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MIRA INFORM REPORT
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Report No. : |
507652 |
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Report Date : |
10.05.2018 |
IDENTIFICATION DETAILS
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Name : |
SMAA SHATHWN AL WATANYA |
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Registered Office : |
Al Araimi Shopping Complex, Shop No. 26, Qurum, PO Box 12, Muscat 323 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
09.06.2015 |
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Com. Reg. No.: |
1/22174/6 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the wholesale and retail of Omani Massar and
Kuma, souvenirs, paintings, antiques and gifts. |
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No. of Employees : |
4 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 oil and gas resources, which can generate between
and 68% and 85% of government revenue, depending on fluctuations in commodity
prices. In 2016, low global oil prices drove Oman’s budget deficit to $13.8
billion, or approximately 20% of GDP, but the budget deficit is estimated to
have reduced to 12% of GDP in 2017 as Oman reduced government subsidies. As of
January 2018, Oman has sufficient foreign assets to support its currency’s
fixed exchange rates. It is issuing debt to cover its deficit.
Oman is using enhanced oil recovery techniques to boost production, but
it 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. The key components of the
government's diversification strategy are tourism, shipping and logistics,
mining, manufacturing, and aquaculture.
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 made it impossible for the government to balance its budget in light of
current oil prices. In response, Omani officials imposed austerity measures on
its gasoline and diesel subsidies in 2016. These spending cuts have had only a
moderate effect on the government’s budget, which is projected to again face a
deficit of $7.8 billion in 2018.
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Source
: CIA |
SUMMARY
Company Name :
SMAA SHATHWN AL WATANYA
Country of Origin :
Oman
Legal Form :
Sole Proprietorship
Registration Date :
9th June 2015
Commercial Registration Number :
1/22174/6
Invested Capital :
RO 5,000
Total Workforce :
4
Activities :
Wholesalers and retailers of Omani Massar and Kuma, souvenirs,
paintings, antiques and gifts
Financial Condition :
Fair
Payments :
Slow but correct
Operating Trend :
Steady
COMPANY
NAME
SMAA SHATHWN AL WATANYA
ADDRESS
Registered &
Physical Address
Building : Al Araimi
Shopping Complex, Shop No. 26
Area : Qurum
PO Box : 12
Town : Muscat 323
Country : Oman
Mobile : (968)
94442428 / 92106010
Email : alria@gmail.com
Premises
Subject operates from a small suite of offices and a showroom that are rented
and located in the Central Business Area of Muscat
Branch Office (s)
Location Description
North Al Hayl, Al Seeb Retail
premises
KEY
PRINCIPALS
Name Nationality Position
Badar Mohamed Abdullah Al Hadhrami Omani Proprietor
LEGAL
FORM & OWNERS
Date of Establishment : 9th
June 2015
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 1/22174/6
Invested Capital : RO 5,000
Mr Badar Mohamed Abdullah Al Hadhrami is the sole proprietor of the
business.
OPERATIONS
Activities: Engaged in the wholesale and retail of Omani Massar and Kuma,
souvenirs, paintings, antiques and gifts.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 4 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
525,000 RO
580,000
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
Muttrah Business District
PO Box: 1696, Ruwi 112
Muscat
Tel: (968) 24793225 / 24793226 /
24793228
Fax: (968) 24793229
PAYMENT
HISTORY
Slow but correct
GENERAL
COMMENTS
Please note that the correct name of the subject is “Smaa Shathwn Al
Watanya” and not “Smaa Sathwn Al Watnaya”.
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 business 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 67.38 |
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1 |
INR 91.09 |
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Euro |
1 |
INR 79.75 |
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OMR |
1 |
INR 174.32 |
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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NIS |
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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
·
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.