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Report Date : |
04.09.2013 |
IDENTIFICATION DETAILS
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Name : |
AL ANSARI TRADING ENTERPRISES LLC |
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Registered Office : |
Al Kutheiry
Building, 1st Floor, Bait Al Falaj Street,Muttrah Al Kubra, P O
Box 1832, Ruwi 112 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
20.05.1975 |
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Com. Reg. No.: |
1/00784/0, Ruwi |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject’s
operations are performed through the following divisions: · Marketing Division Construction Division Manufacturing Division |
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No. of Employees : |
1,800 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 : AL ANSARI TRADING ENTERPRISES LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 20th May 1975
Commercial Registration Number : 1/00784/0, Ruwi
Chamber Membership Number : 366
Issued Capital : RO 3,000,000
Paid up Capital : RO 3,000,000
Total Workforce : 1,800
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : N Sriram, Finance Manager
AL ANSARI TRADING ENTERPRISES LLC
Registered &
Physical Address
Building : Al Kutheiry Building, 1st
Floor
Street : Bait Al Falaj Street
Area : Muttrah Al Kubra
PO Box : 1832
Town : Ruwi 112
Country : Sultanate of Oman
Telephone : (968) 24810033
/ 24590100
Facsimile : (968) 24812522
/ 24590113
Email : contactus@alansarioman.com / sriram@alansarioman.com
Premises
Subject operates
from a leased suite of offices and a showroom covering an area of 8,400 square metres
that are located in the Central Business Area of Ruwi.
Branch Office (s)
Location Description
·
Ghala Rented
office and warehouse
Wadi Kabir
Ruwi
Tel: (968) 24592230
Fax: (968) 24592477
·
Al
Ansari Complex Owned
warehouse
Ghala
PO Box: 788
Muscat
Tel: (968) 24590100
Name Nationality Position
·
Kiran
Ashaher British Managing Director
·
Mohamed
Bin Ali Bin Juma Al Zadjali Omani Director
·
Yousef Ismail G Nalwala Indian Director
·
Adnan
Nalwala - Director
·
Murtuza
Nalwala - Director
·
Dipak Ved - General
Manager
·
N Sriram - Finance
Manager
·
Manin Kandan - Assistant
General Manager
·
V Sajeevan - Marketing
Manager
Date of Establishment : 20th
May 1975
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/00784/0,
Ruwi
Chamber Member No. : 366
Issued Capital : RO 3,000,000
Paid up Capital : RO 3,000,000
Name of Shareholder
(s) Percentage
·
Kiran
Ashaher 35%
·
Mohamed
Bin Ali Bin Juma Al Zadjali 35%
·
Yousef Ismail G Nawallah 30%
Subject is a member of the Al Ansari Group of Companies, which has a combined group turnover of approximately US$ 40 million and
human resource strength of more than 1,200 people.
The Al Ansari Group of Companies comprises the
following concerns:
·
Al
Ansari Contractors LLC
PO Box: 1832, Ruwi
Muscat 112
Tel: (968) 24590100 / 24593765 / 24593748
Fax: (968) 24590113
·
Al
Manahal Agriculture Technology
PO Box: 788, Ruwi
Muscat 113
Tel: (968) 24590100
Fax: (968) 24590133
·
Al
Ansari Engineering Services LLC
PO Box: 1832
Muscat 112
Tel: (968) 24593290
Fax: (968) 24593222
·
Al Ansari
Steel & Wood Works LLC
PO Box: 1832
Muscat 112
Tel: (968) 24810033
Fax: (968) 24812522
·
Al
Manahal Technical Works & Contractors LLC
PO Box: 1832
Muscat 112
Tel: (968) 24590100
Fax: (968) 24590113
·
Natural
Stone Co LLC
PO Box: 272
Muscat 111
Tel: (968) 24590704
Fax: (968) 24591656
·
Proscape
Al Ansari LLC
PO Box: 32
Muscat 102
Tel: (968) 24499624
Fax: (968) 24499625
·
UEM Al
Ansari Projects LLC
PO Box: 1832
Muscat 112
Tel: (968) 24504781
Fax: (968) 24504783
·
Al
Ansari Power Technologies India Pvt Ltd
21/C Ganapathi Plaza, Ground
Floor
Bangalore 560010
India
Tel: (91-80) 23425388
Fax: (91-80) 23425388
·
JKS
Engineering Pvt Ltd
3 First Street
Sivakamipuram Thiruvanmiyur
Chennai 600041
India
Tel: (91-44) 45587503
Fax: (91-44) 45587505
·
Amritlakshmi
Overseas Pvt Ltd
Kalyanpur House, 1st
Floor
3rd Road
Mumbai 400052
India
Tel: (91-22) 26049271
Fax: (91-22) 26484366
·
Xellent
Technologies Pvt Ltd
D No. 6-26-285/1 Gajanan Lane
Gurbabadi Road
Nizamabad 503002
India
Tel: (91-84) 62221090
Fax: (91-84) 62232080
·
Al
Ansari Steel Works
PO Box: 788
Muscat 113
Tel: (968) 24590100
Fax: (968) 24590113
·
Akar
Technical Services Co LLC
PO
Box: 14652
Dubai
United Arab Emirates
Tel: (971-4) 3479889
Fax: (971-4) 3479886
Email: akarllc@emirates.net.ae
·
Al
Inshirah Trading Establishment
PO
Box: 14652
Dubai
United Arab Emirates
Tel: (971-4) 3359784
Fax: (971-4) 3348597
Email: inshirah@emirates.net.ae
·
Kimoha
Entrepreneurs Ltd
Jebel Ali Free Zone
PO Box: 16828
Dubai
United Arab Emirates
Tel: (971-4) 8816927
Fax: (971-4) 8815075
Email: kel@emirates.net.ae
·
Al
Saadah Clinic
PO
Box: 1832
Ruwi
Tel: (968) 24795101
Fax: (968) 24706829
Activities: Subject’s operations are performed through
the following divisions:
·
Marketing Division
Wholesalers and retailers of building materials
and construction equipment, flooring materials, insulation products, hardware
and sanitary ware.
·
Construction Division
Subject also offers contracting
services specialising in Building Construction,
Electro-Mechanical, Pipeline Projects, Irrigation & Landscaping, STP
projects, Electro plating, Instrument Calibration & repairs, Rebar cutting
& bending.
· Manufacturing Division
Specialises
in industrial coating, gold plating and tank fabrication.
Import
Countries: United Kingdom,
Germany and Saudi Arabia
Operating Trend: Steady
Subject has a
workforce of approximately 1,800 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 Revenue RO 51,200,000 RO 52,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr N Sriram, Finance Manager
·
HSBC
Middle East
Main Branch
PO Box: 240
Muscat
Tel: (968) 24799920 / 24799927
Fax: (968) 24704241
·
ANZ
Grindlays Bank
Main Branch
PO Box: 550
Muscat
Tel: (968) 24703013 / 24704035
Fax: (968) 24706911
·
Commercial
Bank of Oman
Muttrah Business District
PO Box: 1696
Ruwi 112
Muscat
Tel: (968) 24793225
No complaints
regarding subject’s payments have been reported.
Subject is
registered as an “Excellent Grade” company with the Tender Board of Oman and is
also certified by the Quality Management Standard ISO 9001:2008.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.89 |
|
UK Pound |
1 |
Rs.103.95 |
|
Euro |
1 |
Rs.88.09 |
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 |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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NB |
New Business |
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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.