MIRA
INFORM REPORT
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Report Date : |
20.09.2011 |
IDENTIFICATION DETAILS
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Name : |
SOUTHERN FOODS LLC |
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Registered Office : |
Dar Sait PO Box 1266 Ruwi 112 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
29.10.2007 |
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Com. Reg. No.: |
1/02883/5 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Wholesalers of frozen foods, chilled meat and poultry. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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) |
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Oman |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name : SOUTHERN FOODS LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 29th October 2007
Commercial Registration Number : 1/02883/5
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 15
Activities : Wholesalers of frozen foods, chilled meat and poultry.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
Person Interviewed : Jack Mendes, Financial Controller
*COMPANY NAME
SOUTHERN FOODS LLC
ADDRESS
Registered & Physical Address
Location : Dar Sait
PO Box : 1266
Town : Ruwi 112
Country : Oman
Telephone : (968) 24795565
/ 24787265
Facsimile : (968) 24780372
/ 24702450
Mobile : (968)
94063983 / 97736979
Email : alhamadi@omantel.net.om
/ satyadash73@gmail.com
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Central Business Area of Ruwi.
KEY PRINCIPALS
Name Nationality Position
· Flynn Delima Portuguese Managing
Director
· Parshant Desai Indian Director
· Puttan Porkal
Joseph Indian Director
· Sheikh Abdullah
Bin Yousef Bin Ali Al Hamadi Omani Director
· Satty Dash - General
Manager
· Jack Mendes - Financial
Controller
LEGAL FORM & OWNERS
Date of Establishment : 29th October 2007
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/02883/5
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of Shareholder (s)
· Flynn Delima
· Parshant Desai
· Puttan Porkal
Joseph
· Sheikh Abdullah
Bin Yousef Bin Ali Al Hamadi
AFFILIATED COMPANIES
· Al Hamadi Trading
& Contracting LLC
Muscat
· Seven Seas LLC
Muscat
OPERATIONS
Activities: Engaged in the wholesale and retail of frozen foods, chilled meats and
poultry.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 15 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
910,000 RO
1,050,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
·
Bank of Muscat
Al Burj
Street
Greater
Muttrah
PO Box:
6326, Ruwi
Muscat
Tel:
(968) 24701769
Fax:
(968) 24796488
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.47.79 |
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|
1 |
Rs.75.06 |
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Euro |
1 |
Rs.65.35 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.