MIRA INFORM REPORT
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Report No. : |
332449 |
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Report Date : |
21.07.2015 |
IDENTIFICATION DETAILS
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Name : |
SOFAN TRADING LLC |
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Registered Office : |
Nizwa Building,
Commercial Business District, P O Box: 305 & 3711, Ruwi 112, Muscat 118 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
30.11.1993 |
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Com. Reg. No.: |
1/34125/1, Muscat |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Import and
Distribution of Office Equipment and Stationery Items. |
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No. of Employees : |
17 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 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 |
SUMMARY
Company Name : SOFAN
TRADING LLC
Country of Origin : Oman
Legal Form :
Limited Liability Company – LLC
Registration Date : 30th November 1993
Commercial
Registration Number : 1/34125/1,
Muscat
Membership Number : 3983
Issued Capital : RO
150,000
Paid up Capital : RO
150,000
Total Workforce : 17
Activities :
Distributors of office equipment and stationery items.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
COMPANY
NAME
SOFAN TRADING LLC
ADDRESS
Registered & Physical
Address
Building : Nizwa Building
Area : Commercial Business District
PO Box : 305 & 3711, Ruwi 112
Town : Muscat 118
Country : Oman
Telephone : (968) 24792830
Facsimile : (968) 24792831
Email : sofan@omantel.net.om /
sales@sofantrading.com
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Muscat.
Branch Offices
Location Description
·
Wadi
Kabir Showroom
premises
Muscat
Tel: (968) 24818649
·
Way No.
2815 Showroom
premises
Darsait
Tel: (968) 24798415
KEY
PRINCIPALS
Name Nationality Position
·
Mohamed
Salem Ahmed Al Baloushi Omani Managing
Director
·
Xavi
Thekkath Indian Director
·
Radha Krishnan Nair - Assistant
General Manager
·
Bobby Jose - Finance
Manager
·
P V
Santhosh - Sales
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 30th
November 1993
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/34125/1,
Muscat
Membership No. : 3983
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of
Shareholder (s)
·
Mohamed
Salem Ahmed Al Baloushi
·
Xavi
Thekkath
AFFILIATED
COMPANIES
·
Pipe
Line Supplies LLC
Muscat
·
Abu Elias Trading
Muscat
·
Venture Global Trading
Doha
Qatar
OPERATIONS
Activities: Engaged in the import and distribution of
office equipment and stationery items.
Import
Countries: Europe, Saudi
Arabia, India, Indonesia and Hong Kong.
International
Suppliers:
·
Brilliant Achievement Malaysia
·
Hamilton India Ltd India
·
Trident Ltd India
·
Sax Austria
·
April Paper Indonesia
Agencies Held :
·
Bantex
·
Linex
·
Kores
·
Schneider
·
Agipa
·
Omni
Brite
·
Bindomatic
·
Taros
·
Oryx
Oman
·
Smart
Design
·
Tonzex
·
Zak
Operating Trend: Steady
Subject has a
workforce of 17 employees.
FINANCIAL
DATA
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 2,300,000 RO 2,550,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Bank
Muscat SAOG
MBD Branch
PO Box: 134
Ruwi 112
Muscat
Tel: (968) 24708701
Fax: (968) 24785572
·
Standard
Chartered Bank
PO Box: 2353
Ruwi 112
Tel: (968) 24703999 / 24703796 / 24703574
Fax: (968) 24796864
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL
COMMENTS
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.63.55 |
|
|
1 |
Rs.99.10 |
|
Euro |
1 |
Rs.68.83 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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.