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MIRA INFORM REPORT
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Report No. : |
487153 |
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Report Date : |
23.01.2018 |
IDENTIFICATION DETAILS
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Name : |
MWSST ABN SAIF AL
ZHAYMYLLTJART BAHLA |
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Registered Office : |
Al Dakhiliyah,
242, Bahla 612, Oman |
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Country : |
Oman |
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Date of Incorporation : |
09.07.2017 |
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Com. Reg. No.: |
1/29743/8 |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Subject engaged
in the import and distribution and of construction materials and sanitary
ware equipment, and provision of construction and installation services |
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No. of Employees : |
3 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
NB |
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Credit Rating |
Explanation |
Rating Comments |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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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 :
MWSST ABN SAIF AL ZHAYMYLLTJART BAHLA
Country of Origin :
Oman
Legal Form :
Sole Proprietorship
Registration Date :
9th July 2017
Commercial Registration Number :
1/29743/8
Invested Capital :
RO 10,000
Total Workforce :
3
Activities :
Distribution and of construction materials and sanitary ware equipment, and
provision of construction and
installation services
Financial Condition :
Undetermined
Payments :
Unknown
COMPANY
NAME
MWSST ABN SAIF AL ZHAYMYLLTJART BAHLA
ADDRESS
Registered & Physical
Address
Location : Al Dakhiliyah
PO Box : 242
Town : Bahla 612
Country : Oman
Mobile : (968) 96075808
Email : maliksaif_7895@hotmail.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Bahla.
Branch Office
(s)
Location Description
·
Hayy As
Saad Office
premises
Al Dakhiliyah
Bahla
KEY
PRINCIPALS
Name Nationality Position
· Malik Saif
Salim Al Zuhaimi Omani Proprietor
LEGAL
FORM & OWNERS
Date of Establishment : 9th
July 2017
Legal Form :
Sole Proprietorship
Commercial Reg.
No. : 1/29743/8
Invested Capital
: RO 10,000
Mr Malik Saif Salim
Al Zuhaimi is the sole proprietor of the business.
OPERATIONS
Activities: Engaged in the import and distribution and of
construction materials and sanitary ware equipment, and
provision of construction and
installation services.
Import
Countries: Europe and the
Far East
Subject has a
workforce of 3 employees.
FINANCIAL
DATA
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
·
HSBC
Middle East
PO Box: 234
Muscat 113
Tel: (968) 24736041 / 24736042
Fax: (968) 24736043
PAYMENT
HISTORY
Unknown
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 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 63.89 |
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1 |
INR 88.59 |
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Euro |
1 |
INR 78.12 |
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OMR |
1 |
INR 165.67 |
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 : |
KET |
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
·
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.