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Report Date : |
12.05.2014 |
IDENTIFICATION DETAILS
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Name : |
SALMAN STORES LLC
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Registered Office : |
Al Washal Street,
Muttrah Area, P O Box 1583, Jibroo 114 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
05.05.1953 |
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Com. Reg. No.: |
1/16080/0 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
importer and distributor of kitchen ware, watches,
sewing machines, footwear, eyewear, jewellery, perfumes, cosmetics and
luggage. |
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No of Employees : |
120 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Oman |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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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 : SALMAN STORES LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 5th May 1953
Commercial Registration Number : 1/16080/0
Chamber Membership Number : 388
Issued Capital : RO 4,900,000
Paid up Capital : RO 4,900,000
Total Workforce : 120
Activities : Distribution of kitchen ware, watches, sewing machines, footwear,
eyewear, jewellery, perfumes, cosmetics and luggage
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
SALMAN STORES LLC
Registered &
Physical Address
Street : Al Washal Street
Area : Muttrah Area
PO Box : 1583
Town : Jibroo 114
Country : Oman
Telephone : (968) 24796925
Facsimile : (968) 24793494 / 24799332
Mobile : (968) 9970701579 / 99477575
Email : bangera@salmancorporation.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Muscat.
Branch Office (s)
Location Description
·
Qurum
Area Showroom
premises
Tel: (968) 24560135
·
Ruwi Showroom
premises
Tel: (968) 24792343
·
Salalah Showroom
premises
Tel: (968) 23202136
·
Salalah Showroom
premises
Tel: (968) 23293146
Name Position
·
Maqbool
Sulaiman Ibrahim Managing
Director
·
Abdulmoniem
Sulaiman Ibrahim Director
·
Ahmed
Sulaiman Ibrahim Director
·
K N
Bangera Group
Finance Officer
·
Tomy
Korola Commercial
Manager
Date of Establishment : 5th
May 1953
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/16080/0
Chamber Member No. : 388
Issued Capital : RO 4,900,000
Paid up Capital : RO 4,900,000
Name of Shareholder
(s)
·
Maqbool
Sulaiman Ibrahim
·
Abdulmoniem
Sulaiman Ibrahim
·
Ahmed
Sulaiman Ibrahim
·
City
Watch
·
Foto
Magic
·
Salman
Hotel and Restaurant Equipment
·
Salman
Properties
·
Takamul
National Co LLC
Activities: Engaged in the import and distribution of
kitchen ware, watches, sewing machines, footwear, eyewear,
jewellery, perfumes, cosmetics and luggage.
Import
Countries: Europe and the
Far East
Sole
Distributor:
·
Tefal
Export
Countries: GCC countries
Brand Names: TEFAL, JANOME, SINGER, LUMINARC, KYOTO, KORKMAZ, SUPERWARE, OPTIMA, RHYTHM, ORCHID, CRISTAL D’ARQUES, PIERRE CARDIN, ANTLER, POWER, BLUMEN, GIORDANO, CHRISTINA, OXETTE, MOOG, JACQUES FAREL, JIMMY CHIA, NEXXEN, TRAMONTINA, ROYAL, REGAL, SHAMROCK, WILMAX and JUKI
Operating Trend: Steady
Subject has a
workforce of 120 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 4,110,00 RO 4,335,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Oman Limited (SAOG)
PO Box: 3751, Ruwi
Muscat
Tel: (968) 24734414 / 24734411
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.60.05 |
|
|
1 |
Rs.101.65 |
|
Euro |
1 |
Rs.83.08 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
<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.