MIRA INFORM REPORT
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Report Date : |
25.01.2014 |
IDENTIFICATION DETAILS
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Name : |
AZAIBA HOTELS LLC |
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Registered Office : |
Azaiba Area, |
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Country : |
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Date of Incorporation : |
22.02.2008 |
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Com. Reg. No.: |
1/04929/9 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged as owners
and operators of hotels and apartments. |
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No. of Employees : |
15 |
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 : AZAIBA HOTELS LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 22nd February 2008
Commercial Registration Number : 1/04929/9
Chamber Membership Number : 2182
Issued Capital : RO 300,000
Paid up Capital : RO 300,000
Total Workforce : 15
Activities : Owners and operators of hotels and apartments
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
AZAIBA HOTELS LLC
Registered &
Physical Address
Location : Azaiba Area
PO Box : 128, Seeb 111
Town : Muscat
Country : Oman
Telephone : (968) 24452190
Facsimile : (968) 24452190
Mobile : (968) 99868968
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Muscat.
Name Position
·
Dr P
Mohamed Ali Managing
Director
·
Hamd
Bin Salem Bin Rashed Al Rawahi Director
·
Mohamed
Sedar Ramesh Director
Date of Establishment : 22nd
February 2008
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/04929/9
Chamber Member No. : 2182
Issued Capital : RO 300,000
Paid up Capital : RO 300,000
Name of
Shareholder (s)
·
Al
Thabat Holding Company LLC
Al Khuwair Area
PO Box: 544
Seeb 111
Tel: (968) 24395900
Fax: (968) 24395920
·
Unnamed
company registered in the British Virgin Islands
Activities: Engaged as owners and operators of hotels
and apartments.
The RO30mn Azaiba Hotel, a five-star project coming up near the Bank
Muscat headquarters at Airport Heights, is expected to be completed by the end of
2013, according to an official involved in the project.
Speaking to Muscat Daily, the
official said that the six-floor hotel, a project being developed by Azaiba Hotel LLC, will have 240 rooms, four
restaurants and three basement levels.
He said, “The total investment is between RO25-30mn. The basement work
has already been done and the project
is expected to be completed by the end of 2013.”
The construction contract for the project was awarded to Galfar
Engineering and Contracting Company in August 2010, with completion originally
scheduled within two years.
The project management work for the hotel will be carried out by Mfar
Hotels and Resorts Limited, a hotel group based in India which is also owned by
Dr P Mohamed Ali.
However, the official said that apart from project management, Mfar will
not be involved in investment or
construction of the hotel.
Subject has a
workforce of 15 employees.
Companies
registered in Oman are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
·
Commercial Bank of Oman SAOG
Muttrah Business District
PO Box: 1696, Ruwi 112
Muscat
Tel: (968) 24793225 / 24793226 /
24793228
Fax: (968) 24793229
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 |
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|
1 |
Rs.103.38 |
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Euro |
1 |
Rs.85.09 |
INFORMATION DETAILS
|
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 |
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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.