MIRA
INFORM REPORT
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Report Date : |
16.09.2014 |
IDENTIFICATION DETAILS
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Name : |
AL KHAN FOODSTUFF LLC |
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Registered Office : |
Al Madinah Plaza, 1st Floor, Office No. 16, Darsaid Road, Madinat Qaboos, Greater Muttrah, 2047, Ruwi, Muscat 112 |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
30.06.2001 |
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Com. Reg. No.: |
1/67849/3, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the import and distribution of general foodstuff products,
including frozen meat and poultry, fruit and vegetables. |
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No. of Employees : |
275 |
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 – June 01, 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 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 |
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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
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Source
: CIA |
SUMMARY
Company Name :
AL KHAN FOODSTUFF LLC
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
30th July 2001
Commercial Registration Number :
1/67849/3, Muscat
Chamber Membership Number :
3970
Issued Capital :
RO 1,000,000
Paid up Capital :
RO 1,000,000
Total Workforce :
275
Activities :
Distributors of general foodstuff products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Rama Balakrishnan, Finance Manager
COMPANY NAME
AL KHAN FOODSTUFF LLC
ADDRESS
Registered & Physical Address
Building : Al Madinah
Plaza, 1st Floor, Office No. 16
Street : Darsaid Road
Area : Madinat
Qaboos, Greater Muttrah
PO Box : 2047, Ruwi
Town : Muscat 112
Country : Sultanate of
Oman
Telephone : (968) 24693788
/ 24794488 / 24704618
Facsimile : (968) 24695788
/ 24794477
Mobile : (968)
99311253 / 92877274
Email : alkhan@omantel.net.om / info@alkhanfoods.com
rbalakrishnan@alkhanfoods.com
/ virendra@alkhanfoods.com
Premises
Subject operates from a large suite of offices and cold storage
facilities that are rented and located in the Central Business Area of Muscat.
Branch Office (s)
Location Description
· Interior Ministry
Street Warehouse
premises
Nezwa Area
Muscat
Tel: (968)
26411732
· Rumais Warehouse
premises
Barka
Tel: (968)
26893610
Fax: (968)
26893604
· Nizwa Warehouse
premises
Tel: (968)
25411732
· Salalah Warehouse
premises
Tel: (968)
23296871
· Al Kamil Warehouse
premises
Tel: (968)
25557145
· Saham Warehouse
premises
Tel: (968)
26720726
KEY PRINCIPALS
Name Position
· Yousef Bin Ahmed
Bin Ali Al Raesi Managing
Director
· Kothari Viresh
Kumar Parabakar Director
· Ramesh Jamandas
Khimiji Director
· Turun Kunzru Chief
Executive Officer
· Rama Balakrishnan Finance
Manager
· Moosa Abdullah
Yahya Al Rahbi Human
Resources Manager
· Bhupend Joshi Sales
Manager
· Mr S R Krishnan Logistics
Manager
· Virendra Sughandia Administration
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 30th
July 2001
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/67849/3, Muscat
Chamber Member No. : 3970
Issued Capital : RO 1,000,000
Paid up Capital : RO 1,000,000
Name of Shareholder (s)
· Yousef Bin Ahmed
Bin Ali Al Raesi
· Kothari Viresh
Kumar Parabakar
· Ramesh Jamandas
Khimiji
· BFF
Brazil
AFFILIATED COMPANIES
· Advance Logistic
LLC
Barka
OPERATIONS
Activities: Engaged in the import and distribution of general foodstuff products,
including frozen meat and poultry, fruit and vegetables.
Subject also operates cold storage facilities.
Import Countries: Netherlands and Brazil
International Suppliers:
· Aviko BV The Netherlands
· Sadia Chicken Brazil
· Global Food
Industries United Arab Emirates
Brand Names: AL AREESH, AL KHAN, ASLI and TAQA
Operating Trend: Steady
Subject has a workforce of approximately 275 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
24,280,000 RO
25,165,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Rama Balakrishnan, Finance Manager
BANKERS
·
National Bank of Oman Limited
Ruwi Branch
PO Box: 3752
Muscat
Tel: (968) 24708898
·
Bank Muscat SAOG
Ruwi Main Branch
PO Box:
6326
Muscat
Tel:
(968) 24561399 / 24708543
Fax:
(968) 24561036
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk and the above credit figure is considered to be within
subject’s financial means.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.99 |
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1 |
Rs.99.09 |
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Euro |
1 |
Rs.79.03 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
PDT |
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.