MIRA INFORM REPORT

 

 

Report Date :

23.02.2011

 

IDENTIFICATION DETAILS

 

Name :

AGNICE INTERNATIONAL & PARTNERS LLC 

 

 

Registered Office :

UMS Building, Way No. 935, Ruwi Area, P.O.Box No. 546 Wadi Kabir 117, Muscat

 

 

Country :

Oman

 

 

Date of Incorporation :

02.03.2009

 

 

Com. Reg. No.:

1/06330/1

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Provides custom-designs, fire engineering and installs superior fire protection systems and helps organisation manage fire risk

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

RO 50,000

Status :

Moderate

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Oman

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company  NAME

 

Agnice International & Partners LLC

 

 

company ADDRESS

 

Building             : UMS Building

Street               : Way No. 935

Area                 : Ruwi Area

P.O.Box No.      : 546 Wadi Kabir 117

Town                 : Muscat

Country             : Oman

Telephone         : (968) 2479 7578 / Mobiles (968) 9931 7694 / 9678 8233 

Fax                   : (968) 2479 9943

 

Trading Style  : Agnice

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                Position

 

1. Suhail Amir Ahmed Manappat             Managing Director

 

2. Amir Ahmed Manappat                       Director

 

3. Amir Mohammed Salem Al Balushi      Director

 

Total Employees :          100 (subject)

                                    500 plus (group)

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

Subject is a member of the Manappat Group of Companies, Oman, with operations in Oman, UAE, Saudi Arabia and India and employing more than 500 people.

 

We consider it is acceptable to deal with subject for MEDIUM amounts.

 

Opinion on maximum credit : RO 50,000

 

Trade risk assessment: Normal

PRINCIPAL BANKERS

 

NAME               : NATIONAL BANK OF OMAN (SAOG)

Branch              : Main Branch

P.O. Box           : 751 Ruwi 112

Town                 : Muscat

Telephone         : (968) 2481 1711

Fax                   : (968) 2481 4830

 

 

FINANCIAL INFORMATION

 

Private companies in Oman are not required to publish or disclose balance sheets. However, the subject interviewed offered

the following information :

 

Sales Turnover  : RO   900,000 - 2010 – exact*

                                    : RO 2,500,000 - 2011 - projected

 

Net Profit              : not given

 

* First year of operations.

 

Financial year ends 31 March.

 

 

LEGAL STATUS AND HISTORY

 

Date Started                                          : 2 March 2009

 

C.R. No.                                                : 1/06330/1 (expiry date: 1 March 2014)

 

Chamber of Commerce Membership No.: 10158 (issued on 2 March 2009, expiry date: 1 March 2011)

 

Authorised Capital                                  : RO 150,000

 

Paid-Up Capital                          : RO 150,000

 

Limited Liability Company with the following shareholders :

 

                                               Percentage

 

1. Suhail Amir Ahmed Manappat                      35.00%

  (Indian national)

 

2. Amir Ahmed Manappat                             35.00%

  (father of the above)

 

3. Amir Mohammed Salem Al Balushi                  30.00%

  (Omani national)

 

Affiliated companies of Agnice International & Partners LLC :

 

Associates

 

Subject is a member of the Manappat Group Of Companies, Oman, which is headed by:

 

Manappat Enterprise

PO Box 546

Muscat 117

Oman

Telephone: (968) 2479 7717

Fax      : (968) 2479 9943

 

Other members of the group include:

 

1. Benchmark International LLC

   Muscat

   Oman

 

2. Spicy Village Restaurant LLC

   Muscat

   Telephone: (968) 2451 0120 / 2452 1298   

   Fax      : (968) 2452 1298 

 

3. Teejan Furnishing LLC

   PO Box 1202, Ruwi 112

   Muscat

   Telephone: (968) 2448 9490 / 2448 9326

   Fax      : (968) 2448 1507 / 2448 9246

 

4. Connect Plus Trading LLC

   Muscat

   Oman

 

5. Teejan General Trading LLC

   PO Box 60970

   Dubai

   United Arab Emirates

   Telephone: (971 4) 267 4367

   Fax      : (971 4) 267 1518 

 

6. Agnice Fire Protection Ltd

   First Main Road

   G.K. Industrial Estate, Alapakkam

   Chennai 600116

   Tamilnadu

   India

   Telephone: (91 44) 4290 6900 (40 Lines)

   Fax      : (91 44) 2476 9324

 

7. Connect Plus Pvt Ltd

   2nd Floor, Babu’s Estate,

   Madhava Pharmacy Junction

   Banerji Road,Kacheripadi, Ernakulam

   Cochin - 682018, Kerala

   India

   Telephone: (91 484) 408 8333 / 239 6842 / 239 4308

   Fax      : (91 484) 239 1716

 

8. Agnice International LLC

   Saudi Arabia

 

9. Bridgeway Electromechanical & Decoration LLC

   PO Box 28737

   Dubai

   United Arab Emirates

   Telephone: (971 4) 268 3320

   Fax      : (971 4) 268 3360

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Subject specialises in the field of Fire Protection, Detection Systems and Low Current Systems on a turnkey basis. Subject provides custom-designs, fire engineering and installs superior fire protection systems and helps organisation manage fire risk.

 

Subject offers its products and services to a range of sectors, some of which include, Power Plants, Refineries, Airports, Seaports, Petro chemicals, Oil & Gas, Process & General industries, Warehouses & High rise buildings etc.

 

Imports from Europe, USA and India.

 

The Company does not export.

 

 

FACILITIES

 

The Company has the following facilities :

 

Owned premises comprising administrative offices and a workshop with storage facilities located at the heading address.

 

SPECIAL NOTE

 

Interviewed: Suhail Amir Ahmed Manappat (Managing Director).

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.20

UK Pound

1

Rs.73.07

Euro

1

Rs.61.41

 

 

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

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

 

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.