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Report Date : |
15.03.2014 |
IDENTIFICATION DETAILS
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Name : |
MEHUL ENTERPRISES LLC |
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Registered Office : |
Wadi Al Kabir
Industrial Area, P O Box 901, Muscat 117 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
07.08.1994 |
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` |
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Com. Reg. No.: |
1/41699/5, Muscat |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
importer and distributor of foodstuff and consumer
disposable goods. Subject’s product range includes bakery supplies, cleaning
products, paper & plastic cups, containers and utensils. |
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No. of Employees |
35 |
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 |
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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. 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 : MEHUL ENTERPRISES LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 7th August 1994
Commercial Registration Number : 1/41699/5, Muscat
Chamber Membership Number : 4540
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
Total Workforce : 35
Activities : Distributors of foodstuff and consumer disposable goods.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sanjay J Ashar, Finance Manager
MEHUL ENTERPRISES
LLC
Registered &
Physical Address
Location : Wadi Al Kabir Industrial Area
PO Box : 901
Town : Muscat 117
Country : Sultanate of Oman
Telephone : (968) 24810057 / 24812710
Facsimile : (968) 24816412
Mobile :
(968) 99337505
Email : mehul@omantel.net.om / mehul@mehul-ent.com / sanjay@mehul-ent.com /
Premises
Subject operates
from a medium sized suite of offices and warehousing that are rented and
located in the Industrial Area of Muscat.
Name Position
·
Mehul D Jesrani Managing
Director
·
Retish
D Jesrani Director
·
Pretak Ashwim Desai Director
·
Ashwin M Desai Director
·
Dinesh Jamandaz General
Manager
·
Sanjay J Ashar Finance
Manager
Date of Establishment : 7th
August 1994
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/41699/5, Muscat
Chamber Member No. : 4540
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
Name of Shareholder
(s)
·
Mehul D Jesrani
·
Retish
D Jesrani
·
Pretak Ashwim Desai
·
Ashwin M Desai
·
Mehul Information Services LLC
Muscat
Activities: Engaged in the import and distribution
of foodstuff and consumer disposable goods. Subject’s product
range includes bakery supplies, cleaning
products, paper & plastic cups, containers and utensils.
Import
Countries: Spain,
Netherlands and Pakistan.
International
Suppliers:
·
Koninklijke Zeelandia Group BV The Netherlands
· Nori International Pakistan
· Angle Camacho Spain
Operating Trend: Steady
Subject has a
workforce of 35 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 3,275,000 RO 3,480,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Bank of
Baroda
Muttrah Corniche Branch
PO Box: 7231, Jibroo 114
Muscat
Tel: (968) 24714549 / 24712367 / 24734549 /
24744559
Fax: (968) 24714560
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.61.52 |
|
|
1 |
Rs.102.22 |
|
Euro |
1 |
Rs.85.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.