MIRA INFORM REPORT

 

 

Report Date :           

26.03.2011

 

IDENTIFICATION DETAILS

 

Name :

AL HAJIRY TRADING LLC

 

 

Registered Office :

Al Wadi Al Kabir Industrial Area, Office 544, 1st Floor, Street 44, P O Box 582, Al Wadi Kabir 117, Muscat

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

19.06.1990

 

 

Com. Reg. No.:

1/29970/0

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Subject operates through several divisions Contracting Division, Cleaning Division, AH Oilfield Services & Supplies, Al Hajiry Electronics, Al Hajiry Information, Al Maha Rent A Car, Technical Transport Centre

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 2,200,000

Status :

Good

Payment Behaviour :

No Complaints

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, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Oman

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : AL HAJIRY TRADING LLC

Also Known As                                      : AL HAJIRY GROUP

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 19th June 1990

Commercial Registration Number            : 1/29970/0

Issued Capital                                        : RO 667,000

Paid up Capital                                      : RO 667,000

Total Workforce                                     : 1,800

Activities                                               : Subject operates several divisions (see below for details)

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 2,200,000

Person Interviewed                                 : John Mathew, Finance Manager

 

COMPANY NAME

 

AL HAJIRY TRADING LLC

 

 

ALSO KNOWN AS

 

AL HAJIRY GROUP

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Al Wadi Al Kabir Industrial Area, Office 544, 1st Floor, Street 44

PO Box             : 582, Al Wadi Kabir 117

Town                 : Muscat

Country             : Oman

Telephone         : (968) 24817573 / 24818615 / 24812768

Facsimile          : (968) 24817530

Email                : alhajiry@omantel.net.om

 

Premises

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Muscat.

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Nasser Khamis Al Hashar                                 Omani                        Managing Director

 

·       Samuel Varghes                                              Indian                         Director

 

·       Rajesh Vargesh                                                   -                            Commercial Manager

 

·       John Mathew                                                       -                            Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 19th June 1990

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/29970/0

 

Issued Capital              : RO 667,000

 

Paid up Capital            : RO 667,000

 

Name of Shareholder (s)

 

·       Nasser Khamis Al Hashar

 

·       Samuel Varghes

 

 

AFFILIATED COMPANIES

 

·       Air Travel & Tours LLC

Muscat

     Oman

 

·       Al Hajiry International LLC

Muscat

     Oman

 

 

OPERATIONS

 

Activities: The subject’s operations are performed through the following divisions:

 

·       Contracting Division

 

     Engaged as electromechanical contractors.

 

·       Cleaning Division

 

     Engaged in the provision of cleaning services and industrial cleaning.

 

·       AH Oilfield Services & Supplies

 

     Engage in the import and distribution of oilfield products.

 

·       Al Hajiry Electronics

 

     Engaged in the wholesale and retail of air conditioning equipment and home appliances.

 

·       Al Hajiry Information

 

     Providers of IT services and products.

 

·       Al Maha Rent A Car

 

     This division specialises in vehicle rental services.

 

·       Technical Transport Centre

 

     Providers of transport and logistical services.

 

Import Countries: Europe and the United States of America

 

Operating Trend: Steady

 

Subject has a workforce of approximately 1,800 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Riyal Omani (RO)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                RO 20,000,000                          RO 20,850,000

 

Local sources consider subject’s financial condition to be Good.

 

The above financial figures were confirmed by John Mathew, Finance Manager

 

 

BANKERS

 

·       National Bank of Oman Limited (SAOG)

Mutrah Business District

PO Box: 751, Ruwi 112

Muscat

Tel: (968) 24708894 / 24708630 / 24708684

Fax: (968) 24707781 / 24703972

 

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.65

UK Pound

1

Rs.71.91

Euro

1

Rs.63.28

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

 

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%)

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.