MIRA INFORM REPORT

 

 

Report Date :

28th February, 2007

                                                         

IDENTIFICATION DETAILS

 

Name :

ABDUL FATAH MOHD NOOR COMPANY LLC

 

 

Registered Office :

Al Saada House, Mezzanine Floor, Office No.1, Muttrah Business District, Ruwi, PO Box: 1375, Muscat 112, Sultanate of Oman.

 

 

Country :

Sultanate of Oman

 

 

Date of Incorporation :

1985

 

 

Com. Reg. No.:

1/60756/1

 

 

Legal Form :

Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company – LLC)

 

 

Line of Business :

Subject’s activities are performed through the following divisions:

·       Fruits And Vegetables Division

·       Cold Stores Division

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 200,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

SUMMARY

 

 

Company Name

ABDUL FATAH MOHD NOOR COMPANY LLC

Country of Origin

Sultanate of Oman

Legal Form

Limited Liability Company - LLC

Registration Date

1985

Commercial Registration Number

1/60756/1

Issued Capital

RO 300,000

Paid up Capital

RO 300,000

Total Workforce

35

Line of Business

Operations are performed through subject’s divisions (see below for details)

Financial Condition

Fair

Payments

Nothing detrimental uncovered

Operating Trend

Steady

 

 

 

 

COMPANY NAME

 

ABDUL FATAH MOHD NOOR COMPANY LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Al Saada House, Mezzanine Floor, Office No.1

Area                 : Muttrah Business District, Ruwi

PO Box             : 1375

Town                 : Muscat 112

Country             : Sultanate of Oman

Telephone         : (968-24) 815658 / 815918

Facsimile          : (968-24) 816002

Email                : afcsmt@omantel.net.om

                          shanavaz@afmnc.com

 

 

Premises

 

Subject operates from a medium sized suite of offices and a warehouse that are owned and located in the Central Business Area of Muscat.

 

 

KEY PRINCIPALS

 

·       Abdul Fatah Mohamedd Noor                                     Managing Director

 

·       Shanavaz Ahmed                                                                  General Manager

 

·       Beju Jacoub                                                                          Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1985

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company – LLC)

 

Commercial Reg. No.  : 1/60756/1

 

Issued Capital              : RO 300,000

 

Paid up Capital            : RO 300,000

 

 

Name of Shareholder (s)

 

·       Abdul Fatah Mohamedd Noor

 

·       Members of Mr Abdul Fatah Mohamedd Noor’s family

 

Non Omani Participation

The participation of non-Omani nationals in a trade or business in Oman is governed by the Foreign Business Investment Law, which sets capital requirements and requires 35 % Omani participation in capital and profits.

 

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

 

·       Interworld Foods LLC

PO Box 294064

Dubai

United Arab Emirates

Tel               : (971-4) 3202641 / 3202642

Fax              : (971-4) 3202643

Email           : intfoods@eim.ae

 

 

LINE OF BUSINESS

 

Operations: Subject’s activities are performed through the following divisions:

 

·       Fruits And Vegetables Division

 

This division imports fruits and vegetables directly at source and has outlets and storage facilities at strategic market locations in Oman. Products imported by the division directly from source include Ginger, Garlic, Carrots, Lime, Oranges, Tangerines, Apples, Pears, Grapes, Pineapple, Kiwi, and Pomegranates amongst other locally traded products.

 

·       Cold Stores Division

 

Traditionally dealing in frozen and chilled foods, the division imports directly at source and distributes through retail outlets, van sales, and through wholesalers and semi-wholesalers. Indenting and export of commodities also comes under its range of activities. The frozen food operation is carried on at its Cold Stores centrally and has seven refrigerated vehicles for retail and wholesale distribution.

 

Import Countries : India, China, Thailand, Brazil, Germany, Netherlands, Denmark, Turkey New Zealand, Australia, South Africa, and the United States of America.

 

Export Countries : United Arab Emirates

 

Operating Trend : Steady

 

Subject has a workforce of 35 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 10,200,000                          RO 10,500,000

 

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

 

·       National Bank of Oman Limited (SAOG)

Muttrah Business District

PO Box : 751, Ruwi 112

Muscat

Tel   : (968) 24708894 / 24708630 / 24708684

Fax  : (968) 24707781 / 24703972

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000

 

Established in 1985, subject is owned and managed by Mr Abdul Fatah Mohamedd Noor and members of his family and operates through its two divisions.

 

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

Maximum suggested credit figure: US$ 200,000

 

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions