MIRA INFORM REPORT

 

 

Report Date :

11.10.2012

 

IDENTIFICATION DETAILS

 

Name :

AL KHAN FOODSTUFF LLC

 

 

Registered Office :

Al Madinah Plaza, 1st Floor, Office No. 16, Darsaid Road, Madinat Qaboos, Greater Muttrah, P O Box 2047, Ruwi, Muscat 112

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

30.07.2001

 

 

Com. Reg. No.:

1/67849/3, Muscat

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Distributors of general foodstuff products

 

 

No. of Employees :

275 employees

 

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                                    : AL KHAN FOODSTUFF LLC

Country of Origin                                   : Oman

Legal Form                                           : Limited Liability Company – LLC

Registration Date                                  : 30th July 2001

Commercial Registration Number           : 1/67849/3, Muscat

Chamber Membership Number               : 3970

Issued Capital                                       : RO 150,000

Paid up Capital                                     : RO 150,000

Total Workforce                                     : 275

Activities                                               : Distributors of general foodstuff products.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

 

COMPANY NAME

 

AL KHAN FOODSTUFF LLC

 

 

company ADDRESS

 

Registered & Physical Address

Building            : Al Madinah Plaza, 1st Floor, Office No. 16

Street               : Darsaid Road

Area                 : Madinat Qaboos, Greater Muttrah

PO Box                        : 2047, Ruwi

Town                : Muscat 112

Country : Sultanate of Oman

Telephone         : (968) 24693788 / 24794488 / 24704618

Facsimile          : (968) 24695788 / 24794477

Email                : alkhan@omantel.net.om

 

Premises

Subject operates from a large suite of offices and cold storage facilities that are rented and located in the Central Business Area of Muscat.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Interior Ministry Street                                                                       Warehouse premises

Nezwa Area

Muscat

Tel: (968) 26411732

 

·       Rumais                                                                                            Warehouse premises

Barka

Tel: (968) 26893610

Fax: (968) 26893604

 

·       Nizwa                                                                                               Warehouse premises

Tel: (968) 25411732

 

·       Salalah                                                                                             Warehouse premises

Tel: (968) 23296871

 

·       Al Kamil                                                                                           Warehouse premises

Tel: (968) 25557145

 

·       Saham                                                                                             Warehouse premises

Tel: (968) 26720726

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

·       Yousef Bin Ahmed Bin Ali Al Raesi                                                    Managing Director

·       Kothari Viresh Kumar Parabakar                                                        Director

·       Ramesh Jamandas Khimiji                                                                Director

·       Turun Kunzru                                                                                    Chief Executive Officer

·       Rajesh Balakrishnan                                                              Finance Manager

·       Moosa Abdullah Yahya Al Rahbi                                                       Human Resources Manager

·       Bhupend Joshi                                                                                 Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 30th July 2001

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.   : 1/67849/3, Muscat

 

Chamber Member No.  : 3970

 

Issued Capital              : RO 150,000

 

Paid up Capital            : RO 150,000

 

Name of Shareholder (s)

·       Yousef Bin Ahmed Bin Ali Al Raesi

·       Kothari Viresh Kumar Parabakar

·       Ramesh Jamandas Khimiji

 

 

AFFILIATED COMPANIES

 

·       Advance Logistic LLC

Barka

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuff products, including frozen meat and poultry, fruit and vegetables.

 

     Subject also operates cold storage facilities.

 

Import Countries: Netherlands and Brazil

 

International Suppliers:

 

·       Aviko BV                              The Netherlands

·       Sadia Chicken                      Brazil

·       Global Food Industries         United Arab Emirates

 

Brand Names: AL AREESH, AL KHAN, ASLI and TAQA

 

Operating Trend: Steady

 

Subject has a workforce of approximately 275 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 4,610,000                            RO 4,950,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       National Bank of Oman Limited

Ruwi Branch

PO Box: 3752

Muscat

     Tel: (968) 24708898

 

·       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

 

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.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.04

UK Pound

1

Rs.84.83

Euro

1

Rs.68.21

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.