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Report Date : |
05.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
ABDULLA BIN SAYED
BIN SALEM AL NAMANI EST |
|
|
|
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Registered Office : |
Main Street, Seeb
121, 225 & 841 Rusayl 124 |
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|
|
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Country : |
Oman |
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Date of Incorporation : |
04.06.1981 |
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Legal Form : |
Sole
Proprietorship |
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|
|
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Line of Business : |
Subject operates
a general trade licence, enabling it to distribute general merchandise. |
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|
|
|
No. of Employees |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Business License Expired |
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Payment Behaviour : |
--- |
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Litigation : |
--- |
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) |
|
Oman |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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
|
Source
: CIA |
Company Name : ABDULLA BIN SAYED BIN SALEM AL
NAMANI EST
Country of Origin : Oman
Legal Form :
Sole Proprietorship
Registration Date : 4th
June 1981
Commercial
Registration Number : 1/11356/9
Chamber Membership
Number : 10111
Invested Capital : RO 25,000
Activities :
General trade licence
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed : Abdullah Bin
Sayed Bin Salem Al Namani, Proprietor & General Manager
ABDULLA BIN SAYED
BIN SALEM AL NAMANI EST
Street : Main Street
Area : Seeb 121
PO Box : 225 & 841
Town : Rusayl 124
Country : Oman
Telephone : (968) 24424843
Facsimile : (968) 24424843
Mobile : (968) 99748395
Name Position
·
Abdullah
Bin Sayed Bin Salem Al Namani Proprietor
& General Manager
Date of Establishment : 4th
June 1981
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 1/11356/9
(Expired 30/06/2011)
Chamber Member No. : 10111
Invested Capital
: RO 25,000
Mr Abdullah Bin Sayed
Bin Salem Al Namani is the sole proprietor of the business.
Activities: Subject operates a general trade licence,
enabling it to distribute general merchandise.
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
Oman, Bahrain & Kuwait
BOBK House
Al Burj Street
PO Box: 4708, Ruwi 112
Muscat
Tel: (968) 24701528 / 24701532
/ 24701788
Fax:
(968) 24705607 / 24793536
No complaints
regarding subject’s payments have been reported.
Please note that
the subject’s commercial registration number expired on 30th June
2011 and has not been renewed.
Local
correspondents spoke to Mr Abdullah Bin Sayed Bin Salem Al Namani, Proprietor
& General Manager who stated that he has not traded for the past two years.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.22 |
|
|
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.45 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
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 |
|
|
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 |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
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.