MIRA
INFORM REPORT
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Report Date : |
04.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
FAIRTRADE LLC |
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Registered Office : |
Fair trade House,
5th & 6th Floors, Plot No. 129, Central Business
District, PO Box 2636, Ruwi 112,
Muscat |
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Country : |
Oman |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
31.12.1974 |
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Com. Reg. No.: |
1025619, Muscat |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Supermarket Owners and Operators / Import, Wholesale and
Retail of Foodstuff |
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$ 500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : FAIRTRADE LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 31st December 1974
Commercial Registration Number : 1025619, Muscat
Chamber Membership Number : 39
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
Total Workforce : 85
Activities : Supermarket owners and operators / import, wholesale and retail of
foodstuff
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 500,000
COMPANY NAME
FAIRTRADE LLC
ADDRESS
Registered & Physical Address
Building : Fairtrade House, 5th
& 6th Floors
Area : Plot No. 129, Central
Business District
PO Box : 2636, Ruwi 112
Town : Muscat
Country : Sultanate of Oman
Telephone : (968) 24701767 / 24705736 / 24702727
/ 24706964 / 24706676
Facsimile : (968) 24705737 / 24705738
Email : jairtrad@omantel.net.om
Premises
Subject operates
from a medium sized suite of offices that are owned and located in the Central
Business Area of Muscat.
Branch Office
(s)
Subject owns and operates two supermarkets in Muscat city centre, and
further supermarkets located in Ibri, Salalah, Sur, Sohar and Muttrah, as well
as coldstore and wholesale depots in other parts of the country such as Barkha,
Al Kamil and Nizwa.
KEY PRINCIPALS
Name Position
·
Murtadha
Hassan Ali Managing
Director
·
Sadiq Hassan
Ali Director
·
Ms Maha
Murtadha Hassan Ali Director
·
Ms Nadia
Murtadha Hassan Ali Director
·
Kamal Hassan
Ali Director
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D.D. Jadhav General
Manager
·
S.
Sivaramakrishnan Finance
Manager
·
K. Shriniwas Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 31st
December 1974
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1025619,
Muscat
Chamber Member No. : 39
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
Name of Shareholder (s)
·
Murtadha
Hassan Ali
·
Sadiq Hassan
Ali
·
Ms Maha
Murtadha Hassan Ali
·
Ms Nadia
Murtadha Hassan Ali
·
Kamal Hassan
Ali
AFFILIATED COMPANIES
·
Gulf Express
Co LLC
PO Box : 251
Muscat 113
Tel : (968) 796131
Fax : (968) 799477
·
Copper Chimney
Co LLC
PO Box : 2636
Muscat
Tel : (968) 706420
Fax : (968) 705737
·
Ashtar Limited
PO Box : 2636
Muscat
Tel : (968) 790344
Fax : (968) 705737
·
North Oman Cold
Stores
PO Box : 2636
Muscat
Tel : (968) 701767
Fax : (968) 705738
·
Socat LLC
PO Box : 232
Muscat
Tel : (968) 593928
Fax : (968) 593929
·
General
Electric & Trading Co LLC (Genetco)
Fairtrade House
Central Business District
PO Box : 3139, Ruwi 112
Muscat
Tel : (968) 704457 / 797054 / 706764
Fax : (968) 700032
·
Dairy Queen
PO Box : 2636
Muscat
·
Ceramic Center
PO Box : 2636
Muscat
·
Omn Invest
PO Box : 2636
Muscat
OPERATIONS
Activities: Owners and operators of a number of supermarkets
located throughout Oman, specialising in the retail of fast moving consumer
goods, particularly foodstuff such as biscuits, crisps, snacks, confectionery,
milk powder and beverages.
Subject is also
engaged in the import, wholesale and retail of frozen and dry foodstuffs, dairy
products, eggs as well as cigarettes and tobacco products.
Import
Countries: France,
Switzerland, the United Kingdom, Germany, Denmark, Lebanon, New Zealand and the
United States of America
Principal
Agencies Held:
·
Kraft General
Foods
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Fromageries
Bel
·
Bahlsen
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Khong Guan
Biscuits
·
Borden
International
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Gallaher
International Ltd
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Johnson Wax
·
Modern Salt Co
·
International
Beverage
International
Suppliers :
·
Dove
Processing Lebanon
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New Zealand
Milk New Zealand
Brand Names: NESTLE, UNILEVER, CAMPBELL, and CEBAG
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 3,920,000 RO 4,350,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Bank of Oman,
Bahrain & Kuwait
BOBK House
Al Burj Street
PO Box : 4708, Ruwi 112
Muscat
Tel: (968) 24701528 / 24701532
/ 24701788
Fax: (968) 24705607 / 24793536
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction May 2001 January
2003 September 2006
Credit amount 150,000 340,000 150,000
Amount overdue 0 0 0
Payment terms 60
days 60 days 60 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency Deutsch
Marks Euros US Dollars
GENERAL COMMENTS
Fairtrade LLC has
operations dating back to 1974 and is very well established in the local
business community with supermarkets located in the major cities. The company holds
a number of well known agencies from international suppliers and enjoys a good
reputation for the quality of its products.
Subject is run in a
professional manner and is owned by members of the Hassan Ali family who have
interests in a number of ventures located throughout the country.
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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.37 |
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UK Pound |
1 |
Rs.78.09 |
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Euro |
1 |
Rs.63.41 |
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. |
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%)