MIRA
INFORM REPORT
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Report Date : |
28.06.2007 |
IDENTIFICATION DETAILS
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Name : |
ASSARAIN FOOD
PRODUCTS LLC |
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Registered Office : |
Assarain House,
Madinat Al Qaboos, Al Khuwair, |
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Country : |
Sultanate of |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1980 |
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Com. Reg. No.: |
01/70532/6, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the import
and distribution of dry foodstuff such as Basmati rice as well as frozen
foodstuff with clients including hotels, restaurants and cafes. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : ASSARAIN FOOD PRODUCTS LLC
Country of Origin :
Sultanate of
Legal Form : Limited Liability Company - LLC
Start Date : 1980
Registration Date : 2nd January 2002
Commercial Registration Number :
01/70532/6,
Issued Capital : RO 200,000
Paid up Capital : RO 200,000
Total Workforce : 45
Line of Business : Import and distribution of dry foodstuff.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
ASSARAIN FOOD
PRODUCTS LLC
ADDRESS
Registered & Physical Address
Building : Assarain House
Area : Madinat Al Qaboos, Al Khuwair
PO Box : 1475
Town : Ruwi 112
Country : Sultanate of
Telephone : (968) 24698162 / 24603166 / 24565505
Facsimile : (968) 24607194 / 24564296
Email : aefoods@omantel.net.om
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Suburban Business Area of Ruwi.
KEY PRINCIPALS
·
·
·
Khalid Said
·
Ibrahim Said
·
Simon
De Souza Marketing
Manager
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Ms Vina
Fernandes Administrative
Secretary
LEGAL FORM &
OWNERS
Date of Establishment : 2nd
January 2002
History : Subject was originally established in 1980
as a division of Assarain
a separate legal entity under the
style of “Assarain Food Products
LLC”
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company – LLC)
Commercial Reg. No. : 01/70532/6,
Issued Capital : RO 200,000
Paid up Capital : RO 200,000
Name of Shareholder
(s)
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·
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Khalid Said
·
Ibrahim Said
Note to the Legal Form
The Limited Liability Company (LLC), or private company, is the form of business entity usually chosen by foreign investors. It may be formed by a minimum of 2 and a maximum of 30 natural or legal persons, whose liability is limited to their shares in the company’s capital. The minimum capital of a Limited Liability Company with foreign ownership should be RO 150,000, although this may be reduced to a minimum of RO 30,000 with the approval of the Minister of Commerce and Industry. For a company wholly owned by Omani nationals, the minimum capital is RO 10,000.
Contributions to capital may be made in cash of kind. Capital may not be increased by public subscription. The full amount of the share value must be paid in on subscription. Shares may not be assigned to a non-member, unless the other existing members are granted a pre-emptive right to purchase the shares.
AFFILIATED COMPANIES
Subject is a member of the Assarain Group that was founded in 1976. The
Group’s roots lie in the construction industry and its earliest forays were
into related areas such as architectural projects, furnishing, property,
concrete products and commercial services. Today, as a multi-million dollar
international group, its diverse interests span construction, oil and gas,
national infrastructure projects, consumer products, food distribution, travel
and insurance, and health care.
The Assarain Group of Companies consists of the following concerns:
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Assarain Enterprise LLC
Al Khuwair
PO Box: 1475
Ruwi 112
Tel: (968) 604811
Fax: (968) 604837
Email: assarain@assarain.com
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Assarain Furnishing LLC
PO Box: 1475
Ruwi 112
Tel: (968) 592151
Fax: (968) 593124
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Wadi Adai Auto Service Centre LLC
PO Box: 1475
Ruwi 112
Tel: (968) 563396 /
561955
Fax: (968) 562671
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Assarain Telecommunications LLC
PO Box: 1475
Ruwi 112
Tel: (968) 789931 /
789932
Fax: (968) 789930
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Blue Falcon Travels
PO Box: 1414
Ruwi 112
Tel: (968) 604568
Fax: (968) 604586
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Assarain Concrete Products LLC
PO Box: 971
Madinat Al Sultan
Qaboos 111
Tel: (968) 605986
Fax: (968) 695957
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PO Box: 4475
Tel: (968) 561132
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Drake
& Scull Assarain LLC
PO Box: 3146
Tel: (968) 602843
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Assarain
Textiles LLC
PO
Box: 1475
Ruwi 112
Tel: (968) 700149
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
dry foodstuff such as Basmati rice as well as frozen foodstuff with clients
including hotels, restaurants and cafes.
Import Countries
:
International
Suppliers :
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Frangosul
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Dalia
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Lactalis
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Maccin
Subject has a
workforce of 45 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Riyal
Omani (RO)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue RO 1,875,000 RO 2,050,000
Local sources
consider subject’s financial condition to be Fair.
Legal Reserve Requirement
A Limited Liability Company (LLC) is required each year to set aside 10% of its net profits as a legal reserve until the reserve reaches one-third of the company’s capital. This legal reserve is not available for distribution.
BANKERS
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National
Bank of Oman Limited
Ruwi Branch
PO Box : 3752
Tel : (968) 24708898
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Oman
International Bank
PO Box : 1216
Ruwi
Tel : (968) 24701528
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Bank
Ruwi Main Branch
PO Box: 6326
Tel: (968) 24561399 / 24708543
Fax: (968) 24561036
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Assarain Food
Products LLC was registered in January 2002, however operations began in 1980
when it was a division of Assarain Enterprise LLC. The company specialises in
the import and distribution of
dry and frozen foodstuff.
The company is run
in a professional manner and is a member of the Assarain Group that has
interests in many diversified ventures throughout
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 and the above credit figure is
admissible.
Maximum suggested
credit figure: US$ 250,000
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)