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Report Date : |
09.07.2014 |
IDENTIFICATION DETAILS
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Name : |
MILLENNIUM
INTEGRATED PROJECTS LLC |
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Registered Office : |
23 July Street, |
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Country : |
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Date of Incorporation : |
19.02.2014 |
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Com. Reg. No.: |
1/04283/2 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the import
and distribution of safety equipment and gloves, marble, oil and cement. |
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No of Employees : |
04 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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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) |
|
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.
|
Source
: CIA |
Company Name : MILLENNIUM INTEGRATED PROJECTS LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 19th February 2014
Commercial Registration Number : 1/04283/2
Issued Capital : RO 100,000
Paid up Capital : RO 100,000
Total Workforce : 4
Activities : Distributors of safety equipment, marble, oil and cement
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Zafer Abbass, Managing Director
MILLENNIUM INTEGRATED
PROJECTS LLC
Registered &
Physical Address
Location : 23 July Street
PO Box : 1924
Town : Salalah 211
Country : Oman
Telephone : (968) 23381589
Facsimile : (968) 23381589
Mobile : (968) 94173396
Email : info@mipllcoman.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Muscat.
Name Nationality Position
·
Zafer
Abbass Pakistani Managing
Director
·
Sami Al
Shanfari Omani Director
Date of Establishment : 19th
February 2014
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/04283/2
Issued Capital : RO 100,000
Paid up Capital : RO 100,000
Name of Shareholder
(s)
·
Zafer
Abbass
·
Sami Al
Shanfari
Activities: Engaged in the import and distribution of
safety equipment and gloves, marble, oil and cement.
Import
Countries: Europe and India
Subject has a
workforce of 4 employees.
Subject is a newly
formed business and as a result financial information is not currently
available.
·
HSBC
Bank Middle East
Al Bab Al Kabeer Street
Muscat
Tel: (968) 24736044
No complaints regarding
subject’s payments have been reported.
In view of
subject’s infancy, extensive payment and financial are not available, therefore
dealings are recommended to be on secured terms, and a close monitoring of
subject’s business development is advisable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.79 |
|
UK Pound |
1 |
Rs.102.42 |
|
Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
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Analysis Done by
: |
SUM |
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|
|
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
-- |
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.