MIRA INFORM REPORT

 

 

Report Date :           

09.03.2011

 

IDENTIFICATION DETAILS

 

Name :

AL SEER GROUP LLC 

 

 

Registered Office :

Al Seer Building, Sultan Qaboos Street, Birka Area, P O Box 1938 Azaiba 130, Muscat

 

 

Country :

Oman

 

 

Date of Incorporation :

22.08.2007

 

 

Com. Reg. No.:

1/02530/5

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Importers, wholesalers and distributors of FMCG products

 

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 :

RO 100,000

 

 

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

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 Seer Group LLC

 

 

Company ADDRESS

 

Building             : Al Seer Building

Street                           : Sultan Qaboos Street

Area                             : Birka Area

PO Box             : 1938 Azaiba 130

Town                 : Muscat

Country             : Oman

Telephone         : (968) 2689 2900 / Mobile (968) 9972 8844

Fax                   : (968) 2689 2929

E-Mail               : kalyan.shakravarthi@alseer.com

Website            : www.alseer.com

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                Position

 

1. Ali Saeed Juma Albwardy                   Chairman

 

2. Philip D’abo                                       Managing Director

 

3. S. Chandrasekhar                              Chief Executive Officer

 

4. John Varghese                                   General Manager

 

5. Kalyan Shakravarthi                            Financial Manager

 

6. Baqer Jaffer                                       HR Manager

 

7. Yasser Al Raisi                                  Executive Secretary

 

 

Total Employees :          250 (subject)

                                    1,000 plus (group)

 

 

PAYMENTS

 

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

 

Subject is a member of the Al Seer Group of companies which employs more than 1,000 employees and has operations dating back to 1961.

 

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

however in view of the lack of financial information we recommend

international suppliers exercise a degree of caution.

 

Opinion on maximum credit : RO 100,000

 

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 MUSCAT (SAOG)

Branch              : Main Branch

Street                           : Al Burj Street, Muttrah Commercial District 1073

P.O. Box           : 134

Town                 : Ruwi 112

Telephone         : (968) 2470 3044 / 2478 8638 / 2470 8653

Fax                   : (968) 2478 9886 / 2478 8638

 

The company also has an account with :

 

Standard Chartered Bank

Bait AI Falaj Street

PO Box 2353 Ruwi PC 112

Muscat

Telephone: (968) 2470 3999

Fax      : (968) 2479 6864

 

 

FINANCIAL INFORMATION

 

Private companies in Oman are not required to publish or disclose balance sheets. Balance sheets are not available from other sources, and the subject interviewed declined to give any financial information, which the company regards as strictly confidential.

 

LEGAL STATUS AND HISTORY

 

Date Started                                          : 22 August 2007

 

C.R. No.                                                : 1/02530/5 (expiry date: 21 August 2012)

 

Chamber of Commerce Membership No.: 2212 (issued on 4 August 2008, expiry date: 3 August 2011)

 

Authorised Capital                                  : RO 250,000

 

Paid-Up Capital                          : RO 250,000

 

Limited Liability Company with the following sole shareholders :

 

Ali Saeed Juma Albwardy                         100%

(United Arab Emirates national)

 

Affiliated companies of the subject company :

 

Subject is a member of the Al Seer Group of Companies, UAE, which also includes the following companies :

 

Associates

 

1. Al Seer Trading Agencies

   Al Seer Building

   Sheikh Zayed Road

   Al Quoz

   PO Box 31587

   Dubai

   United Arab Emirates

   Telephone: (971 4) 372 5300

   Fax      : (971 4) 323 2043

   Email    : customerservice@alseer.com

 

2. Fine Fair

   PO Box 24663

   Sharjah

   United Arab Emirates

   Telephone: (971 6) 566 5055

   Fax      : (971 6) 566 8455

 

3. Arabian Oasis Food Company LLC

   PO Box 6323

   Dubai

   United Arab Emirates

   Telephone: (971 4) 333 4525

   Fax      : (971 4) 285 6976

   Website  : www.arabianoasisfood.com

 

4. Al Seer Food Services

   PO Box 31587 

   Dubai

   United Arab Emirates 

   Telephone: (971 4) 347 9922

   Fax      : (971 4) 347 1655

 

5. Al Seer Group LLC

   PO Box 6647

   Dubai

   United Arab Emirates

   Telephone: (971 4) 355 5250

   Fax      : (971 4) 355 5269

   C.R. No. : 55390

   Trade License No. : 521703

 

6. Al Seer Oman (fmly Oman United Agencies)

   PO Box 985 Ruwi 112

   Muscat

   70 Al Iskan Street, Rex Rd., Muttrah,

   Telephone: (968) 2470 4129

   Fax      : (968) 2479 3390 

 

7. Arabian Oasis Food Company LLC

   Muscat

   Oman

 

8. Agencies & Trading Co.

   Abu Dhabi

   United Arab Emirates

 

9. Al Seer Pharma

   Al Quoz

   PO Box 31587

   Dubai

   United Arab Emirates

   Telephone: (971 4) 372 5653

   Fax      : (971 4) 347 0287

 

10.Al Seer Marine

   PO Box 33639

   Abu Dhabi

   United Arab Emirates

   Telephone: (971 2) 551 1336

   Fax      : (971 2) 551 1556

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Importers, wholesalers and distributors of FMCG products.

 

Principals & Agencies: Ferrero, Yardley, UB, Clorox, Chupa Chups,

                       Crème 21, Henkel, Shama, Dettol, Kraft, QBB,

                       Colgate, Oreo, Pif Paf, Kotex, Huggies.

 

Imports from Europe, USA and Asia.

 

The company does not export, all sales are domestic.

 

 

FACILITIES

 

The Company has the following facilities :

 

Owned premises comprising administrative offices and a whole sale depot with storage facilities located at the heading address as well as 5 branches located elsewhere in Birka, Muscat and Sohar.

 

 

SPECIAL NOTE

 

Interviewed: Kalyan Shakravarthi (Financial Manager).

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.03

UK Pound

1

Rs.72.98

Euro

1

Rs.62.94

 

 

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.