|
Report Date : |
07.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
XPERT TRADING ENTERPRISES LLC |
|
|
|
|
Registered Office : |
Baladiya Street, Wadi Kabir, PO Box : 1805, Muttrah 114 |
|
|
|
|
Country : |
Oman |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
16.01.1993 |
|
|
|
|
Com. Reg. No.: |
1/61155/0 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in the import and distribution of
electrical hardware products, including wiring, flexible pipes, GI & PVC
conduits, trunking and copper pipes. |
|
|
|
|
No. of Employees : |
8 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 |
|
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 :
XPERT TRADING ENTERPRISES LLC
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
16th January 1993
Commercial Registration Number :
1/61155/0
Chamber Membership Number :
3179
Issued Capital :
RO 150,000
Paid up Capital :
RO 150,000
Total Workforce :
8
Activities :
Distributors of electrical hardware products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Darmesh Patel, Sales Manager
XPERT TRADING
ENTERPRISES LLC
Registered &
Physical Address
Street : Baladiya
Street
Area : Wadi Kabir
PO Box : 1805
Town : Muttrah 114
Country : Oman
Telephone : (968) 24813464
/ 24814181
Facsimile : (968) 24816465
Email : xpert@omantel.net.om
/ xpertoman@gmail.com
Premises
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Muttrah.
Name Nationality Position
Purshotam Megchani Indian Managing
Director
Rostum Ramadas Megchani Indian Director
Parkash Rostum Megchani Indian Director
Megechani Ghitta Rostum Indian Director
Megchani Nailesh Pagwanadas
Indian Director
Anwar Hussain Al Zagali Omani Director
Darmesh Patel - Sales
Manager
Mahmoud Mourad - Public
Relations Manager
Axit Patel - Financial
Controller
Date of Establishment : 16th January 1993
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 1/61155/0
Chamber Member No. : 3179
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of
Shareholder (s)
Purshotam Megchani
Rostum Ramadas Megchani
Parkash Rostum Megchani
Megechani Ghitta Rostum
Megchani Nailesh Pagwanadas
Anwar Hussain Al Zagali
Activities: Engaged in the import and
distribution of electrical hardware products, including wiring, flexible pipes,
GI & PVC conduits, trunking and copper pipes.
Import Countries: Germany,
United Kingdom, Japan and India
International Suppliers:
GI Thailand
Brass Copper Alloy Ltd India
Ason Electrical India
BIS Industries India
Nohas Oman Oman
Operating Trend: Steady
Subject has a workforce of 8 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
1,250,000 RO
1,620,000
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
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.60.20 |
|
|
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NNA |
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.