MIRA INFORM REPORT

 

 

Report Date :           

29.12.2011

 

IDENTIFICATION DETAILS

 

Name :

HARVEST ISLAND TRADING LLC

 

 

Registered Office :

Saara Street, P O Box 795, Al Buraimi 512

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

07.10.2002

 

 

Com. Reg. No.:

8/06045/2

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Import and distribution of veterinary products, chemical fertilizers, seeds and agricultural equipment

 

 

No. of Employees :

17

 

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$ 150,000

 

 

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                                     : HARVEST ISLAND TRADING LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 7th October 2002

Commercial Registration Number            : 8/06045/2

Chamber Membership Number                : 160

Issued Capital                                        : RO 150,000

Paid up Capital                                      : RO 150,000

Total Workforce                                     : 17

Activities                                               : Import and distribution of veterinary products, chemical fertilizers, seeds

and agricultural equipment.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 150,000

Person Interviewed                                 : Nasser Fadid Rahman Ararawi, Director

 

COMPANY NAME

 

HARVEST ISLAND TRADING LLC

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Saara Street

PO Box             : 795

Town                 : Al Buraimi 512

Country             : Oman

Telephone         : (968) 25655451

Facsimile          : (968) 25655452

Mobile               : (968) 99326166

Email                : harvest@omantel.net.om / drfouad.arafat@gmail.com / hassadoman@yahoo.com

 

Premises

Subject operates from a small suite of offices and a showroom that are rented and located in the Suburban Business Area of Al Buraimi.

 

Branch Office (s)

 

     Location                                                                                                      Description

 

·       Al Gabrah                                                                                                     Rented showroom premises

Tel: (968) 24502600 / 24695973

Fax: (968) 24506001

 

·       Braka                                                                                                           Rented showroom premises

 

·       Rumais                                                                                                        Rented showroom premises

 

 

KEY PRINCIPALS

 

     Name                                                                      Nationality                   Position

 

·       Ahmed Mohamed Abdul Karim Abu Rayan                  Jordanian                      Managing Director

 

·       Nasser Fadid Rahman Ararawi                                   Jordanian                      Director

 

·       Saleh Salem Al Azizi                                                   Omani                         Director

 

·       Mohan Babu                                                                    -                            Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 7th October 2002

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 8/06045/2

 

Chamber Member No. : 160

 

Issued Capital              : RO 150,000

 

Paid up Capital            : RO 150,000

 

Name of Shareholder (s)

·       Ahmed Mohamed Abdul Karim Abu Rayan

·       Nasser Fadid Rahman Ararawi

·       Saleh Salem Al Azizi

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of veterinary products, chemical fertilizers, seeds and agricultural equipment.

 

Import Countries: India and Jordan.

 

International Suppliers:

 

·       Rallis Chemical (TATA Group)            India

·       Indo-American                                   India

·       Unicon                                             India

·       Dawoodco                                        Jordan

·       Al Manaseer Chemical                       Jordan

·       VAPCO                                            Jordan

 

Operating Trend: Steady

 

Subject has a workforce of 17 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 1,935,000                            RO 2,260,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Bank Muscat SAOG

PO Box: 6326

Muscat

Tel: (968) 24701769

 

 

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.53.21

UK Pound

1

Rs.83.32

Euro

1

Rs.69.51

 

 

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.