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Report Date : |
12.06.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Road No. 9, Sohar Industrial Estate, 44 Sohar 327 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
17.05.1998 |
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Com. Reg. No.: |
3/18888/4 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the manufacture of terry bath towels, kitchen towels and hospital blankets. |
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No of Employees : |
36 |
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 : GOLDEN TOWEL FACTORY
Country of Origin : Oman
Legal Form : Sole Proprietorship
Registration Date : 17th May 1998
Commercial Registration Number : 3/18888/4
Invested Capital : RO 150,000
Total Workforce : 36
Activities : Manufacturers of terry bath towels, kitchen towels and hospital blankets
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Akmal, Factory Manager
GOLDEN TOWEL
FACTORY
Street : Road No. 9
Area : Sohar Industrial Estate
PO Box : 44
Town : Sohar 327
Country : Oman
Telephone : (968) 26750070 / 26750042
Facsimile : (968) 26750090
Email : goldentowelfactory@gmail.com
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Industrial Area of Muscat.
Name Nationality Position
·
Abdullah
Ali Al Baloushi Omani Proprietor
·
Mohamed
Ali Al Baloushi Omani General
Manager
·
Mohamed
Akmal - Factory
Manager
·
Adnan
Hussain - Accounts
Manager
Date of Establishment : 17th
May 1998
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 3/18888/4
Invested Capital
: RO 150,000
Mr Abdullah Ali Al Baloushi is the sole proprietor of the business.
Activities: Engaged in the manufacture of terry bath
towels, kitchen towels and hospital blankets.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 36 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 695,000 RO 750,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Mohamed Akmal, Factory 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.
Local sources report
that the subject’s operating history is clear with payment obligations met in a
generally timely manner. The financial position is satisfactory and the
business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.32 |
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|
1 |
Rs. 99.41 |
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Euro |
1 |
Rs. 80.32 |
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.