MIRA INFORM REPORT

 

 

Report Date :

12.01.2013

 

IDENTIFICATION DETAILS

 

Name :

AL REEF LLC

 

 

Registered Office :

Zubair Furnishing Complex, Al Omran Street, Ghala Industrial Area, Madinat Al Sultan Qaboos 115, PO Box 418,  Muscat 115

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

01.02.1993

 

 

Com. Reg. No.:

1/37416/8

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Wholesalers and retailers of general foodstuff and non food items.

 

 

No. of Employees :

200

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

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 REEF LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 1st February 1993

Commercial Registration Number            : 1/37416/8

Issued Capital                                        : RO 150,000

Paid up Capital                                      : RO 150,000

Total Workforce                                     : 200

Activities                                               : Wholesalers and retailers of general foodstuff and non food items.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : S B Shatti, Financial Manager

 

COMPANY NAME

 

AL REEF LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Zubair Furnishing Complex

Street               : Al Omran Street

Area                 : Ghala Industrial Area, Madinat Al Sultan Qaboos 115

PO Box             : 418

Town                 : Muscat 115

Country             : Oman

 

Telephone         : (968) 24503469 / 24503473 / 24561403 / 24561128

Facsimile          : (968) 24597328 / 24561416

Email                : tcsoman@omantel.net.om

 

Premises

 

Subject operates from a large suite of offices and a warehouse that are rented and located in the Industrial Area of Muscat.

 

Branch Office (s)

 

Location                                                                                              Description                             

 

Nizwa                                                                                                   Showroom premises

Tel: (968) 25437046

 

Soor                                                                                                     Showroom premises

Tel: (968) 25544543

 

Sohar                                                                                                    Showroom premises      

Tel: (968) 26843887

 

Salalah                                                                                                 Showroom premises

Tel: (968) 23296484

 

 

KEY PRINCIPALS

 

            Name                                       Nationality                                           Position

 

Lekhrag T Pagarani                                Indian                                                    Managing Director

 

Dr Juma Ali Juma                                   Omani                                                   Director

 

Kamal Manek                                            -                                                       General Manager

 

Ani Mathew                                                -                                                      Sales Manager

 

S B Shatti                                                  -                                                      Financial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st February 1993

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/37416/8

 

Issued Capital              : RO 150,000

 

Paid up Capital            : RO 150,000

 

Name of Shareholder (s)                                             

 

Lekhrag T Pagarani

 

Dr Juma Ali Juma

 

 

AFFILIATED COMPANIES

 

T Choithrams & Sons LLC

Dubai

United Arab Emirates

 

Baba Sun WLL

Bahrain

 

Nasser Bin Khalid Co (NBK)

Qatar

 

 

OPERATIONS

 

Activities:                     Engaged in the wholesale and retail of general foodstuff and non food items.

 

Import Countries:         Europe and the Far East.

 

Operating Trend:         Steady

 

Subject has a workforce of approximately 200 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Riyal Omani (RO)

 

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

 

Total Sales                                RO 20,150,000                          RO 21,500,000

 

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

 

The above figures were provided by Mr S B Shatti, Financial Manager

 

 

BANKERS

 

Bank of Muscat

Al Burj Street

Greater Muttrah

PO Box: 6326, Ruwi

Muscat

Tel: (968) 24701769

Fax: (968) 24796488

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.54

UK Pound

1

Rs.88.05

Euro

1

Rs.72.29

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.