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Report Date : |
18.06.2013 |
IDENTIFICATION DETAILS
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Name : |
ALI & ABDUL KARIM TRADING CO LLC (AATCO) |
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|
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Registered Office : |
Building No. 687, Way No. 5007, Ghala Area, PO Box: 582 & 793,
Ruwi 112, Muscat |
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Country : |
Oman |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1974 |
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Com. Reg. No.: |
1/20704/0 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture of tomato ketchup, mayonnaise, hot sauce and exotic sauces
and dressings. |
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No. of Employees : |
330 |
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 |
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|
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Payment Behaviour : |
No Complaints |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Oman |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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. However, increases in social welfare benefits, particularly since the
Arab Spring, will challenge the government''s ability to effectively balance
its budget if oil revenues decline. 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. In 2012,
continued surpluses resulting from sustained high oil prices and increased
enhanced oil recovery allowed the government to maintain growth in social
subsidies and public sector job creation. However, the Sultan made widely
reported statements indicating this would not be sustainable, and called for
expanded efforts to support SME development and entrepreneurship. Government
agencies and large oligarchic group companies heeded his call, announcing new
initiatives to spin off non-essential functions to entrepreneurs, incubate new
businesses, train and mentor up and coming business people, and provide
financing for start-ups. In response to fast growth in household indebtedness,
the Central Bank reduced the ceiling on personal interest loans from 8 to 7%,
lowered mortgage rates, capped the percentage of consumer loans at 50% of
borrower''s salaries for personal loans and 60% for housing loans, and limited
maximum repayment terms to 10 and 25 years respectively. In 2012 the Central
Bank also issued final regulations governing Islamic banking and two
full-fledged Islamic banks held oversubscribed IPOs while four traditional
banks opened sharia-compliant Islamic windows.
|
Source
: CIA |
Company Name :
ALI & ABDUL KARIM TRADING CO LLC (AATCO)
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Start Date :
1974
Registration Date :
23rd August 1984
Commercial Registration Number :
1/20704/0
Industrial Registration Number :
14675/3
Membership Number :
1330
Issued Capital :
RO 500,000
Paid up Capital :
RO 500,000
Total Workforce :
330
Activities
: Manufacture of tomato ketchup, mayonnaise, hot sauce and exotic sauces and dressings.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Person Interviewed :
Mac Krishnan, Finance Manager
ALI & ABDUL KARIM TRADING CO LLC (AATCO)
Registered &
Physical Address
Building : Building No.
687
Street : Way No. 5007
Area : Ghala Area
PO Box : 582 & 793,
Ruwi 112
Town : Muscat
Country : Sultanate of
Oman
Telephone : (968) 22004100
Facsimile : (968) 22004101
Email : aatcoman@omantel.net.om
/ sobhi@aakgc.com
Please note that subject’s previous address was, Building No. 14, Al
Washal, Greater Muttrah, Muscat. Subject moved to the above address on 6th
June 2012.
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Muscat.
Branch Office (s)
Location Description
PO Box: 130 Factory
premises
Falaj Al Qabail 322
Tel: (968) 26751216
Fax: (968) 26751591
Email: oman@agc.com
Sohar Industrial Area Factory
premises
Sohar
Tel: (968) 2751216
Name Position
Abdul Karim Hassan Sulaiman Managing
Director
Ali Hassan Sulaiman Director
Greet Bujsman General
Manager
Ajay Menon Marketing
Manager
Mac Krishnan Finance
Manager
Sohbi Hassan Sulaiman Administration
Manager
Anand Broskar Sales
Manager
Date of Establishment : 1974, however
subject was registered on 23rd August 1984
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 1/20704/0
Industrial Reg. No. : 14675/3
Membership No. : 1330
Issued Capital : RO 500,000
Paid up Capital : RO 500,000
Name of
Shareholder (s)
Abdul Karim Hassan Sulaiman
Ali Hassan Sulaiman
Subject is a member of the Ali & Abdul Karim Group of Companies,
which consists of the following concerns:
Nejood Carpet Manufacturing Co LLC
Al Khaleej Polypropylene Product Co SAOG
Remal Mutrah Co LLC
Sama International Co LLC
Horizon Gases Ltd
Al Qusay Investments LLC
Automatic Terrazzo Tiles LLC
Muttrah Investment Co LLC
Hussam Technologies LLC
Activities: Engaged in the manufacture
of tomato ketchup, mayonnaise, hot sauce and exotic sauces and dressings
marketed in a range of consumer and bulk packs.
Subject’s clients include Burger King,
Kentucky Fried Chicken, Pizza Hut, Dairy Queen, Popeye's, Subway, and Herfy.
Import Countries: Netherlands,
United Kingdom and Turkey
Brand Names: DELICIO,
BARKA, KHABURAH and AL BUSTAN
Subject has a workforce of approximately 330 employees.
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
17,761,604 RO
18,991,449
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Mac Krishnan, Finance Manager
Bank of Muscat
Al Burj Street
Greater Muttrah
PO Box: 6326, Ruwi
Muscat
Tel: (968) 24701769
Fax: (968) 24796488
No complaints regarding subject’s payments have been reported.
Date of transaction July
2006
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
According to local sources, subject meets its payment obligations in a
timely manner and the business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.73 |
|
|
1 |
Rs.90.61 |
|
Euro |
1 |
Rs.76.96 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.