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Report No. : |
326916 |
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Report Date : |
23.06.2015 |
IDENTIFICATION DETAILS
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Name : |
GLOBAL CORP
ENTERPRISES LLC |
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Registered Office : |
Ghala Area 1524 Al Khuwair 133 |
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Country : |
Oman |
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Date of Incorporation : |
01.08.2007 |
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Com. Reg. No.: |
1/02397/4 |
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Legal Form : |
Limited Liability
Company – LLC |
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Line of Business : |
Engaged in the import
and distribution of electrical transmission and earthing materials. |
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No. of Employee : |
6 |
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) |
|
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 |
Company Name : GLOBAL
CORP ENTERPRISES LLC
Country of Origin : Oman
Legal Form :
Limited Liability Company – LLC
Registration Date : 1st
August 2007
Commercial
Registration Number : 1/02397/4
Chamber Membership
Number : 7416
Issued Capital : RO
150,000
Paid up Capital : RO
150,000
Total Workforce : 6
Activities :
Distributors of electrical transmission and earthing materials.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Rakesh
Saldanhia, Sales Manager
GLOBAL CORP
ENTERPRISES LLC
Location : Ghala Area
PO Box : 1524
Town : Al Khuwair 133
Country : Oman
Telephone : (968) 24594493 / 24594495 / 24501405
Facsimile : (968) 24501405
Mobile : (968) 99103521 / 99294323
Email : gcorp@omantel.net.om
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Al Khuwair.
Name Nationality Position
·
Sandeep
Bhatkal Indian Managing
Director
·
Mohamed Al Oraimi Omani Director
·
Rakesh
Saldanhia - Sales
Manager
·
Vargheses George - Accountant
Date of Establishment : 1st
August 2007
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/02397/4
Chamber Member No. : 7416
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
·
Mohamed Al Oraimi 51%
·
Sandeep
Bhatkal 49%
Activities: Engaged in the import and distribution of
electrical transmission and earthing materials.
Import
Countries: Europe and the
Far East.
International Suppliers:
·
KSE Electrical India
·
Milind Electrical India
·
Ritz GmbH Germany
·
ABB Switzerland
Clients:
·
PDO Oman
·
Occidental Oman (OXY) Oman
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 5,965,000 RO 6,300,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Rakesh Saldanhia, Sales Manager
·
Commercial Bank of Oman SAOG
Muttrah Business District
PO Box: 1696, Ruwi 112
Muscat
Tel: (968) 24793225 / 24793226 /
24793228
Fax: (968) 24793229
No complaints
regarding subject’s payments have been reported.
Local sources report
that payment obligations are met in a generally timely manner and the operating
history is clear. As such the company is deemed a fair trade risk and the above
credit figure is considered to be within subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.51 |
|
|
1 |
Rs.100.94 |
|
Euro |
1 |
Rs.73.32 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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|
|
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Report Prepared
by : |
ANK |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.