MIRA INFORM REPORT

 

 

Report Date :           

02.11.2011

 

IDENTIFICATION DETAILS

 

Name :

AL ANSARI TRADING ENTERPRISES LLC

 

 

Registered Office :

Al Kutheiry Building, 1st Floor, Bait Al Falaj Street, Muttrah Al Kubra, P O Box 1832, Ruwi 112

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

20.05.1975

 

 

Com. Reg. No.:

1/00784/0, Ruwi

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Subject operates through several divisions Marketing Division, Construction Division, Manufacturing 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$ 2,000,000

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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                                     : AL ANSARI TRADING ENTERPRISES LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 20th May 1975

Commercial Registration Number            : 1/00784/0, Ruwi

Chamber Membership Number                : 366

Issued Capital                                        : RO 1,000,000

Paid up Capital                                      : RO 1,000,000

Total Workforce                                     : 1,800

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

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 2,000,000

Person Interviewed                                 : N Sriram, Finance Manager

 

COMPANY NAME

 

AL ANSARI TRADING ENTERPRISES LLC

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Al Kutheiry Building, 1st Floor

Street               : Bait Al Falaj Street

Area                 : Muttrah Al Kubra

PO Box             : 1832

Town                 : Ruwi 112

Country             : Sultanate of Oman

Telephone         : (968) 24810033 / 24590100

Facsimile          : (968) 24812522 / 24590113

Email                : contactus@alansarioman.com

 

Premises

Subject operates from a leased suite of offices and a showroom covering an area of 8,400 square metres that are located in the Central Business Area of Ruwi.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Ghala                                                                                               Rented office and warehouse

Wadi Kabir

Ruwi

Tel: (968) 24592230

Fax: (968) 24592477

 

·       Al Ansari Complex                                                                            Owned warehouse

Ghala

     PO Box: 788

     Muscat

     Tel: (968) 24590100

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Kiran Ashaher                                               British                           Managing Director

 

·       Mohamed Bin Ali Bin Juma Al Zadjali              Omani                           Director

 

·       Yousef Ismail G Nawallah                              Indian                            Director

 

·       Dipak Ved                                                         -                              General Manager

 

·       N Sriram                                                            -                              Finance Manager

 

·       Manin Kandan                                                    -                              Assistant General Manager

 

·       V Sajeevan                                                        -                              Marketing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 20th May 1975

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/00784/0, Ruwi

 

Chamber Member No. : 366

 

Issued Capital              : RO 1,000,000

 

Paid up Capital            : RO 1,000,000

 

Name of Shareholder (s)                                                    Percentage

 

·       Kiran Ashaher                                                                       35%

 

·       Mohamed Bin Ali Bin Juma Al Zadjali                                      35%

 

·       Yousef Ismail G Nawallah                                                      30%

 

 

AFFILIATED COMPANIES

 

Subject is a member of the Al Ansari Group of Companies, which comprises the following concerns:

 

·       Al Ansari Contractors LLC

PO Box: 1832, Ruwi
Muscat 112
Tel: (968) 24590100 / 24593765 / 24593748
Fax: (968) 24590113

 

·       Al Manahal Agriculture Technology

PO Box: 788, Ruwi
Muscat 113
Tel: (968) 24590100
Fax: (968) 24590133

 

·       Al Ansari Steel Works

PO Box: 788
Muscat 113
Tel: (968) 24590100
Fax: (968) 24590113

 

·       Akar Technical Services Co LLC

     PO Box: 14652

Dubai
United Arab Emirates
Tel: (971-4) 3479889
Fax: (971-4) 3479886
Email: akarllc@emirates.net.ae

 

·       Al Inshirah Trading Establishment

PO Box: 14652

Dubai
United Arab Emirates
Tel: (971-4) 3359784
Fax: (971-4) 3348597
Email: inshirah@emirates.net.ae

 

·       Kimoha Entrepreneurs Ltd

Jebel Ali Free Zone
PO Box: 16828

Dubai
United Arab Emirates
Tel: (971-4) 8816927
Fax: (971-4) 8815075
Email: kel@emirates.net.ae

 

·       Al Saadah Clinic

PO Box: 1832

Ruwi
Tel: (968) 24795101
Fax: (968) 24706829

 

 

OPERATIONS

 

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

 

·       Marketing Division

 

Wholesalers and retailers of building materials and construction equipment, flooring materials, insulation products, hardware and sanitary ware.

 

·       Construction Division

 

Subject also offers contracting services specialising in Building Construction, Electro-Mechanical, Pipeline Projects, Irrigation & Landscaping, STP projects, Electro plating, Instrument Calibration & repairs, Rebar cutting & bending.

 

·       Manufacturing Division

 

     Specialises in industrial coating, gold plating and tank fabrication.

 

Import Countries: United Kingdom, Germany and Saudi Arabia

 

Operating Trend: Steady

 

Subject has a workforce of approximately 1,800 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 46,250,000                          RO 49,500,000

 

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

 

The above figures were provided by Mr N Sriram, Finance Manager

 

 

BANKERS

 

·       HSBC Middle East

Main Branch

PO Box: 240

Muscat

Tel: (968) 24799920 / 24799927

Fax: (968) 24704241

 

·       ANZ Grindlays Bank

Main Branch

PO Box: 550

Muscat

Tel: (968) 24703013 / 24704035

Fax: (968) 24706911

 

·       Commercial Bank of Oman

Muttrah Business District

PO Box: 1696

Ruwi 112

Muscat

Tel: (968) 24793225

 

 

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.49.08

UK Pound

1

Rs.78.78

Euro

1

Rs.67.76

 

 

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.