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Report Date : |
31.10.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
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Country : |
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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 – LLC |
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Line of Business : |
Subject is
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 |
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No. of Employees : |
200 |
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 : |
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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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
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Source
: CIA |
Company Name :
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
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
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
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Soor Showroom
premises
Tel: (968) 25544543
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Sohar Showroom
premises
Tel: (968) 26843887
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Salalah Showroom
premises
Tel: (968) 23296484
Name Nationality Position
·
Lekhrag T Pagarani Indian Managing
Director
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Dr Juma Ali Juma Omani Director
·
Kamal Manek - General
Manager
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Ani Mathew - Sales
Manager
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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
·
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 Sales 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
REGULAR
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.46 |
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1 |
Rs.98.21 |
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Euro |
1 |
Rs.77.45 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIS |
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 |
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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 |
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<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.