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MIRA INFORM REPORT
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Report No. : |
487987 |
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Report Date : |
29.01.2018 |
IDENTIFICATION DETAILS
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Name : |
HUSSAIN FADHIL
& PARTNERS LLC |
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Registered Office : |
Ruwi Street, Al
Khoud, P O Box: 792 & 980 & 90, Al Khuwair 113 |
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Country : |
Oman |
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Date of Incorporation : |
08.06.2004 |
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Com. Reg. No.: |
1/75849/7 |
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Legal Form : |
Limited Liability
Company – LLC |
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Line of Business : |
Import and distribution
of electrical equipment, building materials, oil and gas field equipment,
sanitaryware, household furniture and heavy industrial equipment. |
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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 : |
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 : HUSSAIN
FADHIL & PARTNERS LLC
Country of Origin : Oman
Legal Form :
Limited Liability Company – LLC
Registration Date : 8th
June 2004
Commercial
Registration Number : 1/75849/7
Chamber Membership
Number : 6737
Issued Capital : RO
300,000
Paid up Capital : RO
300,000
Total Workforce :
3
Activities :
Distributors of electrical equipment, building materials, oil and gas field
equipment, sanitaryware, household furniture
and heavy industrial
equipment
Financial Condition : Undetermined
Payments :
No Complaints
COMPANY
NAME
HUSSAIN FADHIL
& PARTNERS LLC
ADDRESS
Registered & Physical
Address
Location : Ruwi Street, Al Khoud
PO Box : 792
& 980 & 90
Town : Al Khuwair 113
Country : Oman
Telephone : (968) 24486051 / 24538188
/ 24537071 / 24535452 / 24535080
Facsimile : (968) 24486448 / 24542922
Mobile : (968) 92170899
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Al Khuwair.
KEY
PRINCIPALS
Name Nationality Position
·
George Matthew Indian Managing Director
·
Hussein Bin Mohammed Bin Hassan Fadel Omani Director
LEGAL
FORM & OWNERS
Date of Establishment : 8th
June 2004
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/75849/7
Chamber Member No. : 6737
Issued Capital : RO 300,000
Paid up Capital : RO 300,000
Name of Shareholder (s) Percentage
·
George Matthew 50%
· Hussein
Bin Mohammed Bin Hassan Fadel 50%
OPERATIONS
Activities: Engaged in the import and distribution of electrical
equipment, building materials, oil and gas field
equipment, sanitaryware,
household furniture and heavy industrial equipment.
Import Countries: Europe and the Far East
Subject has a
workforce of 3 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
·
Bank
Muscat SAOG
Al Khuwair Street
PO Box 6326
Muscat
Tel: (968) 24602274
Fax: (968) 24698300
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 63.50 |
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1 |
INR 90.92 |
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Euro |
1 |
INR 79.07 |
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OMR |
1 |
INR 165.12 |
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 : |
NIT |
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
·
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.