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Report Date : |
07.05.2014 |
IDENTIFICATION DETAILS
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Name : |
MODERN RESOURCES
BUSINESS LLC |
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Registered Office : |
Building No. 36,
Office No. 42, Al Khod Area, P O Box 3039, Muscat 111 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
02.05.2012 |
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Com. Reg. No.: |
1/14425/1 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
importer and distributor of fruits, vegetables and
general foodstuffs. |
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No of Employees : |
08 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – 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 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate 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 : MODERN RESOURCES BUSINESS LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 2nd May 2012
Commercial Registration Number : 1/14425/1
Chamber Membership Number : 15622
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 8
Activities : Import and distribution of fruits, vegetables and general foodstuffs.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Person Interviewed : Rustum Abdulrazzaq, Director
MODERN RESOURCES
BUSINESS LLC
Registered &
Physical Address
Building : Building No. 36,
Office No. 42
Area : Al Khod Area
PO Box : 3039
Town : Muscat 111
Country : Oman
Telephone : (968) 22022217
Facsimile : (968) 22022217
Mobile : (968) 92268989 / 92119955
Email : modern.resources@yahoo.com
Subject’s previous
addresses include, Souq Al Seeb, Seeb and Building No. 352, Office No. 31,
South Mawaleh, Muscat 113.
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Muscat.
Name Position
·
Ahmed
Mohamed Saeed Al Seyabi Managing
Director
·
Abdulrazzaq
Mahmoud Abdulrazzaq Mohamed Director
·
Rustum
Abdulrazzaq Director
·
Ms
Badrita Saif Salem Al Jaladani Director
Date of Establishment : 2nd
May 2012
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/14425/1
Chamber Member No. : 15622
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of Shareholder
(s)
·
Ahmed
Mohamed Saeed Al Seyabi
·
Abdulrazzaq
Mahmoud Abdulrazzaq Mohamed
·
Ms
Badrita Saif Salem Al Jaladani
·
Rustum
Abdulrazzaq
Activities: Engaged in the import and distribution of
fruits, vegetables and general foodstuffs.
Import
Countries: Europe, India and Saudi Arabia
International
Suppliers:
·
VKS Ltd India
·
Al Aziziyah Poultry Saudi
Arabia
Subject has a
workforce of 8 employees.
Financial highlights
provided by local sources are given below:
Currency: Riyal
Omani (RO)
Year
Ending 31/12/13:
Total Revenue RO 600,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Rustum Abdulrazzaq, Director
·
Bank
Muscat SAOG
PO Box: 2684
Seeb
Tel: (968) 24621523
Fax: (968) 24621486
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.60.20 |
|
|
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
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.