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Report Date : |
15.07.2014 |
IDENTIFICATION DETAILS
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Name : |
UNITED GULF FOODS LLC |
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Registered Office : |
Al Wadi Al Kabir Area |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
09.11.2012 |
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Com. Reg. No.: |
1/15824/0 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the import and distribution of general foodstuffs,
including buffalo meat, fruit, vegetables, nuts and spices. |
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No of Employees : |
20 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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) |
|
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 : UNITED GULF FOODS LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 9th November 2012
Commercial Registration Number : 1/15824/0
Chamber Membership Number : 75698
Issued Capital : RO 20,000
Paid up Capital : RO 20,000
Total Workforce : 20
Activities : Distributors of general foodstuffs
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Person Interviewed : Mohamed Siaf, General Manager
UNITED GULF FOODS LLC
Location : Al Wadi Al
Kabir Area
PO Box : 9781 & 482
Town : Muscat 131
& 117
Country : Oman
Telephone : (968) 24799736
Facsimile : (968) 24799736
Mobile : (968)
95782123
Email : mohamed.siaf@unitedgulffoods.com
/ mohd.siaf@unitedgulffoods.com
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Muscat.
Name Nationality Position
· Khalid Musalam
Salmeen Al Kayumi Omani Managing
Director
· Issa Musalam Salmeen
Al Kayumi Omani Director
· Mohamed Siaf - General
Manager
Date of
Establishment : 9th
November 2012
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/15824/0
Chamber Member No. : 75698
Issued Capital : RO 20,000
Paid up Capital : RO 20,000
· Khalid Musalam
Salmeen Al Kayumi
· Issa Musalam
Salmeen Al Kayumi
Activities: Engaged in the import and distribution of general foodstuffs, including
buffalo meat, fruit, vegetables, nuts and spices.
Import Countries: India
International Suppliers:
· G S International India
Brand Names: ELGAZAR and SHAHD
Subject has a workforce of 20 employees.
Financial highlights provided by local sources are given below:
Currency: Riyal Omani (RO)
Year
Ending 31/12/13:
Total Sales RO
300,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Mohamed Siaf, General Manager
·
HSBC Bank Middle East
Muttrah Business
District
PO Box: 240, Ruwi
112
Muscat
Tel: (968)
24700810 / 24799920 / 24799927
Fax: (968)
24704241
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.60.01 |
|
|
1 |
Rs.102.72 |
|
Euro |
1 |
Rs.81.60 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|
<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.