MIRA INFORM REPORT

 

 

 

Report Date :

08.10.2008

 

IDENTIFICATION DETAILS

 

Name :

ALI & ABDUL KARIM TRADING CO LLC (AATCO)

 

 

Registered Office :

Al Sak Building, 1st Floor, Greater Muttrah, PO Box  582 & 793, Ruwi 112

 

 

Country :

Sultanate of Oman

 

 

Date of Incorporation :

1974

 

 

Com. Reg. No.:

20704

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Manufacture of Tomato Ketchup, Mayonnaise, Hot Sauce and Exotic Sauces and Dressings

 

 

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$ 600,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

SUMMARY

 

Company Name                                     : ALI & ABDUL KARIM TRADING CO LLC (AATCO)

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 1974

Commercial Registration Number            : 20704

Industrial Registration Number                 : 14675/3

Issued Capital                                        : RO 50,000

Paid up Capital                                      : RO 50,000

Total Workforce                         : 300

Activities                                               : Manufacture of tomato ketchup, mayonnaise, hot sauce and exotic sauces and dressings

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 600,000

Person Interviewed                                 : Mohamed Krishnan, Finance Manager

 

 

 

 

 

COMPANY NAME

 

ALI & ABDUL KARIM TRADING CO LLC (AATCO)

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Al Sak Building, 1st Floor

Area                 : Greater Muttrah

PO Box             : 582 & 793

Town                 : Ruwi 112

Country : Sultanate of Oman

Telephone         : (968) 24780074

Facsimile          : (968) 24780075

Email                : aatcoman@omantel.net.om

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Ruwi.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       PO Box 130                                                                                      Owned factory premises

Falaj Al Qabail 322

Tel: (968) 26751216

Fax: (968) 26751591

Email: oman@agc.com

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Abdul Karim Hassan Suliman                                                 Managing Director

 

·       Ali Hassan Suliman                                                                           Director

 

·       Ashok Kumar                                                                                    General Manager

 

·       Narendra Dhankar                                                                             Marketing Manager

 

·       Mohamed Krishnan                                                                           Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1974

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 20704

 

Industrial Reg. No.       : 14675/3

 

Issued Capital              : RO 50,000

 

Paid up Capital            : RO 50,000

 

Name of Shareholder (s)

 

·       Abdul Karim Hassan Suliman

 

·       Ali Hassan Suliman

 

 

AFFILIATED COMPANIES

 

Subject is a member of the Ali & Abdul Karim Group of Companies, which consists of the following concerns:

 

·       Nejood Carpet Manufacturing Co LLC

 

·       Al Khaleej Polypropylene Product Co SAOG

 

·       Remal Mutrah Co LLC

 

·       Sama International Co LLC

 

·       Horizon Gases Ltd

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of tomato ketchup, mayonnaise, hot sauce and exotic sauces and dressings marketed in a range of consumer and bulk packs.

 

Subject’s clients include Burger King, Kentucky Fried Chicken, Pizza Hut, Dairy Queen, Poppeye's, Subway, and Herfy.

 

Import Countries: Netherlands, United Kingdom and Turkey

 

Brand Names: DELICIO, BARKA, KHABURAH and AL BUSTAN

 

Subject has a workforce of approximately 300 employees.

 

 

FINANCIAL DATA

 

Companies registered in Oman are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Commercial Bank of Oman

Greater Muttrah Branch

     PO Box : 8218, Muttrah

     Muscat

     Tel : (968) 24773327

 

·       National Bank of Oman Ltd (SAOG)

Ruwi Branch

     PO Box : 752

     Muscat 112

     Tel : (968) 24708894 / 24708519 / 24708562

     Fax : (968) 24797278

 

·       Oman International Bank

High Street Branch

Ruwi

Tel: (968) 24736346

Fax: (968) 24736494

Acc No. 01-651116-01

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              July 2006

Credit amount                                        150,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

GENERAL COMMENTS

 

Ali & Abdul Karim Trading Co LLC (AATCO) has been in business for over 30 years and is a leading concern in the production of tomato ketchup, mayonnaise, hot sauce and exotic sauces and dressings, in the Omani market.

 

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 within subject’s financial means.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.74

UK Pound

1

Rs.85.19

Euro

1

Rs.66.12

 

 

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.

 

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