MIRA INFORM REPORT

 

 

Report Date :           

02.11.2011

 

IDENTIFICATION DETAILS

 

Name :

ASSARAIN FOOD PRODUCTS LLC

 

 

Registered Office :

Assarain House, Madinat Al Qaboos, Al Khuwair, P O Box 1475, Ruwi 112

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

02.01.2002

 

 

Com. Reg. No.:

1/70532/6, Muscat

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Import and distribution of dry foodstuff products

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 2,050,000

Status :

Good

Payment Behaviour :

Usually Correct

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                                     : ASSARAIN FOOD PRODUCTS LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 2nd January 2002

Commercial Registration Number            : 1/70532/6, Muscat

Issued Capital                                        : RO 250,000

Paid up Capital                                      : RO 250,000

Total Workforce                                     : 125

Activities                                               : Import and distribution of dry foodstuff products.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 2,050,000

Person Interviewed                                 : Simon De Souza, Finance Manager

 

COMPANY NAME

 

ASSARAIN FOOD PRODUCTS LLC

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Assarain House

Area                 : Madinat Al Qaboos, Al Khuwair

PO Box             : 1475

Town                 : Ruwi 112

Country             : Sultanate of Oman

Telephone         : (968) 24698162 / 24603166 / 24565505

Facsimile          : (968) 24607194 / 24564296

Email                : aefoods@omantel.net.om / aefoods@assarain.com

 

Premises

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Suburban Business Area of Ruwi.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Nizwa                                                                                               Rented showroom premises

Tel: (968) 24525634

 

·       Sohar                                                                                               Rented showroom premises

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Said Salem Al Wahaibi                                                                      Chairman

 

·       Salem Said Salem Al Wahaibi                                                            Managing Director

 

·       Khalid Said Salem Al Wahaibi                                                            Director

 

·       Ibrahim Said Salem Al Wahaibi                                                          Director

 

·       Neil Eapen                                                                                        General Manager

 

·       Philip Pothanm                                                                                 Sales Manager

 

·       Simon De Souza                                                                               Finance Manager

 

·       S P Nanda                                                                                        Financial Controller

 

·       Girgan Thwari                                                                                    Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2nd January 2002

 

History                         : Subject was originally established in 1980 as a division of Assarain Enterprise LLC.

  However on 2nd January 2002 it was registered as a separate legal entity under the style of  “Assarain Food Products LLC”

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/70532/6, Muscat

 

Issued Capital              : RO 250,000

 

Paid up Capital            : RO 250,000

 

Name of Shareholder (s)

 

·       Said Salem Al Wahaibi

 

·       Salem Said Salem Al Wahaibi

 

·       Khalid Said Salem Al Wahaibi

 

·       Ibrahim Said Salem Al Wahaibi

 

 

AFFILIATED COMPANIES

 

Subject is a member of the Assarain Group that was founded in 1976. The Group’s roots lie in the construction industry and its earliest forays were into related areas such as architectural projects, furnishing, property, concrete products and commercial services. Today, as a multi-million dollar international group, its diverse interests span construction, oil and gas, national infrastructure projects, consumer products, food distribution, travel and insurance, and health care.

 

The Assarain Group of Companies consists of the following concerns:

 

·       Assarain Enterprise LLC

Assarain Building, 4th Floor

Al Khuwair

PO Box: 1475

Ruwi 112

Tel: (968) 24604811

Fax: (968) 24604837

Email: assarain@assarain.com

 

·       Assarain Furnishing LLC

PO Box: 1475

Ruwi 112

Tel: (968) 27592151

Fax: (968) 27593124

 

·       Wadi Adai Auto Service Centre LLC

PO Box: 1475

Ruwi 112

Tel: (968) 24563396 / 24561955

Fax: (968) 24562671

 

·       Assarain Telecommunications LLC

PO Box: 1475

Ruwi 112

Tel: (968) 24789931 / 24789932

Fax: (968) 24789930

 

·       Blue Falcon Travels

PO Box: 1414

Ruwi 112

Tel: (968) 24604568

Fax: (968) 24604586

 

·       Assarain Concrete Products LLC

PO Box: 971

Madinat Al Sultan Qaboos 111

Tel: (968) 24605986

Fax: (968) 24695957

 

·       Assarain Garden Centre LLC

PO Box: 4475

Muscat

Tel: (968) 27561132

 

·       Drake & Scull Assarain LLC

Medina Qaboos

PO Box: 3146

Muscat

Tel: (968) 24602843

 

·       Assarain Textiles LLC

       PO Box: 1475

Ruwi 112

Tel: (968) 24700149

 

·       Al Haq Trading & Contracting Co LLC

PO Box: 647

Salalah 211

Tel: (968) 23291428 / 23291044 / 23291278 / 23291428 / 23292644

Fax: (968) 23294535 / 23292644

 

·       Assarain Insurance

 

·       National Marketing & Trading

 

·       Hatat Polyclinic LLC

 

·       The Raymond Shop

 

·       Kalhat Services & Trading LLC

 

·       Modern Concrete Products & Trading LLC

 

·       Shamal Plastic Industries LLC

 

·       Gulf Acrylic Industries LLC

 

·       Modern Steel Mills LLC

 

·       Hay Al Rahbah Trading & Contracting Co LLC

 

·       Cluttons & Partners LLC

 

·       Strabag Oman LLC

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of dry foodstuff products, including Basmati rice as well as frozen foodstuff with clients including hotels, restaurants and cafes.

 

Import Countries: France, Netherlands, Canada, Brazil and Vietnam

 

International Suppliers:

 

·       Frangosul                 Brazil

·       Perdix                      Brazil

·       Dalia                        France

·       Lactalis                    France

·       Maccin                     France

·       Siblu                        Vietnam

·       Danpo                      Denmark

·       Towers Thompson     Australia

·       President                  France

 

Operating Trend: Steady

 

Subject has a workforce of 125 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 385,000,000             RO 405,000,000

 

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

 

The above figures were provided by Mr Simon De Souza, Finance Manager

 

 

BANKERS

 

·       National Bank of Oman Limited

Ruwi Branch

PO Box: 3752

Muscat

Tel: (968) 24708898

 

·       Oman International Bank

PO Box: 1216

Ruwi

Tel: (968) 24701528

 

·       Bank Muscat SAOG

Ruwi Main Branch

     PO Box: 6326

     Muscat

     Tel: (968) 24561399 / 24708543

     Fax: (968) 24561036

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

 

GENERAL COMMENTS

 

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

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.