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Report Date : |
05.06.2014 |
IDENTIFICATION DETAILS
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Name : |
APEX TEXTILE MARKETING SFZCO |
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Registered Office : |
Salalah Free Zone, PO Box : 805, Madinat Qaboos 115 |
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Country : |
Oman |
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Date of Incorporation : |
2011 |
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Com. Reg. No.: |
1/09548/8 |
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Legal Form : |
Salalah Free Zone Co – SFZCO |
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Line of Business : |
Subject is engaged in the manufacturing and marketing of yarn, thread
and apparel. |
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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) |
|
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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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 :
APEX TEXTILE MARKETING SFZCO
Country of Origin :
Oman
Legal Form :
Salalah Free Zone Co - SFZCO
Registration Date :
2011
Commercial Registration Number :
1/09548/8
Issued Capital :
RO 150,000
Paid up Capital :
RO 150,000
Total Workforce :
6
Activities :
Manufacturing and marketing of yarn, thread and apparel
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Naveed Sumar, Chief Executive Officer
APEX TEXTILE
MARKETING SFZCO
Registered &
Physical Address
Location : Salalah Free
Zone
PO Box : 805
Town : Madinat Qaboos 115
Country : Oman
Telephone : (968) 24621515
Facsimile : (968) 24621515
Mobile : (968)
99318124
Email : atm@apextexmkt.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Free Zone Area of Madinat Qaboos.
Name Nationality Position
Mohamed Zaki Sumar Pakistani Managing
Director
Shayan Sumar Pakistani Director
Naveed Sumar - Chief
Executive Officer
Date of Establishment : 2011
Legal Form : Salalah Free Zone
Co - SFZCO
Commercial Reg. No. : 1/09548/8
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of
Shareholder (s)
Mohamed Zaki Sumar
Shayan Sumar
Members of Mohamed Zaki Sumar’s and Shayan Sumar’s family
Activities: Engaged in the
manufacturing and marketing of yarn, thread and apparel.
Subject is presently manufacturing through
third parties facilities.
Import Countries: Europe
and the Far East.
Subject has a workforce of 6 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.
HSBC Middle East
PO Box: 234
Muscat 113
Tel: (968) 24736041 / 24736042
Fax: (968) 24736043
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 company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.34 |
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|
1 |
Rs.99.18 |
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Euro |
1 |
Rs.80.76 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NNA |
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.