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Report Date : |
08.03.2014 |
IDENTIFICATION DETAILS
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Name : |
MIDDLE EAST SCRAP TRADING LLC |
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Registered Office : |
New Industrial Estate, PO Box : 357, Salalah 211 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
03.10.2012 |
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Com. Reg. No.: |
1/15636/7 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the import and distribution of ferrous and
non-ferrous scrap metal. |
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No. of Employees : |
7 |
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) |
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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 |
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.
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Source
: CIA |
Company Name :
MIDDLE EAST SCRAP TRADING LLC
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
3rd October 2012
Commercial Registration Number :
1/15636/7
Chamber Membership Number :
32178
Issued Capital :
RO 20,000
Paid up Capital :
RO 20,000
Total Workforce :
7
Activities :
Distributors of ferrous and non-ferrous scrap metal
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Person Interviewed :
Khorshaid Allam, Finance Manager
MIDDLE EAST SCRAP
TRADING LLC
Registered &
Physical Address
Location : New Industrial
Estate
PO Box : 357
Town : Salalah 211
Country : Oman
Mobile : (968)
92369652 / 94244413
Email : arabianscrap@gmail.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Industrial Area of Muscat.
Name Nationality Position
Abdullah Salem Mohamed Naseeb Ba Omar Omani Managing Director
Mohamed Salem Mohamed Naseeb Ba Omar Omani Director
Khorshaid Allam - Finance
Manager
Date of Establishment : 3rd October 2012
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 1/15636/7
Chamber Member No. : 32178
Issued Capital : RO 20,000
Paid up Capital : RO 20,000
Name of
Shareholder (s)
Abdullah Salem Mohamed Naseeb Ba Omar
Mohamed Salem Mohamed Naseeb Ba Omar
Al Qema Al Mutamiyzah Construction Co
Muscat
Activities: Engaged in the
import and distribution of ferrous and non-ferrous scrap metal.
Import Countries: Europe and the
Far East
Subject has a workforce of 7 employees.
Financial highlights provided by local sources are given below:
Currency: Riyal Omani (RO)
Year Ending 31/12/13:
Total Sales RO
525,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Khorshaid Allam, Finance 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.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.99 |
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1 |
Rs.102.07 |
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Euro |
1 |
Rs.84.53 |
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 |
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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.