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Report Date : |
29.05.2014 |
IDENTIFICATION DETAILS
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Name : |
GULF MINING MATERIALS CO LLC |
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Registered Office : |
Ghala Area, 1828
Azaiba 130 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
26.06.2005 |
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Com. Reg. No.: |
1/79808/1 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged as owners
and operators of a quarry, processing marble and chrome ore |
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No. of Employees |
280 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 : GULF MINING MATERIALS CO LLC
Country of Origin : Oman
Legal Form :
Limited Liability Company – LLC
Registration Date : 26th
June 2005
Commercial
Registration Number : 1/79808/1
Chamber Membership
Number : 2356
Issued Capital : RO
4,000,000
Paid up Capital : RO
4,000,000
Total Workforce : 280
Activities :
Owners and operators of a quarry, processing marble and chrome ore
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Govind
Kalmadi, Finance Manager
GULF MINING
MATERIALS CO LLC
Location : Ghala Area
PO Box : 1828
Town : Azaiba 130
Country : Oman
Telephone : (968) 24501759 / 24210700 / 24210799
Facsimile : (968) 24503157 / 24693926 / 24210772
Mobile : (968) 99849667 / 99474155
Email : admin@gulfmining.com / govind@gulfmining.com
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Azaiba.
Name Position
·
Abdullah Bin Ahmed Sulaiman Al Hadi Chairman
·
Ahmed Abdullah Bin Ahmed Sulaiman Al Hadi Director
·
Sultan Abdullah Bin Ahmed Sulaiman Al Hadi Director
·
Sanjay Govind Group
General Manager
·
Govind Kalmadi Finance
Manager
·
Vishal Sharma Commercial
Manager
·
Maimona Bint Ahmed Sulaiman Sales
Manager
·
Krishna Kumar Logistics
Officer
Date of Establishment : 26th
June 2005
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/79808/1
Chamber Member No. : 2356
Issued Capital : RO 4,000,000
Paid up Capital : RO 4,000,000
·
Abdullah Bin Ahmed Sulaiman Al Hadi
·
Ahmed Abdullah Bin Ahmed Sulaiman Al Hadi
·
Sultan Abdullah Bin Ahmed Sulaiman Al Hadi
·
Gulf Beach Shipping LLC
Muscat
·
Al
Rowiya Mining Co
Muscat
·
Gulf
Mining Ferro Alloys
Muscat
Activities: Engaged as owners and operators of a
quarry, processing marble and chrome ore.
Subject is developing facilities in Albania and Sohar worth US$
40,000,000.
Operating Trend: Steady
Subject has a
workforce of approximately 280 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 18,885,000 RO 20,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Govind Kalmadi, Finance Manager
·
National
Bank of Oman Limited (SAOG)
PO Box: 52
Muscat
Tel: (968) 24591340 / 24591341
Fax: (968) 24591340
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.59.07 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.80.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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 |
|
|
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.