MIRA INFORM REPORT

 

 

Report Date :           

05.05.2011

 

IDENTIFICATION DETAILS

 

Name :

ALMAS BUILDING MATERIALS CO LLC

 

 

Registered Office :

Industrial Area, 4th Street, South Branch Area, P O Box 335, Mabella 122

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

21.01.2004

 

 

Com. Reg. No.:

1/74568/9

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Wholesale and retail of building materials, tiles and ceramics

 

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$ 150,000

Status :

Satisfactory

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                                     : ALMAS BUILDING MATERIALS CO LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 21st January 2004

Commercial Registration Number            : 1/74568/9

Chamber Membership Number                : 4573

Issued Capital                                        : RO 150,000

Paid up Capital                                      : RO 150,000

Total Workforce                                     : 33

Activities                                               : Wholesale and retail of building materials, tiles and ceramics.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 150,000

Person Interviewed                                 : Mostafa Kader Mideen, Finance Manager

 

 

 

 

COMPANY NAME

 

ALMAS BUILDING MATERIALS CO LLC

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Industrial Area, 4th Street, South Branch Area

PO Box             : 335

Town                 : Mabella 122

Country             : Oman

Telephone         : (968) 24451513

Facsimile          : (968) 24451503

Email                : almasbm@omantel.net.om

 

Premises

 

Subject operates from a small suite of offices, a showroom and a warehouse that are rented and located in the Industrial Area of Mabella.

 

Branch Office

 

     Location                                                                                          Description

 

·       Aroopi Building                                                                                  Office premises

Ruwi

Muscat

Tel: (968) 24832835

 

·       Barka                                                                                               Showroom premises

 

 

KEY PRINCIPALS

 

     Name                                               Nationality                                 Position

 

·       Said Sayyad Ali Shah                           Omani                                    Managing Director

 

·       Elias Ayoub Dar                                   Indian                                     Director

 

·       Taher Ayoub Dar                                  Indian                                     Director

 

·       Mostafa Kader Mideen                              -                                        Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 21st January 2004

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/74568/9

 

Chamber Member No. : 4573

 

Issued Capital              : RO 150,000

 

Paid up Capital            : RO 150,000

 

Name of Shareholder (s)

 

·       Said Sayyad Ali Shah

 

·       Elias Ayoub Dar

 

·       Taher Ayoub Dar

 

 

AFFILIATED COMPANIES

 

·       Darz Ceramics (Pvt) Ltd

     Rahwali, G.T. Road

     Gujranwala-Cantt

     Pakistan

     Tel: (92-55) 3884425

     Fax: (92-55) 3884725

 

·       Darz Ceramic and Plastic Industry (LLC)

PO Box: 5880

Ajman

United Arab Emirates

Tel: (971-6) 7436410

Fax: (971-6) 7436412

 

·       Ticos International General Trading LLC

PO Box: 2191

Ajman

United Arab Emirates

Tel: (971-6) 7436410

Fax: (971-6) 7436412

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of building materials, tiles and ceramics.

 

Import Countries: Pakistan, India, Tunisia and Europe

 

International Suppliers:

 

·       Islamic Ceramic        Tunisia

·       Vives Ceramic           Spain

 

Operating Trend: Steady

 

Subject has a workforce of 33 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 1,650,000                            RO 2,000,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Habib Bank

       Muttrah Business District

PO Box: 1326, Ruwi 112

Muscat

Tel: (968) 24795280

Fax: (968) 24795283

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that Mr Mostafa Kader Mideen had no knowledge of the number 40196 and stated that the correct commercial registration number is 1/74568/9.

 

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.44.59

UK Pound

1

Rs.73.42

Euro

1

Rs.66.04

 

 

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

----

NB

New Business

----

 

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.