MIRA INFORM REPORT

 

 

Report Date :           

14.12.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

A SAFFA FOODS SAOG

 

 

Registered Office :

Ghala Roundabout, Ruwi, P O Box 3436,  Muscat 112

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

30.12.2001

 

 

Com. Reg. No.:

2/16733/6

 

 

Legal Form :

Omani Public Joint Stock Company

 

 

Line of Business :

Processing of poultry, meat, fish and related products

 

 

No. of Employees :

240

 

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$ 750,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Oman

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : A SAFFA FOODS SAOG

Country of Origin                                    : Oman

Legal Form                                            : Omani Public Joint Stock Company

Start Date                                             : 30th December 2001

Commercial Registration Number            : 2/16733/6

Issued Capital                                        : RO 10,500,000

Paid up Capital                                      : RO 10,500,000

Total Workforce                                     : 240

Activities                                               : Processing of poultry, meat, fish and related products.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 750,000

 

COMPANY NAME

 

A SAFFA FOODS SAOG

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Ghala Roundabout

Area                 : Ruwi

PO Box             : 3436

Town                 : Muscat 112

Country             : Sultanate of Oman

Telephone         : (968) 24591800 / 24789770 / 24796072

Facsimile          : (968) 24592800 / 24789774

Email                : asaffa@omantel.net.om

 

Premises

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Tamreed Area                                                                                   Production & processing plant

PO Box: 458

Salalah 211

     Tel: (968) 23288333

     Fax: (968) 23202775

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Saleh Mohamed Al Shanfary                                                              Chairman

 

·       Fahad Mohamed Al Abdul Kader                                                        Vice Chairman

 

·       Suleiman Bin Nasser Bin Suleiman Al Lamki                                       Director

 

·       Hamood Bin Ali Bin Abdullah Al Araimi                                               Director

 

·       Rashid Bin Rasheed                                                                          Director

 

·       Fahad Mohamed Al Abdulkader                                                          Director

 

·       Mubarak Suleiman Al Mantheri                                                           Director

 

·       Muhammed Rafique Chaudhry                                                            Chief Executive Officer

 

·       Dr Bassam Naifah                                                                             Administration Manager

 

·       Ramish Paul                                                                                     Finance Manager

 

·       Kannan Dirzan                                                                                  Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 30th December 2001

 

History                         : Subject began in 2001 under the name ‘A Saffa Poultry Farms SAOG’. However it re-

  registered under the current style of “A Saffa Foods SAOG” on 24th March 2010.

 

Legal Form                  : Omani Public Joint Stock Company

 

Commercial Reg. No.  : 2/16733/6

 

Issued Capital              : RO 10,500,000

 

Paid up Capital            : RO 10,500,000

 

Name of Shareholder (s)                                                        Percentage

 

·       Gulf Investment Corporation                                                    33.25%

 

·       Arab Authority for Agricultural Investment & Development          33.25%

 

·       National United Engineering & Contracting Co LLC                   10.00%

 

·       Internal Security Service Pension Fund                                     7.50%

 

·       Omani businessmen & private investors                                  16.00%

 

 

OPERATIONS

 

Activities: Engaged in the processing of poultry, meat, fish and related products.

 

Import Countries: India and Europe.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 240 employees.

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Riyal Omani (RO)

 

Balance Sheet                                                                                       31/12/10                        31/12/09

Statement of Income

                                                                                                                  31/12/10                        31/12/09

 

 

Local sources consider subject’s financial condition to be Good.

 

 

BANKERS

 

·       National Bank of Oman Limited (SAOG)

Mutrah 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

 

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.53.40

UK Pound

1

Rs.83.32

Euro

1

Rs.70.44

 

 

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

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.