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Report Date : |
27.09.2014 |
IDENTIFICATION DETAILS
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Name : |
ASSARAIN FOOD PRODUCTS LLC |
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Registered Office : |
Assarain House, Madinat Al Qaboos, Al Khuwair PO Box: 1475 Ruwi 112 |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
02.01.2002 |
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Com. Reg. No.: |
1/70532/6, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Distributors of dry foodstuff products |
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No. of Employees : |
125 |
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 1, 2014
|
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 : ASSARAIN FOOD PRODUCTS LLC
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
2nd January 2002
Commercial Registration Number :
1/70532/6, Muscat
Issued Capital :
RO 2,500,000
Paid up Capital :
RO 2,500,000
Total Workforce :
125
Activities :
Distributors of dry foodstuff products
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Philip D’Souza ,
Finance Controller
ASSARAIN FOOD PRODUCTS LLC
Registered &
Physical Address
Building : Assarain House
Area : Madinat Al Qaboos, Al Khuwair
PO Box : 1475
Town : Ruwi 112
Country : Sultanate of
Oman
Telephone : (968) 24698162
/ 24603166 / 24565505
Facsimile : (968) 24607194
/ 24564296
Email : aefoods@omantel.net.om
/ aefoods@assarain.com
Premises
Subject operates from a medium sized suite of offices and a warehouse that
are rented and located in the Suburban Business Area of Ruwi.
Branch Office (s)
Location Description
Nizwa Rented
showroom premises
Tel: (968) 24525634
Sohar Rented
showroom premises
Name Position
Said Salem Al Wahaibi Chairman
Salem Said Salem Al Wahaibi Managing
Director
Khalid Said Salem Al Wahaibi Director
Ibrahim Said Salem Al Wahaibi Director
Neil Eapen General
Manager
Philip Pothanm Sales
Manager
Philip D’Souza Finance
Controller
Anivan Dey Finance
Manager
Girgan Thwari Commercial
Manager
Date of Establishment : 2nd
January 2002
History : Subject was
originally established in 1980 as a division of Assarain
Enterprise LLC.
However on 2nd January 2002 it was
registered as a separate legal entity under the style
of “Assarain
Food Products LLC”
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 1/70532/6, Muscat
Issued Capital : RO 2,500,000
Paid up Capital : RO 2,500,000
Name of Shareholder (s)
Said Salem Al Wahaibi
Salem Said Salem Al Wahaibi
Khalid Said Salem Al Wahaibi
Ibrahim Said Salem Al Wahaibi
Subject is a member of the Assarain Group that was founded in 1976. The Group’s roots
lie in the construction industry and its earliest forays were into related
areas such as architectural projects, furnishing, property, concrete products
and commercial services. Today, as a multi-million dollar international group,
its diverse interests span construction, oil and gas, national infrastructure
projects, consumer products, food distribution, travel and insurance, and
health care.
The Assarain Group
of Companies consists of the following concerns:
Assarain Enterprise LLC
Assarain Building, 4th
Floor
Al Khuwair
PO Box: 1475
Ruwi 112
Tel: (968) 24604811
Fax: (968) 24604837
Email: assarain@assarain.com
Assarain Furnishing LLC
PO Box: 1475
Ruwi 112
Tel: (968) 27592151
Fax: (968) 27593124
Wadi Adai Auto Service Centre LLC
PO Box: 1475
Ruwi 112
Tel: (968) 24563396 / 24561955
Fax: (968) 24562671
Assarain
Telecommunications LLC
PO Box: 1475
Ruwi 112
Tel: (968) 24789931 / 24789932
Fax: (968) 24789930
Blue Falcon Travels
PO Box: 1414
Ruwi 112
Tel: (968) 24604568
Fax: (968) 24604586
Assarain Concrete Products
LLC
PO Box: 971
Madinat Al Sultan Qaboos 111
Tel: (968) 24605986
Fax: (968) 24695957
Assarain Garden Centre LLC
PO Box: 4475
Muscat
Tel: (968) 27561132
Drake & Scull Assarain
LLC
Medina Qaboos
PO Box: 3146
Muscat
Tel: (968) 24602843
Assarain Textiles LLC
PO Box: 1475
Ruwi 112
Tel: (968) 24700149
Al Haq Trading
& Contracting Co LLC
PO Box: 647
Salalah 211
Tel: (968) 23291428 / 23291044 / 23291278 /
23291428 / 23292644
Fax: (968) 23294535 / 23292644
Assarain Insurance
National Marketing & Trading
Hatat Polyclinic LLC
The Raymond Shop
Kalhat Services &
Trading LLC
Modern Concrete Products & Trading LLC
Shamal Plastic
Industries LLC
Gulf Acrylic Industries LLC
Modern Steel Mills LLC
Hay Al Rahbah
Trading & Contracting Co LLC
Cluttons & Partners
LLC
Strabag Oman LLC
Activities: Engaged in the import and distribution of dry foodstuff products,
including Basmati rice as well as frozenfoodstuff
with clients including hotels, restaurants and cafes. Subject operates a fleet
of 40 refrigerated trucks.
Subject holds ISO 22000:2005 Certification for Food Safety Management
Systems.
Import Countries: France, Netherlands, Canada, Brazil, Vietnam,
Australia and Denmark.
International Suppliers:
Frangosul Brazil
Perdix Brazil
Dalia France
Lactalis France
Maccin France
Siblu Vietnam
Danpo Denmark
Towers Thompson Australia
President France
Brand Names: MCCAIN, HEINZ
WATTIES, BRF PERDIX, DOUX DALIA, JBS FRANGUSOL, FRESHLY FROZEN FOODS, AMERCAN
FOODS GROUP, SIBLOU AND ALLANA
Operating Trend: Steady
Subject has a workforce of 125 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
14,500,000 RO
13,855,873
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Philip D’Souza, Finance Controller
National Bank of Oman Limited
Ruwi Branch
PO Box: 3752
Muscat
Tel: (968) 24708898
Oman International Bank
PO Box: 1216
Ruwi
Tel: (968) 24701528
Bank Muscat SAOG
Ruwi Main Branch
PO Box: 6326
Muscat
Tel: (968) 24561399 / 24708543
Fax: (968) 24561036
No complaints regarding subject’s payments have been reported.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.57 |
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1 |
Rs.100.42 |
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Euro |
1 |
Rs.78.45 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
SDA |
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.