MIRA INFORM REPORT

 

 

Report Date :

02.03.2011

 

IDENTIFICATION DETAILS

 

Name :

AL ATHNAIN CO LLC

 

 

Registered Office :

Al Athnain Company Building Industrial Area Street, Near Abu Nabeel Co., Ghala Industrial Area , P.O. Box 694 PC 111, Muscat

 

 

Country :

Oman

 

 

Date of Incorporation :

19.01.1998

 

 

Com. Reg. No.:

1068709

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Catering Services Providers

 

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 170,000

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 

 

Al Athnain Co LLC

 

 

Company ADDRESS

 

Building                         :  Al Athnain Company Building

Street                                       :  Industrial Area Street

Area                                         : Near Abu Nabeel Co., Ghala Industrial Area

P.O. Box                       : 694 PC 111

Town                             : Muscat

Country                         : Oman, Sultanate of

Telephone                     : (968) 2450 3173 / 2450 2997

Fax                               : (968) 2459 7211

E-Mail                           : jayesh_shah@yahoo.com

 

Also known as : Al Athnain Company LLC

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                            Position

 

1. Mohammed Hamad Salem Al Ruzaiqi              Chairman

 

2. Nasser Hamad Salem Al Ruzaiqi                     Managing Director

 

3. K. Jagadeesh                                                 Financial Manager

 

Total Employees : 1,000

 

 

PAYMENTS

 

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

 

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

 

Opinion on maximum credit : RO 170,000

 

Trade risk assessment : Normal

 

Opinion on the credit figure of US DLRS 150,000 :

 

We consider the above figure to be within the company's financial capabilities.

PRINCIPAL BANKERS

 

NAME               : BANK DHOFAR (SAOG)

Branch              : MBD branch

P.O. Box           : 1507

Town                 : Ruwi 112

Telephone         : (968) 2479 0466

Fax                    : (968) 2479 7246

 

 

FINANCIAL INFORMATION

 

Private companies in Oman, Sultanate of are not required to publish

or disclose balance sheets. However, the subject interviewed

offered the following information :

 

Sales Turnover               : RO 8,500,000 – 2010 - approx

 

Net Profit                       : not given but stated to be profitable

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started                              : 19 January 1998

 

History                                      : Subject was established in Oman on 19 January 1998, However its origins can

be traced back to 1991.

 

C.R. No.                                    : 1068709 (expiry date : 18 January 2013)

 

Chamber of Commerce Membership No. : 2519 (issued on 10 September 2009, expiry date : 9 September 2011)

 

Capital                                      : not given

 

Limited Liability Company with the following shareholders :

 

1. Mohammed Hamad Salem Al Ruzaiqi  

  (Omani national)

 

2. Nasser Hamad Salem Al Ruzaiqi

  (brother of the above)

 

2. Undisclosed Omani shareholder.

 

The exact shareholding percentage was not disclosed.

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Catering services providers.

 

Importers, distributors and suppliers of foodstuff including fresh fruits, vegetables and dates.

 

Building contractors (buildings cleaning and maintenance).

 

Subject also provides support services including laundry services.

 

Imports from Europe and Asia.

 

The company does not export, all sales are domestic.

 

 

FACILITIES

 

The Company has the following facilities :

 

Owned premises comprising administrative offices with storage facilities located at the heading address as well as warehousing facilities located elsewhere in Muscat.

 

 

SPECIAL NOTE

 

Interviewed : K. Jagadeesh (Financial Manager).

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.12

UK Pound

1

Rs.73.43

Euro

1

Rs.62.32

 

 

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.