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Report Date : |
28.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
THUMRAIT
INTERNATIONAL CO LLC |
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|
|
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Registered Office : |
Juma Bin Dawood
Juma Building, Way No. 4717, Al
Saad Area, Ruwi, P O Box 456 & 206 & 1450, Muscat 114 |
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Country : |
Oman |
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Date of Incorporation : |
28.07.2009 |
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Com. Reg. No.: |
1/07456/7 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
importer and distributor of general foodstuffs, including rice and other
dried foods. |
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No of Employees : |
07 |
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 |
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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 |
|
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 : THUMRAIT INTERNATIONAL CO LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 28th July 2009
Commercial Registration Number : 1/07456/7
Chamber Membership Number : 10873/1
Issued Capital : RO 20,000
Paid up Capital : RO 20,000
Total Workforce : 7
Activities : Distributors of general foodstuffs.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Saad Mohamed Saleem Khawar, Director
THUMRAIT
INTERNATIONAL CO LLC
Registered &
Physical Address
Building : Juma Bin Dawood Juma Building
Street : Way No. 4717
Area : Al Saad Area, Ruwi
PO Box : 456 & 206 & 1450
Town : Muscat 114
Country : Oman
Telephone : (968) 24837774
Facsimile : (968) 24837773 / 24830024
Mobile : (968) 99440209
Email : thurmaitintl@gmail.com / ricecity@omantel.net.om
Please note that subject’s previous address
was, Ruwi Main Street, Muttrah 114.
Premises
Subject operates
from a small suite of offices that are rented and located in the Central Business
Area of Muscat.
Name Position
·
Faisal Mohamed Saleem Khawar Managing
Director
·
Saad Mohamed Saleem Khawar Director
·
Wagar
Jamil General
Manager
Date of Establishment : 28th
July 2009
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/07456/7
Chamber Member No. : 10873/1
Issued Capital : RO 20,000
Paid up Capital : RO 20,000
Name of Shareholder
(s)
·
Faisal Mohamed Saleem Khawar
·
Saad Mohamed Saleem Khawar
·
Rice
City LLC
Muscat
Activities: Engaged in the import and distribution of
general foodstuffs, including rice and other dried foods.
Import
Countries: India, Pakistan
and the United Kingdom
International Suppliers:
·
Hassan
Corporation Pakistan
·
Amir
Rice Pakistan
·
Reem
Rice Pakistan
·
New
Pharat Rice India
Brand Names: TEEBA, ALKHAIR, ABU JAMAL, NEMA, AL FARIS,
KARM and RABIE
Subject has a
workforce of 7 employees.
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
Muscat SAOG
Main Branch
Al Burj Street
Greater Muttrah
PO Box: 6326, Ruwi
Muscat
Tel: (968) 24701769
Fax: (968) 24796488
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.59.06 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.88.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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 |
|
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.