MIRA INFORM REPORT
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Report No. : |
332922 |
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Report Date : |
22.07.2015 |
IDENTIFICATION DETAILS
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Name : |
AL HIMA UNITED PROJECTS LLC |
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Registered Office : |
Ruwi Fish Market, PO Box 575, Muscat 131 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
11.01.2011 |
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Com. Reg. No.: |
1/10082/7 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the import and distribution of seafood products. |
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No. of Employees : |
20 |
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
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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.
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Source
: CIA |
SUMMARY
Company Name :
AL HIMA UNITED PROJECTS LLC
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
11th January 2011
Commercial Registration Number :
1/10082/7
Membership Number :
13306
Issued Capital :
RO 500,000
Paid up Capital :
RO 500,000
Total Workforce :
20
Activities :
Distributors of seafood products
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY
NAME
AL HIMA UNITED PROJECTS LLC
ADDRESS
Registered &
Physical Address
Location : Ruwi Fish
Market
PO Box : 575
Town : Muscat 131
Country : Oman
Mobile : (968)
99310167
Premises
Subject operates from a small suite of offices and showroom that are
rented and located in the Central Business Area of Muscat.
KEY
PRINCIPALS
Name Nationality Position
Yousef Abdullah Al Wahaibi Omani Managing Director
Mukesh Kumar Manala Indian Director
Rakesh Kumar Manala Indian Director
LEGAL
FORM & OWNERS
Date of Establishment : 11th
January 2011
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 1/10082/7
Membership No. : 13306
Issued Capital : RO 500,000
Paid up Capital : RO 500,000
Name of Shareholder (s)
Yousef Abdullah Al Wahaibi
Mukesh Kumar Manala
Rakesh Kumar Manala
AFFILIATED
COMPANIES
Al Hima United Project
Ruwi Fish Market
Muscat 131
CR No. 1/08336/3
OPERATIONS
Activities : Engaged in the
import and distribution of seafood products.
Import Countries : Europe and the
Far East.
Operating Trend : Steady
Subject has a workforce of 20 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
1,300,000 RO
1,420,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
Bank of Muscat
Al Burj Street
Greater Muttrah
PO Box: 6326, Ruwi
Muscat
Tel: (968) 24701769
Fax: (968) 24796488
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.65 |
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1 |
Rs.99.14 |
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Euro |
1 |
Rs.68.91 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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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.