MIRA INFORM REPORT

 

 

Report Date :

18.02.2012

 

IDENTIFICATION DETAILS

 

Name :

AL ASFOOR FURNISHING CO LLC

 

 

Registered Office :

Building No. 346, Rumailah Street, Road No. 41, Wattiyah, Ruwi 112, 1812, Muscat

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

1972

 

 

Com. Reg. No.:

1/24574/0, Muscat

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Manufacture, wholesale and retail of furniture and soft furnishings, as well as interior design services

 

 

No. of Employees :

350

 

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$ 700,000

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 30, 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 ASFOOR FURNISHING CO LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Start Date                                             : 1972

Registration Date                                   : 1st April 1986

Commercial Registration Number                        : 1/24574/0, Muscat

Chamber Membership Number                : 620

Issued Capital                                        : RO 1,400,000

Paid up Capital                                      : RO 1,400,000

Total Workforce                                     : 350

Activities                                               : Manufacture, wholesale and retail of furniture and soft furnishings, as well as interior design services

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 700,000

Person Interviewed                                 : Rajesh Madani, Finance Manager

 

COMPANY NAME

 

AL ASFOOR FURNISHING CO LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Building No. 346, Rumailah Street, Road No. 41, Wattiyah, Ruwi 112

 

PO Box             : 1812

 

Town                 : Muscat

Country             : Oman

 

Telephone         : (968) 24561400 / 24815640 / 24815088 / 24817351

Facsimile          : (968) 24562377 / 24815692 / 24817652

Email                : alasfoor@alasfoor.com / alafurlc@omantel.net.om /alasfrho@omantel.net.om

 

Premises

 

Subject operates from a large suite of offices, a factory, warehousing and a showroom that are owned and located in the Industrial Area of Muscat.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Ali Hussain Al Asfoor                                                                         Managing Director

 

·       Abdul Moniem Hussain Al Asfoor                                                        Director

 

·       Kamil Hussain Al Asfoor                                                                    Director

 

·       Limya Hussain Al Asfoor                                                                    Director

 

·       G A Reghuvaran                                                                                Factory Manager

 

·       Rajesh Madani                                                                                  Finance Manager

 

·       Mazin Ali Hussain Al Asfoor                                                               Business Development Manager

 

·       Sayed Hamadan                                                                               Administration Manager

 

·       Manoj Subramaniam                                                                          Retail Manager

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1972, however it was registered on 1st April 1986

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/24574/0, Muscat

 

Chamber Member No. : 620

 

Issued Capital              : RO 1,400,000

 

Paid up Capital            : RO 1,400,000

 

Name of Shareholder (s)

 

·       Ali Hussain Al Asfoor

 

·       Abdul Moniem Hussain Al Asfoor

 

·       Kamil Hussain Al Asfoor

 

·       Limya Hussain Al Asfoor

 

 

OPERATIONS

 

Activities: Engaged in the manufacture, wholesale and retail of furniture and soft furnishings.

 

Subject also offers interior design services.

 

Import Countries: Belgium, Denmark and Asia

 

International Suppliers:

 

·       Dyrlund                    Denmark

 

Operating Trend: Steady

 

Subject has a workforce of approximately 350 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 5,000,000                            RO 5,350,000

 

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

 

The above figures were provided by Mr Rajesh Madani, Finance Manager

 

 

BANKERS

 

·       Bank of Oman, Bahrain & Kuwait

     BOBK House

     Al Burj Street

     PO Box: 4708, Ruwi 112

     Muscat

     Tel: (968) 24701528 / 24701532 / 24701788

     Fax: (968) 24705607 / 24793536

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Oman United Insurance Company has settled a big insurance claim from Al Asfoor Furnishings. The Al Asfoor Furnishing warehouse near Wadi Kabir was gutted in a fire in October 2010.

 

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.49.21

UK Pound

1

Rs.77.75

Euro

1

Rs.64.58

 

 

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.