MIRA INFORM REPORT
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Report Date : |
19.12.2011 |
IDENTIFICATION DETAILS
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Name : |
AL REEF LLC |
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Registered Office : |
Zubair Furnishing
Complex, Al Omran Street, Ghala Industrial Area, Madinat Al Sultan Qaboos
115, P O Box 418, Muscat |
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Country : |
Oman |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
01.02.1993 |
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Com. Reg. No.: |
1/37416/8 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesale and distribution of general foodstuff and non food items |
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No. of Employees
: |
200 persons |
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$ 1,500,000 |
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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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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) |
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Oman |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name : AL REEF LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 1st February 1993
Commercial Registration Number : 1/37416/8
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 200
Activities : Wholesale and distribution of general foodstuff and non food items.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 1,500,000
Person Interviewed : S B Shatti, Financial Manager
COMPANY NAME
AL REEF LLC
company ADDRESS
Registered &
Physical Address
Building : Zubair Furnishing Complex
Street : Al Omran Street
Area : Ghala Industrial Area,
Madinat Al Sultan Qaboos 115
PO Box : 418
Town : Muscat
Country : Oman
Telephone : (968) 24503469 / 24503473 / 24561403
/ 24561128
Facsimile : (968) 24597328 / 24561416
Email : tcsoman@omantel.net.om
Premises
Subject operates
from a large suite of offices and a warehouse that are rented and located in
the Industrial Area of Muscat.
Branch Office (s)
Subject has branch offices located in Nizwa, Soor, Sohar and Salalah.
KEY PRINCIPALS
Name Nationality Position
·
Lekhrag
T Pagarani Indian Managing
Director
·
Dr Juma
Ali Juma Omani Director
·
Kamal
Manek - General
Manager
·
Ani Mathew - Sales
Manager
·
S B
Shatti - Financial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1st
February 1993
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/37416/8
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of Shareholder (s)
·
Lekhrag
T Pagarani
·
Dr Juma
Ali Juma
AFFILIATED COMPANIES
·
T
Choithrams & Sons LLC
Dubai
United Arab Emirates
OPERATIONS
Activities: Engaged in the wholesale and distribution of
general foodstuff and non food items.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of approximately 200 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Riyal
Omani (RO)
Year
Ending 31/12/09: Year
Ending 31/12/10:
Total Sales RO 17,800,000 RO 19,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr S B Shatti, Financial Manager
BANKERS
·
Bank of
Muscat
Al Burj Street
Greater Muttrah
PO Box: 6326, Ruwi
Muscat
Tel: (968) 24701769
Fax: (968) 24796488
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.81 |
|
UK Pound |
1 |
Rs.82.00 |
|
Euro |
1 |
Rs.68.81 |
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 |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.