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Report No. : |
317221 |
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Report Date : |
16.04.2015 |
IDENTIFICATION DETAILS
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Name : |
MATRAH COLD STORES LLC |
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Registered Office : |
Towell Building
(Building No. 81), Way No. 61, Entrance No. 1, 2nd Floor, Shari Maaridh,
Exhibition Street, Azaiba Area, PO Box 1158, Ruwi
112, 1811, Azaiba 130, Muscat |
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Country : |
Oman |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
01.04.1975 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject engaged as providers of management solutions and operators of over 40 Omani Quick shops. |
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No. of Employees : |
900 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 heavily dependent on dwindling oil resources, which generates 77% of government revenue. It is using enhanced oil recovery techniques to boost production. 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 from 46% to 9% by 2020. Muscat also is focused on 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, have challenged the government's ability to effectively balance its budget as oil prices decline. Despite government acknowledgement that Oman’s expansive social welfare benefits are unsustainable, Oman authorities are comfortable with short-term budget deficits and have approved an expansionary 2015 budget. Concurrently, Oman has expanded efforts to support the development of small and medium-size enterprises and entrepreneurship. Government agencies and large oligarchic group companies have announced 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.
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Source
: CIA |
Company Name : MATRAH COLD STORES LLC
Doing Business As : ENHANCE
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 1st April 1975
Commercial Registration Number : 1/00525/1
Chamber Membership Number : 578
Issued Capital : RO 2,000,000
Paid up Capital : RO 2,000,000
Total Workforce : 900
Activities :
Providers of management solutions and
operators of over 40 Omani
Quick shops
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ram Kumar, Central Finance Manager
COMPANY NAME: MATRAH
COLD STORES LLC
DOING
BUSINESS AS: ENHANCE
Building : Towell Building
(Building No. 81), Way No. 61, Entrance No. 1, 2nd Floor
Street : Shari Maaridh, Exhibition Street
Area : Azaiba Area
PO Box : 1158, Ruwi 112
1811, Azaiba 130
Town : Muscat
Country : Oman
Telephone : (968) 24526360 / 24526309 / 24526402
/ 24526333
Facsimile : (968) 24526301 / 24526400 / 24526378
Email : dominicm@enhanceoman.com
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Muscat.
Branch Offices
Subject operates
depots at Wadikabir, Salalah, Sohar, Nizwa, Muladha and Al Kamel.
Name Position
·
Anwar Ali Sultan Chairman
·
Imad Kamal Sultan Managing Director
·
Dominic C R Myres General
Manager
·
Ram Kumar Central
Finance Manager
·
Deepak Kewalramani Finance
Manager
·
Sharad Krishna Murthy Chief
Financial Officer
·
Anil Menon Chief
Operating Officer
·
N B Narayan Financial Controller
·
Tariq Al Balushi Human
Resources Manager
Date of Establishment : 1st April 1975
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/00525/1
Chamber Member No. : 578
Issued Capital : RO 2,000,000
Paid up Capital : RO 2,000,000
·
W J
Towell Co LLC 100%
Exhibition Street
PO Box: 1040, Ruwi 112
Muscat
Tel: (968) 24526001
Fax: (968) 24793882
Activities: Engaged as providers of management solutions and operators of over 40 Omani Quick shops named “AHLAIN”, subject also distributes fast moving consumer goods.
Enhance launched O-Mart, a non-forecourt convenience store brand in Q1 2009.
Through their extensive network of temperature controlled warehousing and fleet management, Enhance products are distributed from depots in the Capital, Salalah, Sohar, Nizwa, Muladha and Al Kamel serving over 2,500 outlets nationwide.
Import Countries: Europe and the Far East.
Brand Names: CALIFORNIA GARDEN, COLGATE PALMOLIVE, DETTOL, KELLOGG’S, LIBBYS, MASAFI, NAWRAS, PIF PAF and SHELL
Operating Trend: Steady
Subject has a workforce of approximately 900 employees.
Financial
highlights provided by local sources are given below:
Currency: Riyal
Omani (RO)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Revenue RO 132,750,000 RO 138,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures were
provided by Mr Ram Kumar, Central Finance Manager
·
Bank
Dhofar Al Omani Al Fransi
Muttrah Business District
PO Box: 1507, Ruwi 112
Muscat
Tel: (968) 24798012
Fax: (968) 24701053
Regular
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.62.40 |
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|
1 |
Rs.92.15 |
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Euro |
1 |
Rs.66.48 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
VNT |
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.