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Report Date : |
10.05.2014 |
IDENTIFICATION DETAILS
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Name : |
ABDUL
FATAH MOHD NOOR COMPANY LLC |
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Registered Office : |
Al Quloof Centre,
Old Airport Road,
Muttrah Business District, Ruwi 1375 Muscat 112 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.09.1998 |
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Com. Reg. No.: |
1/60756/1 |
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Legal Form : |
Limited Liability
Company – LLC |
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Line of Business : |
Subject’s operations are performed through the following divisions: ·
Fruits And
Vegetables Division ·
Cold Stores
Division |
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|
|
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No. of Employees |
62 |
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 |
|
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 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
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 :
ABDUL FATAH MOHD NOOR COMPANY LLC
Country of Origin : Oman
Legal Form :
Limited Liability Company – LLC
Start Date :
1985
Registration Date : 1st
September 1998
Commercial
Registration Number : 1/60756/1
Membership Number : 1121
Issued Capital : RO
1,000,000
Paid up Capital : RO
1,000,000
Total Workforce : 62
Activities :
Subject operates 2 divisions (see below for details)
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Pramod Kumar,
Accountant
ABDUL
FATAH MOHD NOOR COMPANY LLC
Building : Al Quloof Centre
Street :
Old Airport Road
Area : Muttrah Business District,
Ruwi
PO Box : 1375
Town : Muscat 112
Country : Sultanate of Oman
Telephone : (968) 24815658
/ 24815918
Facsimile : (968) 24816002
Email : afcsmt@omantel.net.om / shanavaz@afmnc.com
Please note that
subject’s previous address was, Al Saada House, Mezzanine Floor, Office No.1,
Old Airport Road, Muttrah Business District, Ruwi, Muscat.
Subject operates
from a medium sized suite of offices and a warehouse that are owned and located
in the Central Business Area of Muscat.
Branch Offices
Subject has branch offices located in Souq Mawalih, Muscat, Sohar, Dar
Sait and Duqm.
Name Position
·
Abdul Fatah Mohamed Noor Managing
Director
·
Anisa
Amir Ahmed Al Saadi Director
·
Ahmed
Shanavaz General
Manager
·
Peju
Raju Jacoub Administration
Manager
·
Pramod
Kumar Accountant
Date of Establishment : 1985, however
subject was registered on 1st September 1998
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/60756/1
Membership No. : 1121
Issued Capital : RO 1,000,000
Paid up Capital : RO 1,000,000
·
Abdul Fatah Mohamed Noor
·
Anisa
Amir Ahmed Al Saadi
·
Interworld Foods LLC
PO Box: 294064
Dubai
United Arab Emirates
Tel: (971-4) 3202641
/ 3202642
Fax: (971-4) 3202643
Email: intfoods@eim.ae
Activities: Subject’s operations are performed through
the following divisions:
·
Fruits And Vegetables Division
This division imports fruits and
vegetables directly at source and has outlets and storage facilities at
strategic market locations in Oman. Products imported by the division directly
from source include Ginger, Garlic, Carrots, Lime, Oranges, Tangerines, Apples,
Pears, Grapes, Pineapple, Kiwi, and Pomegranates amongst other locally traded
products.
·
Cold Stores Division
Traditionally dealing in frozen
and chilled foods, the division imports directly at source and distributes
through retail outlets, van sales, and through wholesalers and semi-wholesalers.
Indenting and export of commodities also comes under its range of
activities. The frozen food operation is carried on at its Cold Stores
centrally and has seven refrigerated vehicles for retail and wholesale
distribution.
Import Countries: India, China,
Thailand, Brazil, Germany, Netherlands, Denmark, Turkey, New Zealand,
Australia, France, South Africa, and the United States of America
International Suppliers:
·
Alpha Food Netherlands
·
IG International France
·
Harmony SAS France
·
MD Frozen Food India
·
Ponne Products Export Ltd India
·
Stallar Food Ltd India
Export
Countries: United Arab
Emirates
Operating Trend: Steady
Subject has a
workforce of 62 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 sales RO 13,840,000 RO 14,050,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Oman Limited (SAOG)
Muttrah Business District
PO Box: 751, Ruwi 112
Muscat
Tel: (968) 24708894 / 24708630 / 24708684
Fax: (968) 24707781 / 24703972
No complaints
regarding subject’s payments have been reported.
Credit amount 150,000 150,000 75,000
Amount overdue 0 0 0
Payment terms 60
days 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints No
Complaints
Currency US
Dollars US
Dollars Euros
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.60.05 |
|
|
1 |
Rs.101.65 |
|
Euro |
1 |
Rs.83.07 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
PDT |
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.