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MIRA INFORM REPORT
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Report No. : |
484443 |
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Report Date : |
12.01.2018 |
IDENTIFICATION DETAILS
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Name : |
ARKAN CONSTRUCTION LLC |
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Registered Office : |
Muttrah Business District, PO Box 1857 & 3047, Ruwi 112, Muscat |
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Country : |
Oman |
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Date of Incorporation : |
30.03.1996 |
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Com. Reg. No.: |
1/06332/9 |
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Legal Form : |
Limited
Liability Company – LLC |
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Line of Business : |
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Subject is engaged as building and maintenance construction contractors.
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Subject is engaged in the construction of residential buildings,
commercial buildings (high rise, hotels, schools, industrial buildings) and
private villas. |
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No. of Employees : |
150 |
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. 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 |
Company
name
ARKAN
CONSTRUCTION LLC |
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IDENTIFICATION
& CONTACT DETAILS
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1) Name (s): |
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Organization Official Name |
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ARKAN CONSTRUCTION LLC |
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2) Registered Address: |
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Address |
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Muttrah Business District |
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Town |
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Muscat |
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Country |
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Oman |
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PO Box |
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1857 & 3047, Ruwi 112 |
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Phone (s) |
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(968) 24704876 / 24818286 /
24819162/63/64/65 |
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Facsimile |
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(968) 24818286 |
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Mobile |
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(968) 96931611 |
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Email |
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3) Operational Address & Contact
Details: |
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Address |
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Muttrah Business District |
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Town |
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Muscat |
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Country |
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Oman |
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PO Box |
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1857 & 3047, Ruwi 112 |
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Phone (s) |
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(968) 24704876 / 24818286 /
24819162/63/64/65 |
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Facsimile |
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(968) 24818286 |
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Mobile |
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(968) 96931611 |
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Email |
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LEGAL
FORM & INCORPORATION (REGISTRATION) DETAILS
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Legal Form - Category |
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Limited Liability Company – LLC |
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Start Date |
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30th March 1996 |
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Registration Date |
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2nd March 2009 |
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History |
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Subject was previously registered under CR
No. 1/51792/9, however on 2nd March 2009 the company was re-registered under
the current CR No. 1/06332/9 |
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Commercial Registration Number |
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1/06332/9 |
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KEY
FACTS
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Operational Status |
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Normal |
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Financial Condition |
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Undetermined |
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Primary Business Activity |
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Building and maintenance construction
contractors |
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Number of Employees |
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150 |
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Capital |
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RO 100,000 |
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Note: |
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Engaged as building and maintenance
construction contractors. Subject is engaged in the construction of |
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Proposed Strip Mall Development at Plot 101 |
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CAPITAL
DETAILS
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Issued Capital: |
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No of Shares |
No of Shares |
Amount |
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N/A |
N/A |
RO 100,000 |
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Paid Up Capital: |
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No of Shares |
No of Shares |
Amount |
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N/A |
N/A |
RO 100,000 |
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FINANCIAL
DATA
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Companies registered in Oman are not
legally required to make their accounts public and no financial information
was released by the company or submitted by outside sources. |
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BANKERS
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1 |
Name |
Commercial Bank of Oman SAOG |
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Address |
Muttrah Business District |
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PO Box |
1696, Ruwi 112 Muscat |
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Tel |
(968) 24793225 / 24793226 / 24793228 |
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Fax |
(968) 24793229 |
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SHAREHOLDERS
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Sr.No |
Name |
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1 |
Ali Mohamed Juma |
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2 |
Mostafa Ahmed Jaffer |
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SENIOR
MANAGEMENT
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Sr.No |
Name |
Designation |
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1 |
Ali Mohamed Juma |
Chairman |
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2 |
Mostafa Ahmed Jaffer |
Director |
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3 |
Dharamandra Sharma |
Chief Executive Officer |
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4 |
Ajit Kumar |
Finance Manager |
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PREMISES
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Subject operates from a large suite of
offices that are rented and located in the Central Business Area of Muscat. |
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PAYMENT
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No complaints regarding subject’s payments have
been reported. |
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ADVERSE
DATA
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Performance Defaults |
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No record found |
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Payment Defaults |
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No record found |
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Adverse Press Coverage |
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No record found |
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Litigations |
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No record found |
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Former Business Relationships |
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No record found |
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INVESTIGATOR'S
COMMENTS
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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. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.74 |
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1 |
INR 86.01 |
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Euro |
1 |
INR 76.14 |
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OMR |
1 |
INR 165.39 |
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 : |
TPT |
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
·
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
·
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.