|
|
|
MIRA INFORM REPORT
|
Report No. : |
494466 |
|
Report Date : |
05.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
RED
TREE TRADING |
|
|
|
|
Registered Office : |
Beach Commercial Centre
Building No. 128, Office No. 101, 18 November Street, P O Box:16, Muscat 105 |
|
|
|
|
Country : |
Oman |
|
|
|
|
Financials (as on) : |
31.12.2017 |
|
|
|
|
Date of Incorporation : |
17.04.2011 |
|
|
|
|
Com. Reg. No.: |
1/00832/9 |
|
|
|
|
Legal Form : |
Sole
Proprietorship |
|
|
|
|
Line of Business : |
Import and
distribution of polymers, packaging items and oil derivatives. |
|
|
|
|
No. of Employees : |
25 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
|
MIRA’s Rating : |
A |
|
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 (30.09.2017) |
Current Rating (31.12.2017) |
|
Oman |
A2 |
A2 |
|
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 in 2017 prompted the Omani Government to announce a cap on fuel prices and a plan to provide 25,000 public-sector jobs for Omanis.
|
Source
: CIA |
SUMMARY
Company Name : RED TREE TRADING
Country of Origin : Oman
Legal Form :
Sole Proprietorship
Registration Date : 17th
April 2011
Commercial
Registration Number : 1/00832/9
Invested Capital : RO 750,000
Total Workforce :
25
Activities :
Distributors of polymers, packaging items and oil derivatives
Financial Condition : Fair
Payments : No Complaints
Person Interviewed : Reza Nahftanyanm, General Manager
COMPANY
NAME
RED
TREE TRADING
ADDRESS
Registered & Physical
Address
Building : Beach Commercial Centre Building
No. 128, Office No. 101
Street : 18 November Street
PO Box : 16
Town : Muscat 105
Country : Oman
Telephone : (968) 24496796
Facsimile : (968) 24496796
Mobile : (968) 96210019
Email : reza@redtreetrading.com / info@redtreetrading.com
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
·
No.
1125 Warehouse
premises
Ghala Industrial Area
Muscat
Tel/Fax: (968) 24590807
KEY
PRINCIPALS
Name Nationality Position
·
Ms Safa Rahiman American Proprietor
·
Reza Nahftanyanm - General
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 17th
April 2011
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 1/00832/9
Invested Capital
: RO 750,000
Ms Safa Rahiman is the sole proprietor of the
business.
AFFILIATED
COMPANIES
·
Red
Tree Trading
Hong Kong
OPERATIONS
Activities: Engaged in the import and distribution of
polymers, packaging items and oil derivatives.
Import
Countries: India and the
United Arab Emirates
Suppliers:
·
Reliance Ltd India
·
Octal Oman
·
JBF United
Arab Emirates
Subject has a workforce
of 25 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: Euros
(EUR)
Year Ending
31/12/17:
Total Sales EUR 30,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Reza Nahftanyanm, General
Manager
BANKERS
·
HSBC
Bank Middle East
Muttrah Business District
PO Box: 240, Ruwi 112
Muscat
Tel: (968) 24700810 / 24799920 / 24799927
Fax: (968) 24704241
PAYMENT
HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL
COMMENTS
Please note that
the correct name of the subject is “Red Tree
Trading” and not “Red Tree Trading LLC”.
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.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.23 |
|
|
1 |
INR 89.71 |
|
Euro |
1 |
INR 79.50 |
|
OMR |
1 |
INR 169.16 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
NIT |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.