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MIRA INFORM REPORT
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Report No. : |
491433 |
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Report Date : |
14.02.2018 |
IDENTIFICATION DETAILS
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Name : |
QURUM BEACH
CENTRE TRADING |
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Registered Office : |
Al Qurum,
Bousher, P O Box: 1183, Muscat 114 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
15.02.1987 |
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Com. Reg. No.: |
1/26302/1 |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Wholesale and retail
of stationery, groceries, readymade garments, textiles, linens, heavy
machinery, souvenirs, paintings, perfumes, cosmetics, Omani Musar and Kumah. |
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No. of Employees : |
55 |
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 : QURUM
BEACH CENTRE TRADING
Country of Origin : Oman
Legal Form :
Sole Proprietorship
Registration Date : 15th
February 1987
Commercial
Registration Number : 1/26302/1
Invested Capital : RO 20,000
Total Workforce :
55
Activities :
Wholesalers and retailers of stationery, groceries, readymade
garments, textiles, linens, heavy machinery,
souvenirs, paintings,
perfumes, cosmetics, Omani Musar and Kumah
Financial Condition : Fair
Payments :
No Complaints
Operating Trend : Steady
COMPANY
NAME
QURUM BEACH CENTRE
TRADING
ADDRESS
Registered & Physical
Address
Location : Al Qurum, Bousher
PO Box : 1183
Town : Muscat 114
Country : Oman
Telephone : (968) 24712908 / 24560949 / 24712408
Facsimile : (968) 24712760
Mobile : (968) 99341070
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Muscat.
Branch Office
(s)
Location Description
·
Ghala Retail
premises
·
Aouth
Alkhuwair Retail
premises
·
Mutrah Retail
premises
·
Alwattayah Retail
premises
·
Ruwi Retail
premises
·
Sur,
South Al Sharqiya Wholesale
premises
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Alsarooj,
Muscat Retail
premises
·
Alnsab Retail
premises
KEY
PRINCIPALS
Name Nationality Position
·
Mohamed
Jawad Bin Habib Bin Jawad Omani Proprietor
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Iman Said
Salim Al Rawahi Omani Administration Manager
LEGAL
FORM & OWNERS
Date of Establishment : 15th
February 1987
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 1/26302/1
Invested Capital
: RO 20,000
Mr Mohamed Jawad
Bin Habib Bin Jawad is the sole proprietor of the business.
OPERATIONS
Activities: Engaged in the wholesale and retail of
stationery, groceries, readymade garments, textiles, linens,
heavy machinery, souvenirs,
paintings, perfumes, cosmetics, Omani Musar and Kumah.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 55 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: Riyal
Omani (RO)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales RO 2,400,000 RO 2,625,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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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
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.
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
business 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 |
INR 64.28 |
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1 |
INR 89.02 |
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Euro |
1 |
INR 78.93 |
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OMR |
1 |
INR 166.53 |
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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NIS |
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Report Prepared
by : |
NIT |
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
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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
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Industry
scenario / competitor analysis
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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.