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Report Date : |
04.03.2014 |
IDENTIFICATION DETAILS
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Name : |
AL MAYAR CO LLC |
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Registered Office : |
Main Street,
Sawadi Area, P O Box 156, Borka 320, 105, Musanah 312, Muscat |
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Country : |
Oman |
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Date of Incorporation : |
27.04.2002 |
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Com. Reg. No.: |
1/59342/0 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
importer and distributor of electrical, electronic
products and appliances. |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Oman |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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. In 2012 the Central Bank also issued final
regulations governing Islamic banking and two full-fledged Islamic banks held
oversubscribed IPOs while four traditional banks opened sharia-compliant
Islamic windows.
|
Source : CIA |
Company Name : AL MAYAR CO LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 27th April 2002
Commercial Registration Number : 1/59342/0
Issued Capital : RO 400,000
Paid up Capital : RO 400,000
Total Workforce : 150
Activities : Distributors of electrical, electronic products and appliances
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Muthtafa A Mayar, Managing Director
AL MAYAR CO LLC
Registered &
Physical Address
Street : Main Street
Area : Sawadi Area
PO Box : 156, Borka 320
105, Musanah 312
Town : Muscat
Country : Oman
Telephone : (968) 26796294 / 26869400
Facsimile : (968) 26859401
Mobile : (968) 99887812 / 99887862 /
99885077
Email : info@almayarllc.com / ultrasales@almayarllc.com / finance@almayarllc.om
Premises
Subject operates
from a large suite of offices and a warehouse that are rented and located in
the Suburban Business Area of Muscat.
Branch Offices
Subject has branch
offices located in Tharmad, Musannah and Al Sawadi.
Name Nationality Position
·
Muthtafa
A Mayar Omani Managing
Director
·
Dawood
Kutti Indian Director
·
Ibrahim
Kutti Indian Director
Date of Establishment : 27th
April 2002
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/59342/0
Issued Capital : RO 400,000
Paid up Capital : RO 400,000
Name of Shareholder
(s)
·
Muthtafa
A Mayar
·
Dawood
Kutti
·
Ibrahim
Kutti
·
Al
Mayar Co LLC
Dubai
United Arab Emirates
Activities: Engaged in the import and distribution of
electrical, electronic products and appliances.
Import
Countries: Europe and the
Far East.
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.
·
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.61.86 |
|
|
1 |
Rs.103.52 |
|
Euro |
1 |
Rs.85.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
-- |
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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.