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Report No. : |
331518 |
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Report Date : |
14.07.2015 |
IDENTIFICATION DETAILS
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Name : |
ACE CATERING
SUPPLIES |
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Registered Office : |
Ruwi High Street, Wadi Kabir 117, P O Box: 761, Muscat |
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Country : |
Oman |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
01.02.2006 |
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Com. Reg. No.: |
1/53730/0 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import and Distribution
of General Foodstuffs and Beverages, Including Milk Powder, Rice and Canned
Foods. |
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No. of Employees : |
6 |
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 : |
Small Company |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Oman |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 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 |
Company Name : ACE
CATERING SUPPLIES
Country of Origin : Oman
Legal Form :
Sole Proprietorship
Registration Date : 1st
February 2006
Commercial Registration
Number : 1/53730/0
Invested Capital : RO 10,000
Total Workforce : 6
Activities :
Distributors of general foodstuffs and beverages
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sanjay
Ghanshandas, General Manager
ACE CATERING
SUPPLIES
Street : Ruwi High Street
Area : Wadi Kabir 117
PO Box : 761
Town : Muscat
Country : Oman
Telephone : (968) 24812162
Facsimile : (968) 24812162
Mobile : (968) 92183963
Email : bhandhan@gmail.com
Subject operates
from a small suite of offices that are rented and located in the Central Business
Area of Muscat.
Name Position
·
Salem
Hilal Nasser Al Hashimi Proprietor
·
Sanjay
Ghanshandas General
Manager
Date of Establishment : 1st
February 2006
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 1/53730/0
Invested Capital
: RO 10,000
Mr Salem Hilal
Nasser Al Hashimi is the sole proprietor of the business.
Activities: Engaged in the import and distribution of general
foodstuffs and beverages, including milk powder, rice and canned foods.
Import
Countries: Europe and the
Far East.
International Suppliers:
·
Gatin
& Co India
·
Nandaini
Exports India
·
Ghansham
Lal Trading Co LLC United
Arab Emirates
Brand Names: NADINA and AL WAHID
Operating Trend: Steady
Subject has a
workforce of 6 employees.
Financial
highlights provided by local sources are given below:
Currency: Riyal
Omani (RO)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales RO 250,000 RO 287,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Sanjay Ghanshandas, General Manager
·
Bank of
Muscat
Al Rakha Street
PO Box: 109
Muscat
Tel: (968) 24736565
Fax: (968) 24736187
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.63.47 |
|
|
1 |
Rs.98.47 |
|
Euro |
1 |
Rs.70.69 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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|
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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.