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Report Date : |
29.10.2014 |
IDENTIFICATION DETAILS
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Name : |
GENERAL LEATHER MANUFATURING COMPANY LLC |
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Registered Office : |
Road No. 12, Rusayl Industrial Area, 692, Ruwi
112 83, Rusayl 124, Muscat |
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Country : |
Sultanate of Oman |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.12.1991 |
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Com. Reg. No.: |
1/31592/7 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the manufacture of leather products, specialized in men's slippers called Naalat. |
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No of Employees : |
65 |
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 |
|
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 :
GENERAL LEATHER MANUFATURING COMPANY LLC
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
1st December 1991
Commercial Registration Number :
1/31592/7
Chamber Membership Number :
2818
Issued Capital :
RO 60,000
Paid up Capital :
RO 60,000
Total Workforce :
65
Activities :
Manufacturers of leather products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Deepak Andrew, Accountant
GENERAL LEATHER
MANUFATURING COMPANY LLC
Street :
Road No. 12
Area :
Rusayl Industrial Area
PO Box :
692, Ruwi 112
83, Rusayl 124
Town :
Muscat
Country :
Sultanate of Oman
Telephone :
(968) 24446293 / 24837179
Facsimile :
(968) 24449204 / 24831782
Email : alkhamis@omantel.net.om
/ gelemco@omantel.net.om / gelemco@hotmail.com
Please note that subject’s previous address
was, Khamis Shoes Building, Hamriya Street, Ruwi 112, Muscat.
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of Muscat.
Name Position
· Mohamed Khamis
Mubarak Al Alawi Managing
Director
·
Ali Khamis Mubarak
Al Alawi Director
·
Rashid Khamis Mubarak Al
Alawi Director
·
Khamis Mohamed Khamis
Mubarak Al Alawi General Manager
·
Khalid Al Alawi Assistant
General Manager
·
Ram Vishunath Finance
Manager
·
Deepak Andrew Accountant
Date of
Establishment : 1st
December 1991
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/31592/7
Chamber Member No. : 2818
Issued Capital : RO 60,000
Paid up Capital : RO 60,000
· Mohamed Khamis
Mubarak Al Alawi
·
Ali Khamis Mubarak
Al Alawi
·
Rashid Khamis Mubarak Al
Alawi
· Al Khamis Trading
Co LLC
PO Box: 692
Ruwi 112
Muscat
Tel: (968)
24835129
Fax: (968)
24831782
Activities: Engaged in the manufacture
of leather products, specialized in men's slippers called Naalat.
Import Countries: Europe
and the Far East.
International
Suppliers:
· SPAC SRL Spain
· LA Impex Hungary
· Ind Coates India
· Madura Coates India
Brand Names: GELEMCO,
GAZALA, TIGER, BIRKEN ORTHO and DANA
Operating Trend: Steady
Subject has a workforce of 65 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
1,200,000 RO
1,375,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
· Commercial Bank of Oman SAOG
Muttrah
Business District
PO Box:
1708
Muscat
Tel:
(968) 24793225 / 24793226 / 24793228
Fax:
(968) 24793229
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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.35 |
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|
1 |
Rs.98.93 |
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Euro |
1 |
Rs.77.92 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
SMN |
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.