MIRA INFORM REPORT

 

 

Report No. :

340792

Report Date :

16.09.2015

 

IDENTIFICATION DETAILS

 

Name :

AL KHABORA FALCONS TRADING EST

 

 

Registered Office :

Central Vegetables Market, Mawaleh PO Box: 184, Muscat 124

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

31.10.2007

 

 

Com. Reg. No.:

1/02904/4

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Subjects operations are performed through the following divisions:

Fruits & Vegetables Division, Auto Spare Parts Division

 

 

No. of Employee :

10

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No complaints

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                                    : AL KHABORA FALCONS TRADING EST

Country of Origin                                   : Oman

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 31st October 2007

Commercial Registration Number           : 1/02904/4

Chamber Membership Number               : 14194

Invested Capital                                                : RO 25,000

Total Workforce                         : 10

Activities                                               : Subject operates several divisions (see below for details)

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

COMPANY NAME

 

AL KHABORA FALCONS TRADING EST

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Central Vegetables Market, Mawaleh

PO Box            : 184

Town                : Muscat 124

Country : Oman

 

Telephone         : (968) 24458787 / 24449211

Mobile              : (968) 99638959 / 99888219

Email                : rashid4696@gmail.com

 

Premises

 

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

 

Branch Office (s)

 

Location                                                                                   Description                             

 

Mabela Industrial Area                                                               Office premises

Muscat

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Rashid Abdullah Humaid Al Meqbal                                            Proprietor & General Manager

 

Mohamed Ghatoul                                                                     Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 31st October 2007

 

Legal Form      : Sole Proprietorship

 

Commercial Reg. No.   : 1/02904/4

 

Chamber Member No.  : 14194

 

Invested Capital           : RO 25,000

 

Mr Rashid Abdullah Humaid Al Meqbal is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Subjects operations are performed through the following divisions:

 

Fruits & Vegetables Division

 

Engaged in the import and distribution of fruits and vegetables.

 

Auto Spare Parts Division

 

 Engaged in the import and distribution of auto spare parts and related accessories.

 

Import Countries: Europe and the Far East

 

Operating Trend: Steady

 

Subject has a workforce of 10 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 1,000,000                            RO 1,150,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

 

BANKERS

 

HSBC Bank Middle East

Muttrah Business District

PO Box: 240, Ruwi 112

Muscat

Tel: (968) 24700810 / 24799920 / 24799927

Fax: (968) 24704241

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the business is deemed a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.44

UK Pound

1

Rs.102.41

Euro

1

Rs.75.05

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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%)

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