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MIRA INFORM REPORT
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Report No. : |
489876 |
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Report Date : |
07.02.2018 |
IDENTIFICATION DETAILS
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Name : |
GOLD FIN INTERNATIONAL LLC |
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Registered Office : |
The Special Economic Zone at Duqm, Al Duqm, Al Wusta’a PO Box
2582, Azaiba 130, 300, Muscat 122 Muscat |
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Country : |
Oman |
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Date of Incorporation : |
05.12.2016 |
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Com. Reg. No.: |
1/28000/2 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject is engaged in the import, processing and
distribution of fish and seafood, mainly sardines. |
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No. of Employees : |
40 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
OMAN - ECONOMIC
OVERVIEW
Oman is heavily dependent on its dwindling oil resources, which generate 84% of government revenue. In 2016, low global oil prices drove Oman’s budget deficit to $11.5 billion, or approximately 19% of GDP, but the budget deficit was reduced to 13% of GDP in 2017 as Oman reduced government subsidies. Oman has limited foreign assets and is issuing debt to cover its deficit.
Oman is using enhanced oil recovery techniques to boost production, but has simultaneously 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% at present to 9% by 2020 in accordance with Oman’s ninth five-year development plan. Tourism and gas-based industries are key components of the government's diversification strategy.
Muscat also has notably focused on creating more Omani jobs to employ the rising number of nationals entering the workforce. However, high social welfare benefits — that had increased in the wake of the 2011 Arab Spring — have challenged the government's ability to effectively balance its budget in light of low export oil prices. In response, Omani officials imposed austerity measures to its gasoline and diesel subsidies in 2016, with further subsidy cuts planned for electricity and liquid petroleum gas. The spending cuts have faced some public opposition, which could hinder their implementation.
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Source
: CIA |
SUMMARY
Company Name : GOLD FIN INTERNATIONAL LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 5th December 2016
Commercial Registration Number : 1/28000/2
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
Total Workforce : 40
Activities : Processing and distribution of fish and seafood
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY
NAME
GOLD FIN INTERNATIONAL LLC
ADDRESS
Registered &
Physical Address
Location :
The Special Economic Zone at Duqm, Al Duqm, Al Wusta’a
PO Box :
2582, Azaiba 130
300, Muscat 122
Town :
Muscat
Country : Oman
Mobile :
(968) 95350250 / 92828999
Email :
sales@goldfinllc.com / mariyam@arab-law.om
Premises
Subject operates from a medium sized suite of offices and a
factory that are rented and located in the Industrial Area of Muscat.
KEY PRINCIPALS
Name Nationality Position
· Muhammad
Basheer Indian Chairman
· Jassim
Abdulrasheed Ramlabeevi Indian Managing Director
· Ashraf
Ali Chalil Chalakkandy Indian Director
· Firoze
Ambalathveettil Indian Director
· Puzhangaraillah
Kadalayil Mohamed Indian Director
· M
Ajimin Indian Director
· Said
Ali Mohamed Al Uraimi Omani Administration
Manager
· Mujeeb
Sikander - Marketing
Manager
LEGAL
FORM & OWNERS
Date
of Establishment : 5th
December 2016
Legal
Form : Limited
Liability Company – LLC
Commercial
Reg. No. :
1/28000/2
Issued Capital : RO
250,000
Paid up Capital :
RO 250,000
Name of Shareholder (s) Percentage
· M
Ajimin 71%
· Pioneers
Innovation Trading LLC 19%
Oman
· Jassim
Abdulrasheed Ramlabeevi 5%
· Ashraf
Ali Chalil Chalakkandy 3%
· Firoze
Ambalathveettil 1%
· Puzhangaraillah
Kadalayil Mohamed 1%
OPERATIONS
Activities: Engaged in the import, processing and
distribution of fish and seafood, mainly sardines.
Production
Capacity: 300 tonnes per day of sardines.
Import Countries: Europe and the Far East
Customers:
· Olvea
Fish Oils
· Margildi
· Crieber
· Aller
Aqua
Subject has a workforce of 40 employees.
FINANCIAL
DATA
Subject is a newly formed business and as a result financial
information is not currently available.
BANKERS
·
Oman Arab Bank
Head
Office
Muttrah
Business District
PO
Box: 2010, Ruwi 112
Muscat
Tel:
(968) 24700161 / 24706265 / 24706267
Fax: (968) 24797736
PAYMENT
HISTORY
No complaints regarding subject’s payments have been
reported.
GENERAL
COMMENTS
The subject and its shareholders/owners have been searched
in the following databases; Office of Foreign Assets Control (OFAC), United Nations
Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
In view of subject’s infancy, extensive payment and
financial records 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.27 |
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1 |
INR 89.72 |
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Euro |
1 |
INR 79.52 |
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OMR |
1 |
INR 166.66 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.