3decades

MIRA INFORM REPORT

Report No. :	487159
Report Date :	24.01.2018

IDENTIFICATION DETAILS

Name :	GOLDEN SPARKLES TRADING LLC

Registered Office :	Ruwi, PO Box: 808, Muscat 116

Country :	Oman

Financials (as on) :	31.12.2017

Date of Incorporation :	13.11.2013

Com. Reg. No.:	1/18632/6

Legal Form :	Limited Liability Company – LLC

Line of Business :	Subject is engaged in the wholesale and retail of electrical equipment, construction materials, jewellery, accessories, readymade garments and paint

No. of Employees :	13

RATING & COMMENTS

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

MIRA’s Rating :

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

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 : GOLDEN SPARKLES TRADING LLC

Country of Origin : Oman

Legal Form : Limited Liability Company – LLC

Registration Date : 13th November 2013

Commercial Registration Number : 1/18632/6

Issued Capital : RO 20,000

Paid up Capital : RO 20,000

Total Workforce : 13

Activities : Wholesale and retail of electrical equipment, construction materials,

jewellery, accessories, readymade garments and paints

Financial Condition : Fair

Payments : No complaints

Operating Trend : Steady

COMPANY NAME

GOLDEN SPARKLES TRADING LLC

ADDRESS

Registered & Physical Address

Location : Ruwi

PO Box : 808

Town : Muscat 116

Country : Oman

Mobile : (968) 96349635 / 96688823 / 95199915 / 95134495

Premises

Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Muscat.

Branch Office (s)

Location Description

· Bawshar Retail premises

· Barka Warehouse premises

KEY PRINCIPALS

Name Nationality Position

· Ahmed Khalfan Nasser Al Hadhrami Omani Managing Director

· Sumaiya Mohamed Juma Al Ghdani Omani Director

LEGAL FORM & OWNERS

Date of Establishment : 13^th November 2013

Legal Form : Limited Liability Company – LLC

Commercial Reg. No. : 1/18632/6

Issued Capital : RO 20,000

Paid up Capital : RO 20,000

Name of Shareholder (s) Percentage

· Ahmed Khalfan Nasser Al Hadhrami 50%

· Sumaiya Mohamed Juma Al Ghdani 50%

OPERATIONS

Activities: Engaged in the wholesale and retail of electrical equipment, construction materials, jewellery, accessories, readymade garments and paint.

Import Countries: Europe and the Far East

Operating Trend: Steady

Subject has a workforce of 13 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 870,000 RO 950,000

Local sources consider subject’s financial condition to be Fair.

The above financial figures are based on estimations by our local sources.

BANKERS

· Bank Dhofar Al Omani Al Fransi

Al Burj Street

PO Box: 4507, Ruwi

Muscat

Tel: (968) 24798012 / 24798013

Fax: (968) 24798015

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 63.77
UK Pound	1	INR 89.20
Euro	1	INR 78.22
UAE Dh	1	INR 17.33

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

INFORMATION DETAILS

Analysis Done by :	VIV

Report Prepared by :	SYL

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.