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Report Date : |
05.06.2014 |
IDENTIFICATION DETAILS
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Name : |
ASIA FOOD
INDUSTRIES LLC |
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Registered Office : |
Industrial Area,
P O Box 275, Nizwa 611 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
07.10.2007 |
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Com. Reg. No.: |
1/02804/6 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the
import, packaging and distribution of loose tea, tea bags, sugar, rice and
spices |
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No of Employees : |
45 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 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 : ASIA FOOD INDUSTRIES LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 7th October 2007
Commercial Registration Number : 1/02804/6
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
Total Workforce : 45
Activities : Packaging and distribution of loose tea, tea bags, sugar, rice and
spices
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Yousef Yacoub Nasser Al Busaidi, Managing Director
ASIA FOOD
INDUSTRIES LLC
Registered &
Physical Address
Location : Industrial Area
PO Box : 275
Town : Nizwa 611
Country : Oman
Telephone : (968) 25449488
Facsimile : (968) 25449442
Email : info@asiafoodoman.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the
Industrial Area of Muscat.
Name Position
·
Yousef
Yacoub Nasser Al Busaidi Managing
Director
·
Ahmed
Salem Al Busaidi Director
Date of Establishment : 7th
October 2007
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/02804/6
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
Name of Shareholder
(s)
·
Yousef
Yacoub Nasser Al Busaidi
·
Ahmed
Salem Al Busaidi
Activities: Engaged in the import, packaging and
distribution of loose tea, tea bags, sugar, rice and spices.
Import Countries: Europe and the Far East
Brand Names: KING TEA
Operating Trend: Steady
Subject has a
workforce of 45 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 2,235,000 RO 2,500,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Yousef Yacoub Nasser Al Busaidi, Managing Director
·
HSBC
Bank Middle East
Al Bab Al Kabeer Street
Muscat
Tel: (968) 24736044
No complaints
regarding subject’s payments have been reported.
According to local
sources, subject enjoys a good reputation for the quality of its products with
nothing detrimental uncovered regarding the manner in which operations are
conducted. As such the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.34 |
|
|
1 |
Rs.99.18 |
|
Euro |
1 |
Rs.80.76 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
|
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.