MIRA INFORM REPORT

 

 

Report Date :

21.12.2012

 

IDENTIFICATION DETAILS

 

Name :

SALIM QATAN TRADING COMPANY (SALALAH COLD STORE)

 

 

Registered Office :

23rd July Street, PO Box            : 1219, Salalah 211

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

19.09.1999

 

 

Com. Reg. No.:

2/14951/6

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Wholesalers and retailers of frozen and dried foodstuff products.

 

 

No. of Employees :

45

 

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

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Oman

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

oman - ECONOMIC OVERVIEW

 

Oman is a middle-income economy that is heavily dependent on dwindling oil resources. Because of declining reserves and a rapidly growing labor force, Muscat has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP to 9% by 2020 and creating more jobs to employ the rising numbers of Omanis entering the workforce. Tourism and gas-based industries are key components of the government's diversification strategy. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production, giving the country more time to diversify, and the increase in global oil prices through 2011 provided the government greater financial resources to invest in non-oil sectors.

 

Source : CIA

 

 

 

SUMMARY

 

Company Name                                    : SALIM QATAN TRADING COMPANY (SALALAH COLD STORE)

Country of Origin                                   : Oman

Legal Form                                           : Limited Liability Company – LLC

Registration Date                                  : 19th September 1999

Commercial Registration Number           : 2/14951/6

Chamber Membership Number               : 600

Issued Capital                                       : RO 150,000

Paid up Capital                                     : RO 150,000

Total Workforce                                     : 45

Activities                                               : Wholesalers and retailers of frozen and dried foodstuff products.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Mohamed Faisal, Finance Manager

 

 

 

 

COMPANY NAME

 

SALIM QATAN TRADING COMPANY (SALALAH COLD STORE)

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : 23rd July Street

PO Box                        : 1219

Town                : Salalah 211

Country : Oman

 

Telephone         : (968) 23297082

Facsimile          : (968) 23297082

Mobile              : (968) 98190000 / 95157588 / 98157000

Email                : salim090@windslife.com

 

Premises

 

Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Salalah.

 

 

KEY PRINCIPALS

 

            Name                                                   Nationality                    Position

 

Salim Ahmed Ali Qatan                                      Omani                           Managing Director

 

Mohamed Abdul Karim Nizar                              Indian                           Director

 

Saeed Salim Ahmed Ali Qatan                           Omani                           Director

 

Ms Fatima Salim Ahmed Ali Qatan                     Omani                           Director

 

Mohamed Faisal                                                     -                              Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 19th September 1999

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.   : 2/14951/6

 

Chamber Member No.  : 600

 

Issued Capital              : RO 150,000

 

Paid up Capital            : RO 150,000

 

Name of Shareholder (s)

 

Salim Ahmed Ali Qatan

 

Mohamed Abdul Karim Nizar

 

Saeed Salim Ahmed Ali Qatan

 

Ms Fatima Salim Ahmed Ali Qatan

 

 

OPERATIONS

 

Activities:                     Engaged in the wholesale and retail of frozen and dried foodstuff products.

 

Import Countries:         Europe, Brazil and the Far East.

 

International Suppliers:

 

Golden Phoenix            Brazil

Everama                       Brazil

 

Brand Name:                CHANDI

 

Operating Trend:          Steady

 

Subject has a workforce of 45 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Riyal Omani (RO)

 

                                                Year Ending 31/12/10:              Year Ending 31/12/11:

 

Total Sales                                RO 2,130,000                            RO 3,000,000

 

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

 

The above figures were provided by Mr Mohamed Faisal, Finance Manager

 

 

BANKERS

 

Bank of Muscat

Al Nadha Street

PO Box: 18537

Salalah

Tel: (968) 23290244

Fax: (968) 23292309

 

 

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.54.84

UK Pound

1

Rs.89.11

Euro

1

Rs.72.46

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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.