MIRA INFORM REPORT

 

 

Report Date :

26.07.2011

 

IDENTIFICATION DETAILS

 

Name :

ABDUL FATAH MOHD NOOR COMPANY LLC

 

 

Registered Office :

Al Saada House, Mezzanine Floor, Office No.1 Old Airport Road Muttrah Business District, Ruwi PO Box  1375 Muscat 112

 

 

Country :

Sultanate of Oman

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1985

 

 

Com. Reg. No.:

1/60756/1

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Subject operates 2 divisions Fruits And Vegetables Division and Cold Stores Division

 

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 – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

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                                     : ABDUL FATAH MOHD NOOR COMPANY LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Start Date                                             : 1985

Registration Date                                   : 1st September 1998

Commercial Registration Number                        : 1/60756/1

Membership Number                              : 1121

Issued Capital                                        : RO 300,000

Paid up Capital                                      : RO 300,000

Total Workforce                                     : 54

Activities                                               : Subject operates 2 divisions (see below for details)

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 750,000

Person Interviewed                                 : Ahmed Shanavaz, General Manager

 

COMPANY NAME

 

ABDUL FATAH MOHD NOOR COMPANY LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Al Saada House, Mezzanine Floor, Office No.1

Street               : Old Airport Road

Area                 : Muttrah Business District, Ruwi

 

PO Box             : 1375

 

Town                 : Muscat 112

Country             : Sultanate of Oman

 

Telephone         : (968) 24815658 / 24815918

Facsimile          : (968) 24816002

Email                : afcsmt@omantel.net.om / shanavaz@afmnc.com

 

Premises

 

Subject operates from a medium sized suite of offices and a warehouse that are owned and located in the Central Business Area of Muscat.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Abdul Fatah Mohamed Noor                                                               Managing Director

 

·       Anisa Amir Ahmed Al Saadi                                                               Director

 

·       Ahmed Shanavaz                                                                              General Manager

 

·       Peju Raju Jacoub                                                                              Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1985, however subject was registered on 1st September 1998

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/60756/1

 

Membership No.          : 1121

 

Issued Capital              : RO 300,000

 

Paid up Capital            : RO 300,000

 

Name of Shareholder (s)

 

·       Abdul Fatah Mohamed Noor

 

·       Anisa Amir Ahmed Al Saadi

 

 

AFFILIATED COMPANIES

 

·       Interworld Foods LLC

PO Box: 294064

Dubai

United Arab Emirates

Tel: (971-4) 3202641 / 3202642

Fax: (971-4) 3202643

Email: intfoods@eim.ae

 

 

OPERATIONS

 

Activities: Subject’s operations are performed through the following divisions:

 

·       Fruits And Vegetables Division

 

This division imports fruits and vegetables directly at source and has outlets and storage facilities at strategic market locations in Oman. Products imported by the division directly from source include Ginger, Garlic, Carrots, Lime, Oranges, Tangerines, Apples, Pears, Grapes, Pineapple, Kiwi, and Pomegranates amongst other locally traded products.

 

·       Cold Stores Division

 

Traditionally dealing in frozen and chilled foods, the division imports directly at source and distributes through retail outlets, van sales, and through wholesalers and semi-wholesalers. Indenting and export of commodities also comes under its range of activities. The frozen food operation is carried on at its Cold Stores centrally and has seven refrigerated vehicles for retail and wholesale distribution.

 

Import Countries: India, China, Thailand, Brazil, Germany, Netherlands, Denmark, Turkey, New Zealand, Australia,

     South Africa, and the United States of America

 

Export Countries: United Arab Emirates

 

Operating Trend: Steady

 

Subject has a workforce of 54 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 12,000,000                          RO 12,820,000

 

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

 

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

 

 

BANKERS

 

·       National Bank of Oman Limited (SAOG)

Muttrah 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.

 

Date of transaction                              February 2007

Credit amount                                        150,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

 

 

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.44.42

UK Pound

1

Rs.72.49

Euro

1

Rs.63.86

 

 

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.