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Report No. : |
338886 |
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Report Date : |
07.09.2015 |
IDENTIFICATION DETAILS
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Name : |
MASHREQ
INTERNATIONAL GULF LLC |
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Registered Office : |
Muttrah Business District, PO O Box: 1394, 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 : |
17.08.2009 |
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Com. Reg. No.: |
1/07537/5 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject’s operations
are performed through the following divisions: ·
Building Materials Division Engaged in the import and distribution of building materials and
related accessories. ·
Watches Division Engaged in the import and distribution of wristwatches. |
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No. of Employees : |
15 |
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.
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Source
: CIA |
Company Name : MASHREQ INTERNATIONAL
GULF LLC
Country of Origin : Oman
Legal Form :
Limited Liability Company – LLC
Registration Date : 17th
August 2009
Commercial
Registration Number : 1/07537/5
Membership Number : 10963
Issued Capital : RO
20,000
Paid up Capital : RO 20,000
Total Workforce :
15
Activities :
Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohan Kumar,
General Manager
MASHREQ
INTERNATIONAL GULF LLC
Location : Muttrah Business District
PO Box : 1394
Town : Muscat 131
Country : Oman
Telephone : (968) 24811963 / 24811931
Facsimile : (968) 24811560
Mobile : (968) 93316702 / 95465188
Email : mohan@mashreqworld.com
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Muscat.
Name Nationality Position
·
Mokrem
Habib Indian Managing
Director
·
Harith
Hameed Al Kindi Omani Director
·
Mohan
Kumar - General
Manager
Date of Establishment : 17th
August 2009
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/07537/5
Membership
No. : 10963
Issued Capital : RO 20,000
Paid up Capital : RO 20,000
·
Mokrem
Habib
·
Harith
Hameed Al Kindi
Activities: Subject’s operations are performed through
the following divisions:
·
Building Materials Division
Engaged in the import and
distribution of building materials and related accessories.
·
Watches Division
Engaged in the import and
distribution of wristwatches.
Import
Countries: Europe and the
Far East.
Brand Names: IDAPLEX, ZENATH and VERONA
Operating Trend: Steady
Subject has a
workforce of 15 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 1,460,000 RO 1,525,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
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.
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.66.40 |
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|
1 |
Rs.101.19 |
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Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
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Analysis Done by
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KIN |
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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.