MIRA INFORM REPORT
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Report Date : |
9th May 2006 |
IDENTIFICATION DETAILS
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Name : |
AL
DIYAR TRADING EST |
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Registered Office : |
Al Reem Commercial Centre, 2nd Floor,
Office No. 23 & 24, Commercial Business District 181, Madinat Al Sultan Qaboos 115, Sultanate of Oman |
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Date of Incorporation : |
1984 |
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Legal Form : |
AL
DIYAR TRADING EST |
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Line of Business : |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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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Maximum Credit Limit : |
US$
250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
AL DIYAR TRADING EST |
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Country of Origin |
Sultanate of Oman |
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Legal Form |
Sole Proprietorship |
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Registration Date |
1984 |
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Invested Capital |
RO 200,000 |
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Total Workforce |
25 |
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Line of Business |
Subject operates several divisions (see below for details) |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
AL DIYAR TRADING
EST
ADDRESS
Registered &
Physical Address
Building : Al Reem Commercial Centre, 2nd
Floor, Office No. 23 & 24
Area : Commercial Business District
PO Box : 181
Town : Madinat Al Sultan Qaboos 115
Country : Sultanate of Oman
Telephone : (968) 24705773 / 24788761 / 24784843
Facsimile : (968) 24705764
Email : aldiyar@omantel.net.om
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Madinat Al Sultan Qaboos.
KEY PRINCIPALS
Malallah
Rustom Mohamed Al Sadiqi Proprietor
John Kurikesu General Manager
Zuhair Malallah Al Sadiqi Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : Subject was
established in 1984 although trading
activities started in 1995.
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Invested Capital : RO 200,000
Air
Commodore Malallah Rustom Mohamed Al Sadiqi is the sole proprietor of the business.
AFFILIATED COMPANIES
Modern
Metallic Industries LLC
Al
Nafeesa Jewellery
Al Uksa
Trading
Al
Sadiqi Trading
Al
Shadoof Trading
LINE OF BUSINESS
Operations : Subject’s activities are performed through
the following divisions:
Consumer
Division
Engaged in the
import and distribution of general consumer goods, such as wheat flour, instant flavoured drink, edible oils, canned
foods and rice.
Technical
Division
Engaged in the
import and distribution of ERW pipes, seamless pipes,
steel hoses, and oil well drilling equipment.
Chemical
Division
Engaged
in the import and distribution of specialty chemicals, fibreglass chemicals,
chlorine and insecticides.
Import Countries
: India, Iran, Kuwait,
Korea, Netherlands and Turkey.
International
Suppliers :
Altiniyag Turkey
Water
Guard Netherlands
Nirou
Chlor Company Iran
Alvand
Potato Processing Industry Iran
Hyundai
Steel Pipes Korea
Korea
Cast Iron Pipes Korea
Maharashtra
Seamless Ltd India
Jindal
Pipes Ltd India
Good
Luck Industries India
Jindal
Drilling Industries India
Ratnamani
Tubes India
Kunji
Forging India
Bengal
Industries India
Al
Sanea Chemical Products Co Kuwait
Operating Trend
: Steady
Subject has a
workforce of 25 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Riyal
Omani (RO)
Year
Ending 31/12/04: Year Ending
31/12/05:
Total Revenue RO 2,290,000 RO 2,650,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
Bank Muscat SAOG
Ruwi Main Branch
PO Box: 6326
Muscat
Tel: (968) 561399 /
708543
Fax: (968) 561036
National Bank of
Oman Limited (SAOG)
Mutrah Business
District
PO Box : 751, Ruwi
112
Muscat
Tel : (968) 708894
708630 / 708684
Fax : (968) 707781
/ 703972
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 15,000,000
Al Diyar Trading
Est operates a number of divisions specialising in consumer goods, technical
equipment and chemicals.
During the course
of this investigation nothing detrimental was uncovered regarding the manner in
which payment obligations are fulfilled. The operating history is clear and the
financial situation is satisfactory. As such we are of the opinion that the
subject is a fair trade risk.
The above credit
figure is higher than transactions previously seen and a measure of caution would
be prudent given the magnitude of the transaction.
Maximum suggested
credit figure: US$ 250,000
RATING EXPLANATIONS
RATING
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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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |