributors of consumables for the marble and ceramic industry
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Loay Al Hafiz, Sales Manager
MODERN EAST TRADING AND CONTRACTING CO LLC
Location : Al Messfa
Area
PO Box : 168
Town : Al Harthy
118
Country : Oman
Telephone : (968) 24437153 / 24437154
Facsimile : (968) 24437156
Mobile :
(968) 99336569 / 99379515
Email : modeast@omantel.net.om
Please note that subject’s previous address was, Ghala Industrial Area,
Al Harthy 118. Subject moved to the above address during 2012.
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Central Business Area of Al Harthy.
Name Position
· Ahmed Sulaiman
Ahmed Al Debbas Managing
Director
· Mohamed Sulaiman
Ahmed Al Debbas Director
· Abdullah Salem Al
Shaibani Director
· Loay Al Hafiz Sales
Manager
Date of
Establishment : 11th
July 2008
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/6412/2
Chamber Member No. : 5362
Issued Capital : RO 125,000
Paid up Capital : RO 125,000
· Ahmed Sulaiman
Ahmed Al Debbas
· Mohamed Sulaiman
Ahmed Al Debbas
· Abdullah Salem Al
Shaibani
Activities: Engaged in the import and distribution of consumables for the marble
and ceramic industry.
Import Countries: Italy
Agencies Held:
· Semic Italy
· Galas Italy
Operating Trend: Steady
Subject has a workforce of 10 employees.
Financial highlights provided by local sources are given below:
Currency: Riyal Omani (RO)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales RO
1,090,000 RO
1,160,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
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 |
|
US Dollar |
1 |
Rs.62.18 |
|
|
1 |
Rs.102.31 |
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Euro |
1 |
Rs.84.50 |
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.