MIRA
INFORM REPORT
|
Report Date : |
04.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ASSARAIN FOOD PRODUCTS LLC |
|
|
|
|
Registered Office : |
Assarain House,
Madinat Al Qaboos, Al Khuwair, PO Box 1475, Ruwi 112 |
|
|
|
|
Country : |
Sultanate of Oman |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
02.01.2002 |
|
|
|
|
Com. Reg. No.: |
01/70532/6, Muscat |
|
|
|
|
Legal Form : |
Limited Liability Company – LLC |
|
|
|
|
Line of Business : |
Import and Distribution of Dry Foodstuff |
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$ 250,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : ASSARAIN FOOD PRODUCTS LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 2nd January 2002
Commercial Registration Number : 01/70532/6, Muscat
Issued Capital : RO 200,000
Paid up Capital : RO 200,000
Total Workforce : 85
Activities : Import and distribution of dry foodstuff
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 250,000
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 Oman
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.
Branch Office
(s)
Location Description
·
Nizwa Rented
showroom premises
Tel: (968) 24525634
·
Sohar Rented showroom premises
KEY PRINCIPALS
Name Position
·
Lt. Col Said Salem Al Wahaibi Chairman
·
Salem Said Salem Al Wahaibi Managing
Director
·
Khalid Said Salem Al Wahaibi Director
·
Ibrahim Said Salem Al Wahaibi Director
·
Simon De Souza Finance
Manager
·
S.P.
Nanda Financial
Controller
·
Girgan
Thwari Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 2nd
January 2002
History : Subject was originally established in 1980
as a division of Assarain Enterprise LLC.
However on 2nd January 2002 it was
registered as a separate legal entity under the style of
“Assarain Food Products LLC”
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 01/70532/6,
Muscat
Issued Capital : RO 200,000
Paid up Capital : RO 200,000
Name of Shareholder (s)
·
Lt. Col Said Salem Al Wahaibi
·
Salem Said Salem Al Wahaibi
·
Khalid Said Salem Al Wahaibi
·
Ibrahim Said Salem Al Wahaibi
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:
·
Assarain Enterprise LLC
Assarain Building,
4th Floor
Al Khuwair
PO Box: 1475
Ruwi 112
Tel: (968) 604811
Fax: (968) 604837
Email: assarain@assarain.com
·
Assarain Furnishing LLC
PO Box: 1475
Ruwi 112
Tel: (968) 592151
Fax: (968) 593124
·
Wadi Adai Auto Service Centre LLC
PO Box: 1475
Ruwi 112
Tel: (968) 563396 /
561955
Fax: (968) 562671
·
Assarain Telecommunications LLC
PO Box: 1475
Ruwi 112
Tel: (968) 789931 /
789932
Fax: (968) 789930
·
Blue Falcon Travels
PO Box: 1414
Ruwi 112
Tel: (968) 604568
Fax: (968) 604586
·
Assarain Concrete Products LLC
PO Box: 971
Madinat Al Sultan
Qaboos 111
Tel: (968) 605986
Fax: (968) 695957
·
Assarain Garden Centre LLC
PO Box: 4475
Muscat
Tel: (968) 561132
·
Drake &
Scull Assarain LLC
Medina Qaboos
PO Box: 3146
Muscat
Tel: (968) 602843
·
Assarain
Textiles LLC
PO
Box: 1475
Ruwi 112
Tel: (968) 700149
OPERATIONS
Activities: 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: France,
Netherlands, Canada, Brazil and Vietnam
International
Suppliers:
·
Frangosul Brazil
·
Perdix Brazil
·
Dalia France
·
Lactalis France
·
Maccin France
·
Siblu Vietnam
Operating Trend: Steady
Subject has a
workforce of 85 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Riyal
Omani (RO)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales RO 2,050,000 RO 2,500,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by S.P. Nanda, Financial
Controller.
BANKERS
·
National Bank of
Oman Limited
Ruwi Branch
PO Box : 3752
Muscat
Tel : (968) 24708898
·
Oman
International Bank
PO Box : 1216
Ruwi
Tel : (968) 24701528
·
Bank Muscat
SAOG
Ruwi Main Branch
PO Box: 6326
Muscat
Tel: (968) 24561399 / 24708543
Fax: (968) 24561036
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction June
2007
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints/ Prompt / Regular
Currency US
Dollars
GENERAL COMMENTS
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 Oman.
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.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.37 |
|
UK Pound |
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.63.41 |
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%)