3decades

MIRA INFORM REPORT

Report No. :	486392
Report Date :	20.01.2018

IDENTIFICATION DETAILS

Name :	CARMEUSE MAJAN LLC (SFZ)

Registered Office :	Salalah Free Zone, P O Box: 2011, Salalah 211

Country :	Oman

Date of Incorporation :	26.02.2013

Com. Reg. No.:	1/16700/3

Legal Form :	Limited Liability Company – LLC

Line of Business :	Production and distribution of lime, gypsum materials and industrial chemicals.

No. of Employees :	65

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating

Explanation

Rating Comments

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

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, 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.

Source : CIA

SUMMARY

Company Name : CARMEUSE MAJAN LLC (SFZ)

Country of Origin : Oman

Legal Form : Limited Liability Company – LLC

Registration Date : 26^th February 2013

Commercial Registration Number : 1/16700/3

Issued Capital : RO 8,721,250

Paid up Capital : RO 8,721,250

Total Workforce : 65

Activities : Production and distribution of lime, gypsum materials and industrial

chemicals

Financial Condition : Undetermined

Payments : No Complaints

COMPANY NAME

CARMEUSE MAJAN LLC (SFZ)

ADDRESS

Registered & Physical Address

Location : Salalah Free Zone

PO Box : 2011

Town : Salalah 211

Country : Oman

Mobile : (968) 99822398 / (971-50) 4865636

Email : basant.agarwal@carmeuse.com

Premises

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Salalah Free Zone Area of Muscat.

KEY PRINCIPALS

Name Position

· Cosmin Ian Culescu General Manager

· Wael Abdullah Financial Manager

· Basan Agrawal Commercial Manager

LEGAL FORM & OWNERS

Date of Establishment : 26^th February 2013

Legal Form : Limited Liability Company – LLC

Commercial Reg. No. : 1/16700/3

Issued Capital : RO 8,721,250

Paid up Capital : RO 8,721,250

Name of Shareholder (s) Percentage

· Carmeuse Middle East and Asia SA 51%

Luxembourg

· Oman Treasures Holding Company SAOG 27%

Muscat

· Oman Lime Pte Ltd 22%

Singapore

OPERATIONS

Activities: Engaged in the production and distribution of lime, gypsum materials and industrial chemicals. Production started at the end of 2014.

Production Capacity: 125,000 tonnes of lime

Export Countries: India and the Gulf Region

Subject has a workforce of 65 employees.

FINANCIAL DATA

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.

BANKERS

· HSBC Bank Middle East

PO Box: 701528

Muscat

Tel: (968) 24799920

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 company is considered to be a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.72
UK Pound	1	INR 88.64
Euro	1	INR 78.14
OMR	1	INR 165.83

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

INFORMATION DETAILS

Analysis Done by :	VIV

Report Prepared by :	NIT

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)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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