|
|
|
MIRA INFORM REPORT
|
Report No. : |
496431 |
|
Report Date : |
10.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
AL SEMSAQ TRADING EST LLC |
|
|
|
|
Registered Office : |
Ruwi, PO Box 690, Muscat 113 |
|
|
|
|
Country : |
Oman |
|
|
|
|
Financials (as on) : |
31.12.2017 |
|
|
|
|
Date of Incorporation : |
26.07.2006 |
|
|
|
|
Com. Reg. No.: |
1/00287/9 |
|
|
|
|
Legal Form : |
Limited Liability Company – LLC |
|
|
|
|
Line of Business : |
Subject is engaged in the import and distribution of computers,
software, household appliances, readymade garments, motor vehicles, Masar and
Kuma, paintings and gifts and provision of house cleaning, general
construction and vehicle repair services. |
|
|
|
|
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 :
AL SEMSAQ TRADING EST LLC
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
26th July 2006
Commercial Registration Number :
1/00287/9
Issued Capital :
RO 150,000
Paid up Capital :
RO 150,000
Total Workforce :
12
Activities :
Distributors of computers, software, household appliances, readymade
garments, motor
vehicles, Masar and Kuma, paintings and gifts and
provision of house cleaning, general
construction and vehicle repair services
Financial Condition :
Fair
Payments :
No Complaints
Operating Trend :
Steady
COMPANY
NAME
AL SEMSAQ TRADING EST LLC
ADDRESS
Registered &
Physical Address
Location : Ruwi
PO Box : 690
Town : Muscat 113
Country : Oman
Telephone : (968) 24798993
/ 24791000
Premises
Subject operates from a small suite of offices, a warehouse and a
showroom that are rented and located in the Central Business Area of Muscat.
KEY
PRINCIPALS
Name Nationality ID Number Position
Said Salim Hamood Alwahaibi Omani 1925602 Managing Director
Mohamed Adir Siddiqui Indian - Director
Ahmed Hamood Mohamed Alwahaibi Omani 1363646 General Manager
LEGAL
FORM & OWNERS
Date of Establishment : 26th
July 2006
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 1/00287/9
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of
Shareholder (s) Percentage
Said Salim Hamood Alwahaibi 50%
Mohamed Adir Siddiqui 50%
OPERATIONS
Activities: Engaged in the import and distribution of computers, software,
household appliances, readymade garments, motor vehicles, Masar and Kuma,
paintings and gifts and provision of house cleaning, general construction and
vehicle repair services.
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
780,000 RO
825,000
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
Rami Plaza
PO Box: 4696
Muscat
Tel: (968)
24793220
Fax: (968) 24793229
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.
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 company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.07 |
|
|
1 |
INR 89.85 |
|
Euro |
1 |
INR 80.16 |
|
OMR |
1 |
INR 168.85 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
TPT |
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.