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Report No. : |
311559 |
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Report Date : |
17.03.2015 |
IDENTIFICATION DETAILS
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Name : |
URICH BUILDING
MATERIALS LLC |
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Registered Office : |
Building No. 2599 Way No. 6529 Al Wadi Al Kabir 612 & 523, Ruwi 112 Jibroo 114 |
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Country : |
Oman |
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Date of Incorporation : |
22.02.1999 |
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Com. Reg. No.: |
1/61132/1 |
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Legal Form : |
Limited Liability
Company – LLC |
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Line of Business : |
Engaged in the wholesale and retail of building materials, including metal manhole covers, drainage systems, wooden doors, shutters, cement, tiles, marble, granite, wire, fencing, irrigation materials, cables and electrical materials. |
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No. of Employee : |
65 |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 a middle-income economy that is heavily dependent on dwindling oil resources. Because of declining reserves and a rapidly growing labor force, 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 to 9% by 2020 and 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, will challenge the government's ability to effectively balance its budget if oil revenues decline. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production, giving the country more time to diversify, and the increase in global oil prices through 2011 provided the government greater financial resources to invest in non-oil sectors. In 2012, continued surpluses resulting from sustained high oil prices and increased enhanced oil recovery allowed the government to maintain growth in social subsidies and public sector job creation. However, the Sultan made widely reported statements indicating this would not be sustainable, and called for expanded efforts to support SME development and entrepreneurship. Government agencies and large oligarchic group companies heeded his call, announcing 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. In response to fast growth in household indebtedness, the Central Bank reduced the ceiling on personal interest loans from 8 to 7%, lowered mortgage rates, capped the percentage of consumer loans at 50% of borrower's salaries for personal loans and 60% for housing loans, and limited maximum repayment terms to 10 and 25 years respectively.
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Source
: CIA |
Company Name : URICH
BUILDING MATERIALS LLC
Country of Origin : Oman
Legal Form : Limited
Liability Company – LLC
Registration Date : 22nd
February 1999
Commercial
Registration Number : 1/61132/1
Chamber Membership
Number : 41492
Issued Capital : RO
20,000
Paid up Capital : RO 20,000
Total Workforce : 65
Activities :
Wholesalers and retailers of building materials.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : S G Satihatil,
Finance Manager
URICH BUILDING
MATERIALS LLC
Building : Building No. 2599
Street : Way No. 6529
Area : Al Wadi Al Kabir
PO Box : 612 & 523, Ruwi 112
Town : Jibroo 114
Country : Oman
Telephone : (968) 24829331 / 24817697
Facsimile : (968) 24813677 / 24813820
Mobile : (968) 92801055 / 99318656
Email : info@urichgroup.com
Subject operates
from a medium sized suite of offices and a showroom that are rented and located
in the Central Business Area of Jibroo.
Branch Office
(s)
Location Description
·
PO Box:
523 Stock
Yard
Jibroo 114
Tel: (968) 24818929
Fax: (968) 24813677
Name Position
·
Hassan
Juma Backer Managing
Director
·
Ahmed
Hassan Juma Backer Director
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Abat
Mahes Veari General
Manager
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S G
Satihatil Finance
Manager
Date of Establishment : 22nd
February 1999
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/61132/1
Chamber Member No. : 41492
Issued Capital : RO 20,000
Paid up Capital : RO 20,000
·
Hassan
Juma Backer
·
Ahmed
Hassan Juma Backer
·
Urich
Concrete Products LLC
Muscat
·
Urich
Switchgear Manufacturing LLC
Muscat
·
Urich
Asphalt LLC
Muscat
·
Urich
Tours, Travel & Cargo LLC
Muscat
Activities: Engaged in the wholesale and retail of
building materials, including metal manhole covers, drainage
systems, wooden doors, shutters,
cement, tiles, marble, granite, wire, fencing, irrigation materials, cables
and electrical materials.
Import
Countries: India, United
Kingdom and Saudi Arabia
Suppliers:
·
Royston United Kingdom
·
Alayaf Co Saudi Arabia
·
Oman Cable Co Oman
Operating Trend: Steady
Subject has a
workforce of 65 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 2,280,000 RO 2,481,157
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were obtained from S G Satihatil, Finance Manager.
·
Bank
Dhofar SAOG
Muttrah Business District
PO Box: 1507, Ruwi 112
Muscat
Tel: (968) 24790466
Fax: (968) 24797246
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.82 |
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|
1 |
Rs.92.82 |
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Euro |
1 |
Rs.66.17 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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 |
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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 |
-- |
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.