MIRA INFORM REPORT

Report No. :	356744
Report Date :	31.12.2015

IDENTIFICATION DETAILS

Name :	APEX TRANSGULF MANUFACTURING LLC
Registered Office :	Warehouse A-1 Saga Salalah Free Zone, Al Awqadain, Salalah 217, PO Box 712
Country :	Oman
Date of Incorporation :	12.03.2015
Com. Reg. No.:	1/21509/3
Legal Form :	Limited Liability Company – LLC
Line of Business :	Subject is engaged in the manufacture of threads and plastic bags.
No. of Employee :	14

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
--	NB	New Business	--

Status :	New business
Payment Behaviour :	Unknown
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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Oman	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

OMAN - ECONOMIC OVERVIEW

Oman is heavily dependent on dwindling oil resources, which generates 77% of government revenue. It is using enhanced oil recovery techniques to boost production. 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 from 46% to 9% by 2020. Muscat also is focused on 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, have challenged the government's ability to effectively balance its budget as oil prices decline. Despite government acknowledgement that Oman’s expansive social welfare benefits are unsustainable, Oman authorities are comfortable with short-term budget deficits and have approved an expansionary 2015 budget. Concurrently, Oman has expanded efforts to support the development of small and medium-size enterprises and entrepreneurship. Government agencies and large oligarchic group companies have announced 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.

Source : CIA

IDENTIFICATION & CONTACT DETAILS
1) Name (s):
Organization Official Name			:	APEX TRANSGULF MANUFACTURING LLC
2) Registered Address:
Address			:	Warehouse A-1 Saga Salalah Free Zone, Al Awqadain
Town			:	Salalah 217
Country			:	Oman
PO Box			:	712
Phone (s)			:	(968) 23219418
Facsimile			:	(968) 23219695
Mobile			:	(968) 99318124
Email			:	ssumar@apextransgulf.com
				finance@transgulf.com
3) Operational Address & Contact Details:
Address			:	Warehouse A-1 Saga Salalah Free Zone, Al Awqadain
Town			:	Salalah 217
Country			:	Oman
PO Box			:	712
Phone (s)			:	(968) 23219418
Facsimile			:	(968) 23219695
Mobile			:	(968) 99318124
Email			:	ssumar@apextransgulf.com
				finance@transgulf.com
LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS
Legal Form - Category			:	Limited Liability Company – LLC
Date of Registration			:	12th March 2015
Commercial Registration Number			:	1/21509/3
KEY FACTS
Operational Status			:	Normal
Financial Condition			:	Undetermined
Primary Business Activity			:	Manufacturers of threads and plastic bags
Number of Employees			:	14
Capital			:	RO 20,000
Note:
Engaged in the manufacture of threads and plastic bags.
CAPITAL DETAILS
Issued Capital:
No of Shares				No of Shares		Amount
N/A				N/A		RO 20,000
Paid Up Capital:
No of Shares				No of Shares		Amount
N/A				N/A		RO 20,000
FINANCIAL DATA
Subject is a newly formed business and as a result financial information is not currently available.
BANKERS
1	Name				National Bank of Oman Limited (SAOG)
	Address				Port Raysut Branch
	PO Box				944 Salalah 211
	Tel				(968) 23219032
	Fax				(968) 23211040
SHAREHOLDERS
Sr.No		Name			Country
1		Apex Textile LLC			Muscat
2		Al Hosn Investment & Services LLC			Muscat
SENIOR MANAGEMENT
Sr.No		Name					Dsignation
1		Navid Sumar					Chief Executive Officer
2		Shayan Sumar					General Manager
3		Forqan Garana					Finance Manager
PREMISES
Subject operates from a small suite of offices and a workshop that are rented and located in the Free Zone Area of Salalah.
PAYMENT
No complaints regarding subject’s payments have been reported.
ADVERSE DATA
Performance Defaults			:	No record found
Payment Defaults			:	No record found
Adverse Press Coverage			:	No record found
Litigations			:	No record found
Former Business Relationships			:	No record found
INVESTIGATOR'S COMMENTS
In view of subject’s infancy, extensive payment and financial are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.42
UK Pound	1	Rs.98.54
Euro	1	Rs.72.60
OMR	1	Rs. 172.20

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	AMR
Report Prepared by :	ASH

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%)

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