MIRA INFORM REPORT

 

 

Report No. :

339180

Report Date :

05.09.2015

 

IDENTIFICATION DETAILS

 

Name :

GRAND MAQBOOL ENTERPRISES LLC

 

 

Registered Office :

Al Ghubrah Area 117, PO Box: 555 & 193 Muscat

 

 

Country :

Oman

 

 

Date of Incorporation :

06.04.2014

 

 

Com. Reg. No.:

1/19449/0

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Subject is engaged in the import and distribution of building materials.

 

 

No. of Employee :

6

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

                                       New Business

 

--

 

Status :

New Business 

Payment Behaviour :

Unknown

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

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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                                                : GRAND MAQBOOL ENTERPRISES LLC

Country of Origin                                   : Oman

Legal Form                                           : Limited Liability Company – LLC

Registration Date                                  : 6th April 2014

Commercial Registration Number                       : 1/19449/0

Issued Capital                                       : RO 100,000

Paid up Capital                                     : RO 100,000

Total Workforce                                     : 6

Activities                                               : Distributors of building materials.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                : Mohamed Aref, Commercial Manager

 

 

 

COMPANY NAME

 

GRAND MAQBOOL ENTERPRISES LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Al Ghubrah Area 117

PO Box                        : 555 & 193

Town                : Muscat

Country             : Oman

 

Telephone         : (968) 24611047 / 24455745

Facsimile          : (968) 24450144

Mobile              : (968) 975998401 / 95978736 / 99449865

Email                : grandmaqboolbuildmatrerials@gmail.com

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Muscat.

 

 

KEY PRINCIPALS

 

Name                                                   Nationality                                Position

           

Maqbool Mallah                                                Omani                                       Managing Director

 

Mohamed Farooq Khuraishi                   Indian                                       Director

 

Mohamed Shafiq Khuraishi                    Indian                                       Director

 

Mohamed Saleem Khuraishi                   Indian                                       Director

 

Mohamed Aref                                        -                                             Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 6th April 2014

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.   : 1/19449/0

 

Issued Capital              : RO 100,000

 

Paid up Capital            : RO 100,000

 

Name of Shareholder (s)                                              

 

Maqbool Mallah                                   

 

Mohamed Farooq Khuraishi                  

 

Mohamed Shafiq Khuraishi                   

 

Mohamed Saleem Khuraishi 

 

 

OPERATIONS

 

Activities:                     Engaged in the import and distribution of building materials.

 

Import Countries:         Europe and the Far East

 

Suppliers:

 

National Plastic             Oman

Al Sara Building Material            Oman

Amiantit                                    Oman

 

Subject has a workforce of 6 employees.

 

 

FINANCIAL DATA

 

Subject is a newly formed business and as a result financial information is not currently available.

 

 

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

 

In view of subject’s infancy, extensive payment and financial are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.40

UK Pound

1

Rs.101.19

Euro

1

Rs.73.89

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

SDA

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

--

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.