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Report Date : |
23.07.2014 |
IDENTIFICATION DETAILS
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Name : |
AL FUQAEI TRADING
AND CONTRACTING |
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Registered Office : |
Muttrah Corniche,
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
27.11.1983 |
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Com. Reg. No.: |
1/17396/0 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the
import and distribution of marine engines, outboard motors and related
accessories. |
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No of Employees : |
05 |
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 sales 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 |
Concern Name : AL FUQAEI TRADING AND CONTRACTING
Country of Origin : Oman
Legal Form : Sole Proprietorship
Registration Date : 27th November 1983
Commercial Registration Number : 1/17396/0
Invested Capital : RO 29,000
Total Workforce : 5
Activities : Distributors of marine engines, outboard motors and related
accessories.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sayed Iqbal, Assistant General Manager
AL FUQAEI TRADING AND CONTRACTING
Registered &
Physical Address
Location : Muttrah Corniche
PO Box : 1529, Muttrah
Town : Muscat
Country : Oman
Telephone : (968) 24713391
Facsimile : (968) 24713980
Email : alfuqaei@omantel.net.om
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Muscat.
Name Position
·
Ali
Khalifa Mohamed Al Fuqaei Proprietor
& General Manager
·
Sayed
Iqbal Assistant
General Manager
Date of Establishment : 27th
November 1983
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 1/17396/0
Invested Capital
: RO 29,000
Mr. Ali Khalifa
Mohamed Al Fuqaei is the sole proprietor of the business.
·
Al
Fuqaei Trading & Contracting
Dubai
United Arab Emirates
Tel: (971-4) 2262220 / 2263220
Activities: Engaged in the import and distribution of
marine engines, outboard motors and related accessories.
Import
Countries: Japan and
Singapore
International
Suppliers:
·
H T
Suda & Co Japan
·
Pioneer Singapore
Brand Names: GARMIN, MARINER, MERCURY, MUSTAD and
QUICKSILVER
Operating Trend: Steady
Subject has a
workforce of 5 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 260,000 RO 300,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr. Sayed Iqbal, Assistant General Manager
·
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 business is
considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.23 |
|
UK Pound |
1 |
Rs.102.86 |
|
Euro |
1 |
Rs.81.44 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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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 |
|
<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.