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Report Date : |
10.10.2014 |
IDENTIFICATION DETAILS
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Name : |
AL FELAIJ TRADING AND CONTRACTING LLC |
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Registered Office : |
Way No. 2622, Street No. 4429, Industrial Area, Al Wadi Al Kabir, PO
Box 2266, Ruwi 112, Muscat |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
11.06.1978 |
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Com. Reg. No.: |
1/06585/8 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject’s
operations are performed through the following divisions: ·
Al Felaij Plastic Division ·
Al Felaij Jewellery Division ·
Al Felaij Watches Division |
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No of Employees : |
195 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Oman |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 : AL FELAIJ TRADING AND CONTRACTING
LLC
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
11th June 1978
Commercial Registration Number :
1/06585/8
Issued Capital :
RO 575,000
Paid up Capital :
RO 575,000
Total Workforce :
195
Activities :
Subject operates several divisions (see below for details)
Financial Condition :
Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed :
Freddie Fernandes, Production Manager
AL FELAIJ TRADING AND CONTRACTING LLC
Registered &
Physical Address
Street : Way No. 2622,
Street No. 4429
Area : Industrial
Area, Al Wadi Al Kabir
PO Box : 2266, Ruwi 112
Town : Muscat
Country : Oman
Telephone : (968) 24814481
/ 24810532 / 24812283
Facsimile : (968) 24811352
Email : alfelaij@omantel.net.om
Premises
Subject operates from a large suite of offices a warehouse and a factory
that are rented and located in the Industrial Area of Muscat.
Name Nationality Position
Shahid Bashir Pakistani Managing
Director
Abdullah Bin Ahmed Al Busaidi Omani Director
Ghulam Bilal - Finance
Manager
Freddie Fernandes - Production
Manager
Tawqeer Ahmed - Administration
Manager
Date of Establishment : 11th
June 1978
Legal Form :
Limited
Liability Company – LLC
Commercial Reg. No. : 1/06585/8
Issued Capital : RO 575,000
Paid up Capital :
RO
575,000
Name of
Shareholder (s) Percentage
Abdullah Bin Ahmed Al Busaidi 51%
Shahid Bashir 49%
Al Felaij Brush Industries Co
Muscat
CR No. 1/25162/7
Activities: Subject’s operations are performed through the following divisions:
Al Felaij Plastic Division
Engaged in the manufacture of plastic jerry
cans, plastic drums and bottles.
Al Felaij Jewellery Division
Engaged in the import and distribution of gold
and jewellery.
Al Felaij Watches Division
Engaged in the import and distribution of watches
and luxury accessories.
Import Countries: Europe and the Far East.
International
Suppliers:
SABIC Saudi Arabia
Exxon Mobile United Arab
Emirates
Operating Trend: Steady
Subject has a workforce of 195 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
8,323,000 RO
8,645,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
HSBC Bank Middle East
Muttrah Business District
PO Box: 240, Ruwi 112
Muscat
Tel: (968) 24700810 / 24799920 / 24799927
Fax: (968) 24704241
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.61.04 |
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|
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.77.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.