MIRA INFORM REPORT

 

 

Report Date :

05.09.2012

 

IDENTIFICATION DETAILS

 

Name :

AL HAMADI TRADING & CONTRACTING LLC

 

 

Registered Office :

Al Hamadi Building, Al Mina Street, Darsait, Jibroo, P O Box 1266, Muscat 112

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishment :

1994

 

 

Com. Reg. No.:

1/00569/7

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Import, processing and distribution of general foodstuffs, frozen foods, fish and dairy products

 

 

No. of Employees :

38 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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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 HAMADI TRADING & CONTRACTING LLC

Country of Origin                                   : Oman

Legal Form                                           : Limited Liability Company – LLC

Start Date                                             : 1994

Registration Date                                  : 18th September 2006

Commercial Registration Number           : 1/00569/7

Membership Number                             : 2222

Issued Capital                                       : RO 350,000

Paid up Capital                                     : RO 350,000

Total Workforce                                     : 38

Activities                                               : Import, processing and distribution of general foodstuffs, frozen foods,

fish and dairy products.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Jack Mendez, Finance Manager

 

 

 

COMPANY NAME

 

AL HAMADI TRADING & CONTRACTING LLC

 

 

company ADDRESS

 

Registered & Physical Address

Building            : Al Hamadi Building

Street               : Al Mina Street

Area                 : Darsait, Jibroo

PO Box            : 1266

Town                : Muscat 112

Country             : Sultanate of Oman

Telephone         : (968) 24795565 / 24796152

Facsimile          : (968) 24702450

Mobile              : (968) 99736979

Email                : alhamadi@omantel.net.om

 

Premises

Subject operates from a medium sized suite of offices and a warehouse that are owned and located in the Suburban Business Area of Muscat.

 

Branch Office (s)

 

     Location                                                                                                      Description

 

·       Salalah                                                                                                         Distribution depot

Tel: (968) 23291263

 

·       Sohar                                                                                                           Distribution depot

 

 

KEY PRINCIPALS

 

     Name                                                                       Nationality                    Position

 

·       Flynn De Lima                                                          Portuguese                   Managing Director

 

·       Sheikh Abdullah Yousef Bin Ali Al Hamadi                 Omani                           Director

 

·       Jack Mendez                                                                  -                             Finance Manager

 

·       Murli Darren                                                                    -                             Sales Manager

 

·       Desai Parshant                                                               -                             Purchasing Manager

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1994, however subject was registered on 18th September 2006

 

History                         : Subject was established in 1994 as a sole proprietorship but changed to a limited liability company in 2009.

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.   : 1/00569/7

 

Membership No.           : 2222

 

Issued Capital              : RO 350,000

 

Paid up Capital            : RO 350,000

 

Name of Shareholder (s)

·       Flynn De Lima

·       Sheikh Abdullah Yousef Bin Ali Al Hamadi

 

 

AFFILIATED COMPANIES

 

·       Al Hamadi Fisheries LLC

Muscat

 

·       Southern Foods LLC

Muscat

 

 

OPERATIONS

 

Activities: Engaged in the import, processing and distribution of general foodstuffs, frozen foods, fish and dairy

     products.

 

Import Countries: India

 

Brand Names: ROYAL OMAN

 

Operating Trend: Steady

 

Subject has a workforce of 38 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 8,500,000                            RO 9,170,000

 

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

 

The above figures were provided by Mr Jack Mendez, Finance Manager

 

 

BANKERS

 

·       Bank Muscat Al Ahli Al Omani

Mutrah Business District

PO Box: 134, Ruwi 112

Muscat

Tel: (968) 24703044

Fax: (968) 24793536

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                               May 2006

Amount overdue                                    0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                       No Complaints

Currency                                               US Dollars

 

 

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.55.54

UK Pound

1

Rs.88.23

Euro

1

Rs.70.02

 

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.