MIRA INFORM REPORT
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Report Date : |
09.09.2011 |
IDENTIFICATION DETAILS
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Name : |
MODERN STEEL MILLS LLC |
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Registered Office : |
Modern Street, Road No 17, Rusayl Industrial Estate, P.O. Box 174 Rusayl 124, Muscat |
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Country : |
Indonesia |
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Date of Incorporation : |
21.08.2001 |
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Com. Reg. No.: |
1605062 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers, processors and distributors of scrap metal to billet steel |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
RO 500,000 |
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Status : |
Good |
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Payment
Behaviour : |
Usually Correct |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 |
company NAME
MODERN STEEL MILLS
LLC
company ADDRESS
Street Modern Street, Road No 17
Area Rusayl Industrial Estate
P.O. Box 174 Rusayl 124
Town Muscat
Country Oman, Sultanate of
Telephone (968) 2444 9039
Fax (968) 2444 9064 / 2444 9083
E-Mail msm2001@omantel.net.com
Shortform Name : MSM
SENIOR COMPANY PERSONNEL
Name Position
1. H.E. Hammad Hamed Al Ghafri Managing Director
2. Mohammed Al Ghafri Personnel Manager
3. Arabinda Ganguly Chief Technical Officer
4. Taleb Al Balouchi Public Relations Officer / Administrator
5. Nilesh Sheth Financial Manager
6. Giss Varghese Senior Accounts Officer
Total Employees : 230 (subject)
3,500 (Assarain Group)
PAYMENTS
No complaints have been heard regarding payments from local suppliers or banks.
Subject is a member of the Assarain Group of Companies with
3,500 employees, multi-million dollar international group. Its
diverse interests span construction, oil and gas, national
infrastructure projects, consumer products, food distribution, travel
and insurance, and health care.
We consider it is acceptable to deal with subject for LARGE amounts.
Opinion on maximum credit : RO 500,000
Trade risk assessment : Normal
Opinion on the credit figure of US DLRS 1,500,000 :
The above figure is higher than normally seen in one amount, however could prove admissible if split into two transactions provided the total indebtedness is strictly monitored.
PRINCIPAL BANKERS
NAME : BANK MUSCAT (SOAG)
Branch : Main Branch
Street : Al Burj Street, Muttrah Commercial District 1073
PO Box : 134 Ruwi 112
Town : Muscat
Telephone: (968) 2470 3044 / 2478 8638 / 2470 8653
Fax : (968) 2478 9886 / 2478 8638
The Company also has an account with:
National Bank of Oman (SAOG)
Main branch
PO Box 751 Ruwi 112
Muscat
Telephone: (968) 2470 8894
Fax : (968) 2470 3972
FINANCIAL INFORMATION
Private companies in Oman are not required to publish or disclose balance sheets. However, the subject interviewed offered
the following information :
Sales Turnover RO 22,000,000 - 2009 - approx
RO 29,000,000 – 2010 - approx
Net Profit not given
Financial year ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 21 August 2001
History : Subject was founded by a group of Omani investors under the
chairmanship of the former government minister, H.E. Hammad Hamed Al Ghafri.
C.R. No. : 1605062 (expiry date: 1 November 2013)
Chamber of Commerce Membership No.: 1057 (issued on: 25 October 2010, expiry date: 4 November 2012)
Authorised Capital : RO 1,200,000
Paid-Up Capital : RO 1,200,000
Limited Liability Company with the following shareholders :
1. H.E. Hammad Hamed Al Ghafri
(Omani national)
2. H.E. Abdul Alim Mustahil Naseeb Rakhiyoot
(Omani national)
3. Ashwin Dharamsey Nensey
(Oman national)
4. Assarain Enterprises LLC
Assarain House
Al Kuwair
PO Box 1475 / 4475 Ruwi 112
Muscat
Telephone: (968) 2460 4811 (
Fax : (968) 2460 4837
E-Mail : assarain@assarain.com
5. Oman International Development and Industrial Co. SAOG
Omnivest Building, 4th Floor
Bank Al Markazi Street
Muttrah Business District
PO Box 3886 Ruwi 112
Muscat
Telephone: (968) 2476 9500
Fax : (968) 2470 7519
Email : ominvest@omantel.net.om
Website : www.ominvest.net
6. Other 8 undisclosed investors.
The exact shareholding structure and percentage was not disclosed.
