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Report No. : |
301380 |
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Report Date : |
06.01.2014 |
IDENTIFICATION DETAILS
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Name : |
AL AFRAD TRADING COMPANY LLC |
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Registered Office : |
Building No. 1258, Zakia Plaza, 5th Floor, Al Khuwair Area, Ghala, PO Box 720, Al Hamriya 131 & 829 Madinat
Sultan Qaboos 115, Muscat |
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Country : |
Oman |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
27.08.1996 |
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Com. Reg. No.: |
1/53282/0 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subjects operations are performed through the following divisions: Foodstuff Division Engaged in the import and distribution of
foodstuff, including meat and vegetables. Oil & Gas and Petrochemicals Division Engaged in the import and distribution of up
and down stream products, flow and process control products, subject also
provides services in these fields as well as engineering solutions and heavy
fabrication services. Special Product Division Engaged in the import an distribution of
lubricants and bitumen. Transport Division Engaged in the import and distribution of
oil tankers. Military Supplies Division Engaged
in the import and distribution of military supplies. Machinery Division Engaged in the import and distribution of
warehousing equipment, earth moving and construction equipment. Hospital Supplies and Hygiene Products Division Engaged in the import and distribution of hospital, dental and hygiene
products. |
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No. of Employee : |
25 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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.
|
Source
: CIA |
Company Name :
AL AFRAD TRADING COMPANY LLC
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
27th August 1996
Commercial Registration Number :
1/53282/0, Muscat
Issued Capital :
RO 150,000
Paid up Capital :
RO 150,000
Total Workforce :
25
Activities :
Subject operates several divisions (see below for details)
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Tafseer Abbas, Accountant
AL AFRAD TRADING COMPANY LLC
Registered &
Physical Address
Building : Building No.
1258, Zakia Plaza, 5th Floor
Location : Al Khuwair Area, Ghala
PO Box : 720, Al Hamriya
131 & 829 Madinat Sultan Qaboos 115
Town : Muscat
Country : Oman
Telephone : (968) 24647644
/ 24647642 / 24647633 / 24708488 / 24647642 / 24647688 / 24647500
Facsimile : (968) 24647655
/ 24708858
Mobile : (968)
95762846
Email : jb@alafrad.com
/ info@alafrad.net
/ hafidh@alafrad.net / nasim@alafrad.net
/ anis@alafrad.net
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Muscat.
Name Position
Ali Salim K Al Busaidi Managing
Director
Hafidh Salim
K Al Busaidi Director
Johan Bezudien General
Manager
Anis
Mangalorkar Assistant
General Manager
A P Nasim Sales
Manager
Tafseer Abbas Accountant
Date of Establishment : 27th
August 1996
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 1/53282/0, Muscat
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of
Shareholder (s)
Ali Salim K Al Busaidi
Hafidh Salim
K Al Busaidi
Bin Khalifa Group
Muscat Sports LLC
Muscat
Oman
Golden Way Construction LLC
Muscat
Oman
Emar Real Estate LLC
Muscat
Oman
Activities: Subjects operations are performed through the
following divisions:
Foodstuff Division
Engaged in the import and distribution of
foodstuff, including meat and vegetables.
Oil & Gas and Petrochemicals Division
Engaged in the import and distribution of up and
down stream products, flow and process control products, subject also provides
services in these fields as well as engineering solutions and heavy fabrication
services.
Special Product Division
Engaged in the import an distribution of
lubricants and bitumen.
Transport Division
Engaged in the import and distribution of oil
tankers.
Military Supplies Division
Engaged
in the import and distribution of military supplies.
Machinery Division
Engaged in the import and distribution of
warehousing equipment, earth moving and construction equipment.
Hospital Supplies and Hygiene Products Division
Engaged in the import and distribution of hospital, dental and hygiene
products.
Import Countries: India, Hong Kong, United Arab Emirates, United
Kingdom and the United States of America
International Suppliers:
Ferrofab United
Arab Emirates
Anand Teknow India
Carre Oil Limited Hong
Kong
Operating Trend: Steady
Subject has a workforce of 25 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
3,200,000 RO
3,275,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Commercial Bank of Oman SAOG
Muttrah Business District
PO Box: 1696, Ruwi 112
Muscat
Tel: (968) 24793225 / 24793226 /
24793228
Fax: (968) 24793229
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.39 |
|
|
1 |
Rs.96.85 |
|
Euro |
1 |
Rs.75.67 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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.