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Report Date : |
02.07.2014 |
IDENTIFICATION DETAILS
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Name : |
ACE CATERING SUPPLIES |
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Registered Office : |
Ruwi High Street, Wadi Kabir 117, 761 Muscat |
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Country : |
Oman |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.02.2006 |
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Com. Reg. No.: |
1/53730/0 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import and distribution of general foodstuffs and beverages, including milk powder, rice and canned foods |
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No of Employees : |
6 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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.
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Source
: CIA |
Company Name : ACE CATERING SUPPLIES
Country of Origin : Oman
Legal Form : Sole Proprietorship
Registration Date : 1st February 2006
Commercial Registration Number : 1/53730/0
Invested Capital : RO 10,000
Total Workforce : 6
Activities : Distributors of general foodstuffs and beverages
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sanjay Ghanshandas, General Manager
ACE CATERING
SUPPLIES
Street : Ruwi High Street
Area : Wadi Kabir 117
PO Box : 761
Town : Muscat
Country : Oman
Telephone : (968) 24812162
Facsimile : (968) 24812162
Mobile : (968) 92183963
Email : bhandhan@gmail.com
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Muscat.
Name Position
·
Salem
Hilal Nasser Al Hashimi Proprietor
·
Sanjay
Ghanshandas General
Manager
Date of Establishment : 1st
February 2006
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 1/53730/0
Invested Capital
: RO 10,000
Mr Salem Hilal
Nasser Al Hashimi is the sole proprietor of the business.
Activities: Engaged in the import and distribution of
general foodstuffs and beverages, including milk powder, rice and canned foods.
Import
Countries: Europe and the
Far East.
International Suppliers:
·
Gatin
& Co India
·
Nandaini
Exports India
·
Ghansham
Lal Trading Co LLC United
Arab Emirates
Brand Names: NADINA and AL WAHID
Operating Trend: Steady
Subject has a
workforce of 6 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 217,000 RO 250,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Sanjay Ghanshandas, General Manager
·
Bank of
Muscat
Al Rakha Street
PO Box: 109
Muscat
Tel: (968) 24736565
Fax: (968) 24736187
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.13 |
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|
1 |
Rs. 102.83 |
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Euro |
1 |
Rs. 82.28 |
INFORMATION DETAILS
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Analysis Done by
: |
KRN |
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Report Prepared
by : |
DPT |
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.