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MIRA INFORM REPORT
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Report No. : |
487169 |
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Report Date : |
24.01.2018 |
IDENTIFICATION DETAILS
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Name : |
WISAM AL RAFIDAIN TRADING & CONTRACTING CO |
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Registered Office : |
Al Seeb PO Box 1211 & 1697 Al Hail 111 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
26.05.2008 |
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Com. Reg. No.: |
1/04725/3 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject is engaged in the import and distribution of
electrical equipment, construction materials, seafood, fish, paint and
varnishes. Subject also provides electrical installation services, |
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No. of Employees : |
20 |
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, 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 : WISAM AL RAFIDAIN TRADING & CONTRACTING CO
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 26th May 2008
Commercial Registration Number : 1/04725/3
Issued Capital : RO 300,000
Paid up Capital : RO 300,000
Total Workforce : 20
Activities : Distributors of electrical equipment, construction materials, seafood,
fish, paint and varnishes
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY
NAME
WISAM AL RAFIDAIN
TRADING & CONTRACTING CO
ADDRESS
Registered &
Physical Address
Location : Al
Seeb
PO Box :
1211 & 1697
Town :
Al Hail 111
Country : Oman
Mobile :
(968) 94651915 / 95422883
Premises
Subject operates from a small suite of offices that are rented
and located in the Central Business Area of Muscat.
Branch Office (s)
Location Description
· South
Al Moolah Office
premises
KEY
PRINCIPALS
Name Nationality Position
· Asaad
Hamood Hamdan Al Rawahi Omani Managing
Director
· Hato
Abdul Hussain Taha Iraqi Director
· Ibrahim
Abdul Wahid Ibrahim Iraqi Director
· Osama Hadi Darwish Iraqi Director
· Ghazawan
Faisal Jalil Iraqi Director
· Hadi
Abdul Wahid Ibrahim Iraqi Director
· Mohamed
Abdul Sallam Toufiq Al Balushi Omani Administration
Manager
LEGAL
FORM & OWNERS
Date
of Establishment : 26th
May 2008
Legal
Form : Limited
Liability Company – LLC
Commercial
Reg. No. :
1/04725/3
Issued Capital : RO
300,000
Paid up Capital :
RO 300,000
Name of Shareholder (s) Percentage
· Asaad
Hamood Hamdan Al Rawahi 30%
· Hato
Abdul Hussain Taha 30%
· Ibrahim
Abdul Wahid Ibrahim 10%
· Osama Hadi Darwish 10%
· Ghazawan
Faisal Jalil 10%
· Hadi
Abdul Wahid Ibrahim 10%
OPERATIONS
Activities: Engaged in the import and distribution
of electrical equipment, construction materials, seafood, fish, paint and
varnishes. Subject also provides electrical installation services,
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 20 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
1,700,000 RO 1,825,000
Local sources consider subject’s financial condition to be
Fair.
The above financial figures are based on estimations by our
local sources.
BANKERS
·
Central Bank of Oman
Central
Business District
PO
Box: 4161
Muscat
Tel:
(968) 24702222
Fax: (968) 24702253 / 24788513
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.77 |
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1 |
INR 89.20 |
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Euro |
1 |
INR 78.22 |
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OMR |
1 |
INR 165.38 |
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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DIV |
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Report Prepared
by : |
TRU |
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
·
Payment
record
·
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.