Affiliated companies of Modern Steel Mills LLC:
Associates
Subject is a member of the Assarain Group of Companies, which also includes the following companies :
1. Assarain Furnishing LLC
Jabir Bin Zaid Street
Mutrah
Telephone: (968) 2477 3295 / 2477 3160
Fax : (968) 2470 4464
Activities: Furniture dealers and interior designers.
2. The Blue Falcon Travel and Commercial Company
Next to Bank Of Baroda, Ruwi
PO Box 1475
Ruwi 112
Telephone : (968) 2481 2953 / 2470 1021 / 2470 5234 968
Activities: IATA approved travel agency.
3. Assarain Insurance Services LLC
PO Box 1475
Ruwi 112
Telephone: (968) 2469 2146 / 2460 4811
Fax : (968) 2469 5657 / 2460 4837
E-Mail : aeinsure@omantel.net.om
Website : www.assarain.com
Was established in June 1988 to look after the insurance
requirements of the Assarain Group and organise its coverage of
relevant risks.
4. National Marketing & Trading Co LLC
PO Box 1475
Ruwi 112
Telephone: (968) 2460 4811
Fax : (968) 2460 4837
Activities: Traders of beauty and skin care products. Operators
of five Body Shop outlets in Oman: Muscat City Centre, Seeb,
Capital Commercial Centre and Sabco Centre in Qurm, Zakher
Shopping Mall - Al Khuwair and Al Haq Department Store in
Salalah.
5. Hatat Polyclinic LLC
PO Box 1475
Ruwi 112
Telephone: (968) 2460 4811
Fax : (968) 2460 4837
Activities: Offers expert medical attention in a variety of
disciplines: dental surgery, ophthalmology, obstetrics and
gynecology, radiology & sonography, dermatology, pediatrics,
physiotherapy, psychiatry and family medicine.
6. Raymond Shop (Assarain Textiles) LLC, The
PO Box 1475
Ruwi 112
Telephone: (968) 2483 0149 / 2460 4811
Fax : (968) 2483 4317 / 2460 4837
E-Mail : raymonds@omantel.net.om
Activities: Franchisee of Raymond Limited, Assarain Textiles
brings Oman a complete range of men’s clothing, from formals to
casuals.
7. Wadi Adai Auto Service Centre LLC
Next to Wadi Adai Roundabout
PO Box 1475
Ruwi 112
Telephone: (968) 2470 4955
Activities: Owners and operators of fuel stations, auto car
wash and service bay services.
8. Assarain Telecommunications LLC
Jabir Bin Zaid Street, Mutrah
Telephone: (968) 2477 3295 / 2477 3617
Activities: Importers, and distributors of telecommunication
and communication equipment.
Agents for Krone Gmbh, Germany; Kablemetal Electro,
Germany; Ringmaster, Norway; CGCT, France; Mobina,
Finland; and A&T Telelvision, Germany.
9. Assarain Garden Centre LLC
PO Box 1475
Ruwi 112
Location: Besides Wadi Adai Service Station
Activities: Dealers in indoor and outdoor plants, fresh and dry
flowers, gardening, landscaping and irrigation.
10. Kalhat Services & Trading LLC
PO Box 1475
Ruwi 112
Telephone: (968) 2460 4811
Fax : (968) 2460 4837
Activities: Oman's cleaning and pest control company.
11. Al Haq General Trading & Contracting Company LLC
PO Box 1475
Ruwi 112
Telephone: (968) 2460 4811
Fax : (968) 2460 4837
Email : alhaq@omantel.net.om
Activities: Traders in agricultural chemicals, fertilizers, seeds
and veterinary products and all kinds of frozen and dry food
items, groceries and non-food items as well. Al Haq is registered
with Salalah Port Services and the Ministry of Commerce and
Industry as ship chandlers. This means that they are qualified to
supply provisions, equipment and whatever else is needed,
fulfilling the needs of all ships calling at Salalah Port and
Mina Qaboos Port, Muscat.
12. Assarain Concrete Products LLC
Zabir Bim Zaid Street
Mutrah
Telephone: (968) 2477 3160 / 2477 3295
Fax : (968) 2477 3296
13. Shamal Plastic Products LLC
Road No. 8
Sohar Industrial Estate
PO Box 31 PC 327
Sohar
Telephone: (968) 2675 1174 / 2675 1175 / 2675 1193
Fax : (968) 2685 1762
14. Assarain International Construction Co LLC
Location: Jabir BinZaid Street, Mutrah
Telephone: (968) 2477 3295 (3 lines) / 773 202
Activities: Building contractors for villas, and large
commercial complexes.
