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Report Date : |
30.04.2014 |
IDENTIFICATION DETAILS
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Name : |
AL REEF LLC |
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Registered Office : |
Zubair Furnishing
Complex, Al Omran Street, Ghala Industrial Area, Madinat Al Sultan Qaboos
115, P O Box 418, Muscat 115 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.02.1993 |
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Com. Reg. No.: |
1/37416/8 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· wholesaler and retailer of general foodstuff and non-food items. · Subject operates a logistic fleet of over 40 temperature controlled vans and trucks serving 4,000 customers including industrial, wholesale, semi-wholesale, retail (modern and traditional trade) and HORECA segments |
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No of Employees : |
200 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Oman |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
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.
|
Source
: CIA |
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 : E P Sandeep, Marketing Manager
AL REEF LLC
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
Mobile : (968) 98082324
Email : tcsoman@omantel.net.om / sandeep@alreefllc.com
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
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
·
E P Sandeep - Marketing
Manager
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
·
T
Choithrams & Sons LLC
Dubai
United Arab Emirates
·
Baba
Sun WLL
Bahrain
·
Nasser
Bin Khalid Co (NBK)
Qatar
Activities: Engaged in the wholesale and retail of
general foodstuff and non-food items. Subject operates a logistic fleet of over
40 temperature controlled vans and trucks serving 4,000 customers including
industrial, wholesale, semi-wholesale, retail (modern and traditional trade)
and HORECA segments
Import
Countries: Netherlands and
the United States of America.
International Suppliers:
·
Freezeland Milk Netherlands
· General Mills United States of America
Brand Names: 3 HORSES, AJI NO MOTO, ASEEL, BETTY
CROCKER, DELIGHT, AEROPLANE, AL KARAMAH, BAILEY FORM, CHOCODATE, AL ALMENDRO,
FAMILY, KIMBALL, KOLSON, LA MING, FANTASTIC, KAEGI, KLASSNO, KOPIKO, LA RONDA,
LEONE, MAMEE, NAWAR, LITTLE BEE, MARA, NATCO, OMELA, RAINBOW, SAMAR, SHOON FAT,
TATE & LYLE, VIP, SAN REMO, TAIKOO and TEEPOL
Operating Trend: Steady
Subject has a
workforce of approximately 200 employees.
Financial
highlights provided by local sources are given below:
Currency: Riyal
Omani (RO)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Revenue RO 21,500,000 RO 22,180,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
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.
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.60.52 |
|
|
1 |
Rs.101.77 |
|
Euro |
1 |
Rs.83.92 |
INFORMATION DETAILS
|
Analysis Done by
: |
Ras |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.