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MIRA
INFORM REPORT
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Report No. : |
509831 |
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Report Date : |
18.05.2018 |
IDENTIFICATION DETAILS
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Name : |
ABAQ AL KHAIR TRADING |
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Registered Office : |
Karsha, PO Box 300, Nizwa 619 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
23.03.2009 |
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Com. Reg. No.: |
1/06502/4 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the import and
distribution of fishing boats and equipment, gas and used motor vehicles. |
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No. of Employees : |
17 |
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 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 :
ABAQ AL KHAIR TRADING
Country
of Origin :
Oman
Legal
Form :
Sole Proprietorship
Registration
Date : 23rd
March 2009
Commercial
Registration Number : 1/06502/4
Invested
Capital :
RO 3,000
Total
Workforce :
17
Activities : Distributors of fishing boats and
equipment, gas and used motor vehicles
Financial
Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating
Trend :
Steady
Company name and address
COMPANY
NAME: ABAQ
AL KHAIR TRADING
ADDRESS
Registered
& Physical Address
Location : Karsha
PO
Box : 300
Town : Nizwa 619
Country : Oman
Mobile : (968) 99569699
Premises
Subject
operates from a small suite of offices, a warehouse and a showroom that are
rented and located in the Suburban Business Area of Nizwa.
Branch
Office (s)
Location Description
Al
Dakhiliyah Warehouse
premises
KEY PRINCIPALS
Name Nationality Position
Mohamed
Salim Said Al Hadhrami Omani Proprietor
Salim Said Nasser Al Hadhrami Omani General Manager
LEGAL FORM & OWNERS
Date
of Establishment : 23rd March 2009
Legal
Form :
Sole
Proprietorship
Commercial
Reg. No. : 1/06502/4
Invested
Capital : RO 3,000
Mr
Mohamed Salim Said Al Hadhrami is the sole proprietor of the business.
OPERATIONS
Activities : Engaged in the import and
distribution of fishing boats and equipment, gas and used motor vehicles.
Import
Countries : Europe and the Far East
Operating
Trend : Steady
Subject
has a workforce of 17 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
1,825,000
Local
sources consider subject’s financial condition to be Fair.
The
above financial figures are based on estimations by our local sources.
BANKERS
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
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.71 |
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1 |
INR 91.89 |
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Euro |
1 |
INR 79.89 |
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OMR |
1 |
INR 176.71 |
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 : |
DNS |
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
·
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.