MIRA INFORM REPORT

Report Date :

06.01.2011

IDENTIFICATION DETAILS

Correct Name :	OMAN FOODS INTERNATIONAL SAOG

Formerly Known As :	National Rice Mills SAOG

Registered Office :	Rusayl Industrial Estate, P O Box 137, Rusayl 124

Country :	Oman

Financials (as on) :	31.12.2009

Date of Incorporation :	13.01.1996

Com. Reg. No.:	0/53341/1

Legal Form :	Omani Closed Joint Stock Company

Line of Business :	Processing, packing and distributing of rice and other foodstuffs

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	US$ 275,000
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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

Oman

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SUMMARY

Company Name : OMAN FOODS INTERNATIONAL SAOG

Country of Origin : Oman

Legal Form : Omani Closed Joint Stock Company

Registration Date : 13^th January 1996

Commercial Registration Number : 0/53341/1

Authorised Capital : RO 8,500,000

Issued Capital : RO 6,200,721

Paid up Capital : RO 6,200,721

Total Workforce : 60

Activities : Processing, packing and distributing of rice and other foodstuffs

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Recommended Credit Limit : US$ 275,000

COMPANY NAME

OMAN FOODS INTERNATIONAL SAOG

company ADDRESS

Registered & Physical Address

Location : Rusayl Industrial Estate

PO Box : 137

Town : Rusayl 124

Country : Sultanate of Oman

Telephone : (968) 24446213 / 24446548

Facsimile : (968) 24446203

Mobile : (968) 99612234

Email : nrmrice@omantel.net.om

Premises

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Industrial Area of Rusayl.

KEY PRINCIPALS

Name Position

· Mardas Abdullah Hamed Al Harthy Chairman

· Hamed Nasser Al Bortmani Director

· Malallah Ali Yousuf Al Zadjali Director

· Imad Soud Hilal Al Harthy Director

· S Sarathy Director

· R Srinivasan Director

· V Parthasarathy General Manager

· Sabu Kurian Finance Manager

LEGAL FORM & OWNERS

Date of Establishment : 13^th January 1996

History : Subject was previously called “National Rice Mills SAOG” but changed its name to the

present style on the 11^th December 2006.

Legal Form : Omani Closed Joint Stock Company

Commercial Reg. No. : 0/53341/1

Authorised Capital : RO 8,500,000

Issued Capital : RO 6,200,721

Paid up Capital : RO 6,200,721

Name of Shareholder (s) Percentage

· Bank Muscat SAOG 30.25%

· Bank Dhofar SAOG 25.90%

· Oman Arab Bank SAOC 12.44%

· Oman Government 8.06%

· Private investors and members of the general public 23.35%

OPERATIONS

Activities: Engaged in the processing, packing and distributing of rice and other foodstuffs.

Subject’s rice milling capacity is 25,000 MT per year.

Operating Trend: Steady

Subject has a workforce of 60 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: Riyal Omani (RO)

Balance Sheet 31/12/09 31/12/08

Non current assets

Property, plant and equipment 951,100 1,042,175

Subordinated Bonds 714,400 -

1,665,500 1,042,175

Current assets

Inventories 1,184,716 605,602

Trade receivables 784,575 884,724

Other receivables 126,932 36,200

Cash and bank balance 2,015,551 1,281,958

4,111,774 2,808,484

Current liabilities

Trade and other payables 3,070,588 1,597,453

Current maturities of lease finance 6,310 14,088

Current maturities of term loans 100,000 50,000

3,176,898 1,661,541

Net current assets

Non current liabilities

Lease finance, excluding current maturities 579 7,446

Term loans, excluding current maturities 652,881 697,112

Deferred Government grant 147,119 202,888

Staff terminal benefits 18,818 13,990

819,397 921,436

Net assets 1,780,979 1,267,682

Representation of funds

Share capital 6,200,721 6,200,721

Legal reserve 172,355 123,877

Accumulated losses (4,620,619) (5,056,916)

Fair value reserve 28,522 -

Statement of Income

Turnover 11,525,279 6,545,196

Cost of turnover (10,605,627) (5,259,304)

Gross profit 919,652 1,285,892

Other income 190,671 152,514

Expenses

Administrative and general expenses 247,696 228,854

Selling and distribution expenses 331,294 262,712

Finance costs 5,664 5,543

Provision for inventories 40,894 -

Impairment of fixed assets - 33,598

625,548 530,707

Net profit for the year 484,775 907,699

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

BANKERS

· Bank of Muscat

Al Rakha Street

PO Box: 109

Muscat

Tel: (968) 24736565

Fax: (968) 24736187

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.45.20
UK Pound	1	Rs.70.27
Euro	1	Rs.59.99

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%)

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