MIRA INFORM REPORT

 

 

Report Date :           

24.05.2011

 

IDENTIFICATION DETAILS

 

Name :

OMAN ABRASIVES LLC

 

 

Registered Office :

Hourmuz Building, Ruwi, P O Box 3335, Muscat 112

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1978

 

 

Com. Reg. No.:

1/24530/9, Muscat

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacturers of abrasive products and protective coatings.

 

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$ 250,000

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Oman

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

SUMMARY

 

Company Name                                     : OMAN ABRASIVES LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Start Date                                             : 1978

Registration Date                                   : 3rd March 1986

Commercial Registration Number                        : 1/24530/9, Muscat

Chamber Membership Number                : 1479

Issued Capital                                        : RO 250,000

Paid up Capital                                      : RO 250,000

Total Workforce                                     : 84

Activities                                               : Manufacturers of abrasive products and protective coatings.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 250,000

 

COMPANY NAME

 

OMAN ABRASIVES LLC

 

 

company ADDRESS

 

Registered & Physical Address

Building            : Hourmuz Building

Area                 : Ruwi

PO Box            : 3335

Town                : Muscat 112

Country             : Sultanate of Oman

Telephone         : (968) 24785860

Facsimile          : (968) 24785861

Email                : omgrit@omanabrasives.com

 

Premises

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Sohar Buraimi Road                                                                          Owned factory premises

PO Box: 99

       Sohar 311

       Tel: (968) 25669424

       Fax: (968) 25669429

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Mohamed Al Zubair                                                                           Managing Director

 

·       Mostahil Ahmed Al Mashani                                                               Director

 

·       Mohamed Moosa Al Yousef                                                               Director

 

·       Mohsin Haider Darwish                                                                      Director

 

·       Hamd Houmud Al Busaidi                                                                  Director

 

·       Hement Padinagar                                                                             General Manager

 

·       Hekmat Michael                                                                                Assistant General Manager

 

·       Krishna Kumar                                                                                  Finance Manager

 

·       M Srindar                                                                                         Production Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1978, however subject was registered on 3rd March 1986

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/24530/9, Muscat

 

Chamber Member No. : 1479

 

Issued Capital              : RO 250,000

 

Paid up Capital            : RO 250,000

 

Name of Shareholder (s)

 

·       Mohamed Al Zubair

 

·       Mostahil Ahmed Al Mashani

 

·       Mohamed Moosa Al Yousef

 

·       Mohsin Haider Darwish

 

·       Hamd Houmud Al Busaidi

 

 

AFFILIATED COMPANIES

 

Subject belongs to the SABCO group of companies that consists of the following concerns:

 

·       Mohsin Haider Darwish LLC

 

·       Muscat Overseas

 

·       Zubair Corporation

 

·       National Mineral Water Company SAOG

 

·       OMASCO

 

·       Voltamp Manufacturing Co LLC

 

·       Oman Shapoorji Construction Co LLC

 

·       Geotrak LLC

 

·       Isklar AS

 

·       Horizon Technologies FZE

 

·       SABCO Art LLC

 

·       Oman Perfumery LLC

 

·       SABCO Commercial Centre

 

·       SABCO Media SAOC

 

·       Al Hail Investments LLC

 

·       Oman Expo LLC

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of abrasive products and protective coatings.

 

Import Countries: Europe and the Far East.

 

International Distributors:

 

·         Technical Oilfield Supplies Centre                              United Arab Emirates

·         Blastline LLC                                                           United Arab Emirates

·         Mannai Trading & Contracting Est                             Bahrain

·         Al Estagamah Services Est                                      Saudi Arabia

·         Al Humaidi Est                                                        Saudi Arabia

·         Redwood Engineering, Trading & Contracting WLL      Qatar

·         Ajwan Trading Enterprises                                        Kuwait

·         Pak Arab Trading Shipping Agencies Pvt Ltd              Pakistan

 

Brand Names: OMGRIT

 

Operating Trend: Steady

 

Subject has a workforce of 84 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 3,900,000                            RO 4,115,000

 

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

 

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

 

 

BANKERS

 

·       Standard Chartered Bank

Next Sheraton Hotel

PO Box: 2353

Muscat 112

Tel: (968) 24703999 / 24703796 / 24703574

Fax: (968) 24796864

 

 

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.45.28

UK Pound

1

Rs.73.30

Euro

1

Rs.63.61

 

 

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.