MIRA INFORM REPORT

 

 

Report Date :

19.11.2014

 

IDENTIFICATION DETAILS

 

Name :

A & A MANAPPAT FOODS TRADING LLC

 

 

Registered Office :

Building No. 935, Way No. 2716, Commercial Business District, Gubrah, P O Box: 546, Muscat 117

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

21.11.1998

 

 

Com. Reg. No.:

1/60610/7

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Wholesale and Retail of General Foodstuffs and Frozen Foods, including Burgers.

 

 

No. of Employees :

30

 

 

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

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Oman

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

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.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : A & A MANAPPAT FOODS TRADING LLC

Also Known As                                     : AMIR & AMEER MANAPPAT FOODS & TRADING CO LLC

You Requested                                     : MANAPPAT FOODS AND TRADING LLC

Country of Origin                                   : Oman

Legal Form                                           : Limited Liability Company – LLC

Registration Date                                  : 21st November 1998

Commercial Registration Number           : 1/60610/7

Issued Capital                                       : RO 150,000

Paid up Capital                                     : RO 150,000

Total Workforce                         : 30

Activities                                               : Wholesalers and retailers of general foodstuffs and frozen food   products

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Sunil Babu, Sales Executive

 

COMPANY NAME

 

A & A MANAPPAT FOODS TRADING LLC

 

 

Also Known As               

 

AMIR & AMEER MANAPPAT FOODS & TRADING CO LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Building No. 935, Way No. 2716, Commercial Business District, Gubrah

 

PO Box            : 546

 

Town                : Muscat 117

Country : Oman

 

Telephone         : (968) 24797578 / 24544251

Facsimile          : (968) 24799943 / 24544836

Mobile              : (968) 93204650

Email                : sunil@manappat.com

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Muscat.

 

Branch Office (s)

 

     Location                                                                                                       Description

 

·       Way No. 1911, Plot No. 159                                                                          Warehouse premises

Mawileh Area

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                                 Position

 

·       Ameer Ahmed Manappat                               Indian                                       Managing Director

 

·       Ameer Mohamed Salem Al Bolushi                Omani                                       Director

 

·       Chakravarti Vasunbala                                         -                                         Group Financial Manager

 

·       Sani Zakaria                                                       -                                         Financial Manager

 

·       Samir Mohamed                                                 -                                         Sales Manager

 

·       Sunil Babu                                                         -                                         Sales Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 21st November 1998

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.   : 1/60610/7

 

Issued Capital              : RO 150,000

 

Paid up Capital            : RO 150,000

 

Name of Shareholder (s)                                                    Percentage

 

·       Ameer Mohamed Salem Al Bolushi                                        51%

 

·       Ameer Ahmed Manappat                                                       49%

 

 

AFFILIATED COMPANIES

 

·       Benchmark International LLC

Muscat

 

·       Spicy Village Restaurants LLC

Muscat

 

·       Teejan Furnishing

Muscat

 

·       Agnice Fire Protection Ltd

India

 

·       Agnice International & Partners LLC

Muscat

 

·       Connect Plus Pvt Ltd

India

 

·       Teejan General Trading LLC

United Arab Emirates

 

·       Connect Plus Trading LLC

     Muscat

 

·       Agnice International & Partners LLC

Muscat

 

·       Rooftek

United Arab Emirates

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of general foodstuffs and frozen foods, including burgers.

 

Import Countries: United Arab Emirates, Oman, India and Denmark.

 

International Suppliers:

 

·       Al Waha                               Oman

·       Arpic Gold                           United Arab Emirates

·       Glenda                                 United Arab Emirates

·       Global Food Industries         United Arab Emirates

·       Oasis Exporter Pvt Ltd         India

·       Tomex                                 Denmark

 

Operating Trend: Steady

 

Subject has a workforce of 30 employees.

 

 

FINANCIAL DATA

 

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 1,427,000                            RO 1,604,500

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Sunil Babu, Sales Executive

 

 

BANKERS

 

·       Oman Arab Bank

     Head Office

     Muttrah Business District

     PO Box: 2010, Ruwi 112

     Muscat

     Tel: (968) 24700161 / 24706265 / 24706267

Fax: (968) 24797736

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                               May 2012                                  June 2012

Credit amount                                       150,000                         100,000

Amount overdue                                    0                                              0

Payment terms                                      90 days                                                60 days

Payment Method                                   Letters of Credit                                    Letters of Credit

Paying record                                       No Complaints                          No Complaints

Currency                                               US$ Dollars                              Euros

 

 

GENERAL COMMENTS

 

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.61.81

UK Pound

1

Rs.96.77

Euro

1

Rs.77.09

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.