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MIRA INFORM REPORT
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Report No. : |
488004 |
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Report Date : |
30.01.2018 |
IDENTIFICATION DETAILS
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Name : |
AL AFNAN UNITED LLC |
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Registered Office : |
Hamriah Area, 334,
Seeb, Muscat |
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Country : |
Oman |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
22.04.2014 |
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Com. Reg. No.: |
1/19545/4 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject holds a general
trading licence, enabling it to distribute general merchandise, including
building materials, hardware and electrical equipment |
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No. of Employees : |
8 |
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 : AL AFNAN
UNITED LLC
Country of Origin : Oman
Legal Form :
Limited Liability Company – LLC
Registration Date : 22nd
April 2014
Commercial
Registration Number : 1/19545/4
Issued Capital : RO 35,000
Paid up Capital : RO 35,000
Total Workforce :
8
Activities :
General trade licence
Financial Condition : Fair
Payments : No Complaints
COMPANY
NAME
AL AFNAN UNITED LLC
ADDRESS
Registered & Physical
Address
Location : Hamriah Area
PO Box : 334, Seeb
Town : Muscat
Country : Oman
Mobile : (968) 99239269 / 92305000
Email : hahalajmi@gmail.com
Premises
Subject operates from
a small suite of offices that are rented and located in the Central Business
Area of Muscat.
KEY
PRINCIPALS
Name Nationality Position
· Hani Halal Al
Ajmi Omani Managing
Director
· Ali Hamd Al
Ajmi Omani Director
LEGAL
FORM & OWNERS
Date of Establishment : 22nd
April 2014
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/19545/4
Issued Capital : RO 35,000
Paid up Capital : RO 35,000
Name of
Shareholder (s)
· Hani Halal Al
Ajmi
· Ali Hamd Al
Ajmi
OPERATIONS
Activities: Subject holds a general trading licence,
enabling it to distribute general merchandise, including building materials,
hardware and electrical equipment.
Import
Countries: Europe and the
Far East
Subject has a
workforce of 8 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 600,000 RO 700,000
Local sources consider
subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Commercial Bank of Oman SAOG
Ammar Centre
PO Box: 5330, Ruwi
112
Muscat
Tel: (968)
24793091
Fax: (968)
24793091
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 63.54 |
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1 |
INR 89.82 |
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Euro |
1 |
INR 78.87 |
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OMR |
1 |
INR 165.57 |
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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VAR |
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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
·
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.