MIRA INFORM REPORT

 

 

Report Date :           

04.01.2012

 

IDENTIFICATION DETAILS

 

Name :

AL SEER LLC

 

 

Registered Office :

Al Azaiba, P O Box 1936, Ghala 130

 

 

Country :

Oman 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

13.11.2006

 

 

Com. Reg. No.:

1/72588/2

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Import and distribution of fast moving consumer goods

 

 

No. of Employees :

300

 

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$ 800,000

 

 

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 SEER LLC

Also Known As                                      : AL SEER OMAN LLC / AL SEER TRADING AGENCIES

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 13th November 2006

Commercial Registration Number            : 1/72588/2

Chamber Membership Number                : 4606

Issued Capital                                        : RO 150,000

Paid up Capital                                      : RO 150,000

Total Workforce                                     : 300

Activities                                               : Import and distribution of fast moving consumer goods

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 800,000

Person Interviewed                                 : Ahmed Salem Al Suwailem, Human Resources Manager

 

COMPANY NAME

 

AL SEER LLC

 

 

ALSO KNOWN AS

 

AL SEER OMAN LLC / AL SEER TRADING AGENCIES

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Al Azaiba

PO Box             : 1936

Town                 : Ghala 130

Country             : Oman

Telephone         : (968) 26892900

Facsimile          : (968) 26892934

Mobile               : (968) 99371535

Email                : john.vargese@alseer.com

 

Premises

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Ghala.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Muscat                                                                                             Office & warehouse premises

Tel: (968) 24527407

Fax: (968) 24527446

 

Subject also has offices and warehouses located in Sohar, Nizwa, Seeb and Salalah.

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Ali Saeed Juma Al Bawardi                               Emirati                       Managing Director

 

·       Jannie Holtas                                                South African                 Director

 

·       John Varghese                                                       -                          General Manager

 

·       Kalayan Chakravati                                                 -                          Finance Manager

 

·       Ahmed Salem Al Suwailem                                     -                          Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 13th November 2006

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/72588/2

 

Chamber Member No. : 4606

 

Issued Capital              : RO 150,000

 

Paid up Capital            : RO 150,000

 

Name of Shareholder (s)

·       Ali Saeed Juma Al Bawardi

·       Jannie Holtas

 

 

AFFILIATED COMPANIES

 

·       Al Seer Trading Agencies

     Al Seer Building

     Sheikh Zayed Road

     PO Box: 31587 & 6647

     Dubai

     United Arab Emirates

     Tel: (971-4) 3725300 / 3556420 / 3555250

     Fax: (971-4) 3407006 / 3555282 / 3473549 / 3473592

 

·       Spinneys Dubai LLC

PO Box: 677

Dubai

United Arab Emirates

Tel: (971-4) 3555250

 

·       Al Seer Food Co

Dubai

United Arab Emirates

 

·       Fine Fair LLC

PO Box: 677

     Dubai

     United Arab Emirates

     Tel: (971-4) 3555250

     Fax: (971-4) 3555282

 

·       Arabian Oasis Food

United Arab Emirates

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of fast moving consumer goods such as foodstuff and beverages, cosmetics and healthcare products.

 

Import Countries: Europe, United States of America and Asia.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 300 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 6,050,000                            RO 6,600,000

 

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

 

The above figures were provided by Mr Ahmed Salem Al Suwailem, Human Resources Manager

 

 

BANKERS

 

·       Commercial Bank of Oman SAOG

Rami Plaza

PO Box: 4696

Muscat

Tel: (968) 24793220

Fax: (968) 24793229

 

 

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.53.23

UK Pound

1

Rs.82.87

Euro

1

Rs.69.13

 

 

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.