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Report Date : |
01.03.2014 |
IDENTIFICATION DETAILS
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Name : |
FAQ INTERNATIONAL LLC |
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Registered Office : |
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Country : |
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Date of Incorporation : |
02.10.2007 |
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Com. Reg. No.: |
1/02783/8 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged as marine and electromechanical fabrication
contractors. |
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No. of Employees : |
150 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Oman |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 : FAQ
INTERNATIONAL LLC
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
2nd October 2007
Commercial Registration Number :
1/02783/8
Chamber Membership Number :
415
Issued Capital :
RO 250,000
Paid up Capital :
RO 250,000
Total Workforce :
150
Activities :
Marine and electromechanical fabrication contractors
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
FAQ INTERNATIONAL
LLC
Registered &
Physical Address
Building : FAQ
International Building
Street : Main Street
Area : Al Falaj Al
Qabail
PO Box : 1
Town : Sohar 322
Country : Oman
Telephone : (968) 26753005
Facsimile : (968) 26753013
Email : faqinternationalllc@yahoo.com
Premises
Subject operates from a large suite of offices that are owned and
located in the Central Business Area of Sohar.
Name Nationality Position
Sanjay Purohit Indian Managing
Director
Iqbal Haji Indian Director
Asma Hai Al Awadi Omani Director
Srinath Chenni - General
Manager
Anil Vayas - Accounts
Manager
Sasidhran Nair Kondath
- Administration
Manager
Date of Establishment : 2nd October 2007
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 1/02783/8
Chamber Member No. : 415
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
Name of
Shareholder (s)
Sanjay Purohit
Iqbal Haji
Asma Hai Al Awadi
Activities: Engaged as marine and
electromechanical fabrication contractors.
Subject has a workforce of 150 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 Bank Middle East
Al Bab Al Kabeer Street
Muscat
Tel: (968) 24736044
No complaints regarding subject’s payments have been reported.
According to local sources, subject enjoys a good reputation for the
quality of its products with nothing detrimental uncovered regarding the manner
in which operations are conducted. As such the company is considered to be a
fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.07 |
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|
1 |
Rs.103.61 |
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Euro |
1 |
Rs.85.03 |
INFORMATION DETAILS
|
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.