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Report No. : |
315782 |
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Report Date : |
08.04.2015 |
IDENTIFICATION DETAILS
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Name : |
NATIONAL CARPET FACTORY SAOG |
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Registered Office : |
Sohar Industrial Area, PO Box 88, Sohar 327, Sultanate of Oman |
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Country : |
Oman |
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Date of Incorporation : |
01.01.1997 |
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Com. Reg. No.: |
3/16379/2 |
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Legal Form : |
Omani Joint Stock Company |
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Line of Business : |
Engaged in the manufacture and marketing of carpets, rugs and plastic mats. |
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No. of Employees : |
86 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Oman |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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.
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Source
: CIA |
Company Name :
NATIONAL CARPET FACTORY SAOG
Country of Origin :
Oman
Legal Form :
Omani Joint Stock Company
Registration Date :
1st January 1997
Commercial Registration Number :
3/16379/2
Chamber Membership Number :
86
Issued Capital :
RO 1,000,000
Paid up Capital :
RO 1,000,000
Total Workforce : 110
Activities :
Manufacture and marketing of carpets, rugs and plastic mats.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Saju Thomas, Financial Manager
NATIONAL CARPET FACTORY SAOG
Registered &
Physical Address
Location : Sohar
Industrial Area
PO Box : 88
Town : Sohar 327
Country : Sultanate of Oman
Telephone : (968) 26751425
Facsimile : (968) 26751736
Email : nationalcarpetoman@gmail.com
/ ali_alamouri@yahoo.com
/ carpet@omantel.net.om
Premises
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Industrial Area of Sohar.
Name Position
Ahmed Saeed Salem Ibrahim Chairman
Najem Al Thaqeb Managing
Director
Fatima Bint Yousef Al Alawi Director
Mohamed Al Washai General
Manager
Saju Thomas Financial
Manager
Anil Kumar Plant
Manager
Ali Al Amouri Commercial
Manager
Date of Establishment : 1st
January 1997
Legal Form : Omani Joint Stock
Company
Commercial Reg. No. : 3/16379/2
Chamber Member No. : 86
Issued Capital : RO 1,000,000
Paid up Capital : RO 1,000,000
Name of
Shareholder (s) Percentage
Dolphin International LLC 94.40%
PO Box: 283
Qurum 134
Tel: (968) 24567642
Fax: (968) 24560595
Email: dolphin@omantel.net.om
Approximately 420 other private shareholders 5.60%
Activities: Engaged in the manufacture and marketing of carpets, rugs and plastic
mats.
Subject has a workforce of 110 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.
Oman Arab Bank
Muttrah Business District
PO Box: 2010, Ruwi 112
Muscat
Tel: (968) 24700161 / 24706265 / 24706267
Fax: (968) 24797736
No complaints regarding subject’s payments have been reported.
According to local sources, subject enjoys a good reputation for the quality
of its products with nothing detrimental uncovered regarding the manner in
which operations are conducted. 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 |
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US Dollar |
1 |
Rs.62.33 |
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1 |
Rs.92.83 |
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Euro |
1 |
Rs.68.08 |
INFORMATION DETAILS
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Analysis Done by
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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 |
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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.