MIRA INFORM REPORT

Report No. :	484441
Report Date :	12.01.2018

IDENTIFICATION DETAILS

Name :	AL FAISAL ENTERPRISES TRADING LLC
Registered Office :	Main Road, Sawadi R/A, Sawadi 320, PO Box 580
Country :	Oman
Financials (as on) :	31.12.2016
Date of Incorporation :	12.01.1997
Com. Reg. No.:	1/54475/6
Legal Form :	Limited Liability Company – LLC
Line of Business :	Subject is engaged in the import and distribution of building materials and electrical products.
No. of Employees :	8

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Oman	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
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. 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.

Source : CIA

Company name AL FAISAL ENTERPRISES TRADING LLC
IDENTIFICATION & CONTACT DETAILS
1) Name (s):
Organization Official Name	:	AL FAISAL ENTERPRISES TRADING LLC
2) Registered Address:
Address	:	Main Road, Sawadi R/A
Town	:	Sawadi 320
Country	:	Oman
PO Box	:	580
Phone (s)	:	(968) 26795092
Mobile	:	(968) 99349313
3) Operational Address & Contact Details:
Address	:	Main Road, Sawadi R/A
Town	:	Sawadi 320
Country	:	Oman
PO Box	:	580
Phone (s)	:	(968) 26795092
Mobile	:	(968) 99349313
:
LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS
Legal Form - Category	:	Limited Liability Company – LLC
Date of Registration	:	12th January 1997
Commercial Registration Number	:	1/54475/6
KEY FACTS
Operational Status	:	Steady
Financial Condition	:	Fair
Primary Business Activity	:	Distributors of building materials and electrical products
Number of Employees	:	8
Capital	:	RO 20,000
Note:
Engaged in the import and distribution of building materials and electrical products.
CAPITAL DETAILS
Issued Capital:
No of Shares		No of Shares		Amount
N/A		N/A		RO 20,000
Paid Up Capital:
No of Shares		No of Shares		Amount
N/A		N/A		RO 20,000
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: Riyal Omani (RO)
		Year Ending 31/12/15:		Year Ending 31/12/16:
Total Sales		RO 750,000		RO 775,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local sources.
BANKERS
1	Name		HSBC Bank Middle East
	Address		Muttrah Business District
	PO Box		240, Ruwi 112 Muscat
	Tel		(968) 24700810 / 24799920 / 24799927
	Fax		(968) 24704241
SHAREHOLDERS
Sr.No	Name
1	Abdullah Al Farsi
2	Abdulrahman Al Farsi
SENIOR MANAGEMENT
Sr.No	Name		Designation
1	Abdullah Al Farsi		Managing Director
2	Abdulrahman Al Farsi		Director
INTERNATIONAL TRADE ACTIVITY MARKETS
Sr.No	Country		Activity
1	Europe		Import
2	Far East		Import
PREMISES
Subject operates from a small suite of offices that are rented and located in the Central Business Area of Sawadi.
PAYMENT
No complaints regarding subject’s payments have been reported.
ADVERSE DATA
Performance Defaults	:	No record found
Payment Defaults	:	No record found
Adverse Press Coverage	:	No record found
Litigations	:	No record found
Former Business Relationships	:	No record found
INVESTIGATOR'S COMMENTS
Please note that the correct name of the subject is “Al Faisal Enterprises Trading LLC” and not “Al Faisal Enterprises”. According to local sources, subject meets its payment obligations in a timely manner and the company is considered to be a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.74
UK Pound	1	INR 86.01
Euro	1	INR 76.14
OMR	1	INR 165.23

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
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

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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