|
|
|
MIRA INFORM REPORT
|
Report No. : |
496437 |
|
Report Date : |
09.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
GLORIOUS HISTORY TRADING |
|
|
|
|
Registered Office : |
Jibroo 114, PO Box 332, Muscat |
|
|
|
|
Country : |
Oman |
|
|
|
|
Financials (as on) : |
31.12.2017 |
|
|
|
|
Date of Incorporation : |
29.12.2004 |
|
|
|
|
Com. Reg. No.: |
1/77654/1 |
|
|
|
|
Legal Form : |
Limited Partnership |
|
|
|
|
Line of Business : |
Subject engaged in the import and distribution of readymade garments,
Omani Masar and Kumah |
|
|
|
|
No. of Employees : |
12 |
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 :
GLORIOUS HISTORY TRADING
Country of Origin :
Oman
Legal Form :
Limited Partnership
Registration Date :
29th December 2004
Commercial Registration Number :
1/77654/1
Partners Capital :
RO 20,000
Total Workforce :
12
Activities :
Distributors of readymade garments, Omani Masar and Kumah
Financial Condition :
Fair
Payments :
No Complaints
Operating Trend :
Steady
COMPANY
NAME
GLORIOUS HISTORY TRADING
ADDRESS
Registered & Physical Address
Location : Jibroo 114
PO Box : 332
Town : Muscat
Country : Oman
Telephone : (968) 24784004
Mobile : (968)
95666662
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
Ruwi Retail
premises
Muscat
KEY
PRINCIPALS
Name Nationality
Position
Hassan Fiyadh Ali Al Lawati Omani Managing
Partner
Mohamed Hassan Fiyadh Ali Al Lawati Omani Partner
Yousuf Hassan Fiyadh Ali Al Lawati Omani Partner
LEGAL
FORM & OWNERS
Date of Establishment : 29th
December 2004
Legal Form : Limited
Partnership
Commercial Reg. No. : 1/77654/1
Partners Capital : RO 20,000
Name of Partners Percentage
Hassan Fiyadh Ali Al Lawati 90%
Mohamed Hassan Fiyadh Ali Al Lawati 5%
Yousuf Hassan Fiyadh Ali Al Lawati 5%
OPERATIONS
Activities: Engaged in the import and distribution of readymade garments, Omani
Masar and Kumah.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 12 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 1,600,000 RO 1,810,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
HSBC Bank Middle East
PO Box: 701528
Muscat
Tel: (968) 24799920
Fax: (968) 24704241
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 64.92 |
|
|
1 |
INR 90.23 |
|
Euro |
1 |
INR 80.54 |
|
OMR |
1 |
INR 169.08 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
KET |
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.