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MIRA INFORM REPORT
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Report No. : |
496439 |
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Report Date : |
09.03.2018 |
IDENTIFICATION DETAILS
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Name : |
MAJID TRADING ENTERPRISES LLC |
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Registered Office : |
Sohar House, Al Qurum District, PO Box 1298, Muscat 114 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
07.01.1988 |
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Com. Reg. No.: |
1/27346/9 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject is engaged in the wholesale and retail of carpets, rugs,
household furniture, jewellery, perfumes, cosmetics, pottery, paintings and
gifts. |
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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 (30.09.2017) |
Current Rating (31.12.2017) |
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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 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.
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Source
: CIA |
SUMMARY
Company Name :
MAJID TRADING ENTERPRISES LLC
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
7th January 1988
Commercial Registration Number :
1/27346/9
Chamber Membership Number :
4547
Issued Capital :
RO 150,000
Paid up Capital :
RO 150,000
Total Workforce :
20
Activities :
Wholesale and retail of carpets, rugs, household furniture, jewellery,
perfumes, cosmetics, pottery, paintings and gifts
Financial Condition :
Fair
Payments :
No Complaints
Operating Trend :
Steady
COMPANY
NAME
MAJID TRADING ENTERPRISES LLC
ADDRESS
Registered &
Physical Address
Building : Sohar House
Location :
Al Qurum District
PO Box :
1298
Town : Muscat 114
Country : Oman
Telephone : (968) 24562370
/ 24563098
Facsimile :
(968) 24565749
Mobile :
(968) 99047423
Email :
majidvillage@yahoo.com
Premises
Subject operates from a medium sized suite of offices and a showroom
that are rented and located in the Central Business Area of Muscat.
Branch Offices
Location Distribution
Mutrah Showroom
premises
Sur, South Al Sharqiya Showroom
premises
Qantab Showroom
premises
Muscat
Al Qurm Showroom
premises
Al Wattayah Showroom
premises
Al Bustan Showroom
premises
South Alkhuwair Showroom
premises
Corniche Area Showroom
premises
Muscat
Tel: (968) 24711671
Hayat Hotel Showroom
premises
Muscat
Tel: (968) 24604490
Bustan Hotel Showroom
premises
Muscat
Tel: (968) 24769429
Al Barwani Complex Showroom
premises
Muscat
Tel: (968) 24563048
KEY
PRINCIPALS
Name Nationality Position
Fahd Nazir Ahmed Zadoo Indian Managing Director
Majid Abdulrahim Jaffar Abdulrahim Omani Director
Hafiza Haider Darwish Omani Director
LEGAL
FORM & OWNERS
Date of Establishment : 7th
January 1988
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 1/27346/9
Chamber Member No. : 4547
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of
Shareholder (s) Percentage
Fahd Nazir Ahmed Zadoo 70.00%
Hafiza Haider Darwish 21.14%
Majid Abdulrahim Jaffar Abdulrahim 8.86%
OPERATIONS
Activities: Engaged in the wholesale and retail of carpets, rugs, household
furniture, jewellery, perfumes, cosmetics, pottery, paintings and gifts.
Import Countries: India, Pakistan, Iran and Turkey
International Suppliers:
Khazir Sons India
Gabba Carpets Pakistan
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
4,410,000 RO
4,565,000
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
Mutrah 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
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 64.92 |
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1 |
INR 90.23 |
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Euro |
1 |
INR 80.54 |
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OMR |
1 |
INR 169.25 |
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 : |
TPT |
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
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Promoters
/ Management background
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Payment
record
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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.