15. Assarain Frozen Foods.
Location: Medinat Qaboos Industrial Area
Telephone: (968) 2460 3166
Activities: Importers and retailers of dry and frozen foods.
Distributors for Emntorg, Denmark; Hellaby, New
Zealand; Tweed Valley, UK; Jones, USA; and Watties,
New Zealand.
16. Assarain Hydraulic Engineering
Location: Jabir Bin Zaid Street, Mutrah
Telephone: (968) 2477 3160
Activities: Agents for Reliable Inc, UK; Fenwel Corp., USA;
Holden & Brooke, and D.P. Facilities of USA.
17. Strabag Oman LLC
Bldg No 700, Way No 5007, Ghala
PO Box 444 PC 100
Telephone: (968) 2452 6900
Fax : (968) 2452 6902
E-Mail : strabag@omantel.net.om
18. Hay Al Rahbah Trading & Contracting LLC
Assarain Group Of Companies Bldg, Ground Floor
Dohat Al Adab Street
PO Box 1031 PC 131
Telephone: (968) 2469 3877 / 2469 4088
Fax : (968) 2469 6466
E-Mail : hartc@omantel.net.om
Website : www.assarain.com
19. Modern Concrete Products LLC
Falaj Al Qubail
PO Box 486 PC 322
Telephone: (968) 2443 7636 / 2443 7356
E-Mail : mepsohar@gmail.com
20. Cluttons & Partners LLC
Telephone: (968) 2456 4250 / 2456 4251
E-Mail : cluttons@omantel.net.om
21. Gulf Acrylic Industries LLC
Road No 9, Sohar Industrial Estate
PO Box 31 PC 327
Telephone: (968) 2675 1193
Fax : (968) 2675 1762
E-Mail : works@shamalplastics.com
22. Assarian Enterprise (UK) Limited
5th Floor, 15 Whitehall, London
SW1 A2DD
Telephone : (44 171) 930 1405
23. Assarian-O'Gara Enterprise Limited
2525 Thorn Place, Fullerton,
CA 92635, USA
Telephone : (1 818) 706 191
24. Assarain Food Products LLC
Madinat Al Sultan Qaboos
PO Box 1475
Ruwi 112
Telephone: (968) 2469 8162
Fax : (968) 2460 7194
E-Mail : aefoods@omantel.net.om
Website : www.assarain.com
25. Al Khuwair Gas Plant
PO Box 4475, Ruwi.
Activities: Domestic cooking gas suppliers.
26. Al Hima Contracting & Trading
PO Box 485 PC 117
Telephone: (968) 2470 3833
Fax : (968) 2478 6867
27. Drake and Scull Assarain LLC
PO Box 3146
Medina Qaboos
Activities: Electrical and mechanical contractors.
28. Oman International Trade & Exhibitions LLC
Suite No 106,1st Floor, Hatat House,Ruwi
PO Box 268 Ruwi 112
Telephone: (968) 2456 4303 / 2456 4268
Fax : (968) 2456 5165
E-Mail : oitex@omantel.net.com
Website : www.oite.com
ACTIVITIES
The Company is involved in the following activities :
Manufacturers, processors and distributors of scrap metal to billet steel.
Subject also manufactures various types of mild steel and alloy steel billets. Steel billets are an essential raw material to the building industry. The billets are used to manufacture rebar, wire rods, angle, channels, girders, etc. for the construction industry.
NACE Code: 2410
Production Capacity: 84,000 MT per annum.
Subject operates a 20-tonne electric arc furnace, a 20-tonne ladle
furnace and a two-strand billet caster capable of producing 80-150mm
sq billet. All the equipment for the steel plant was of Indian
origin, supplied by 21st Century Engineering Services, from India.
The company was commissioned in November 2001 with an 80,000 t/y
billet capacity, is producing presently about 7,000 t/m of 100mm
square billet in 5-6 metre lengths, its billet to local rerollers
such as Sharq Sohar in Oman, Al Rostamani Eurogulf in Dubai, Gulf
Steel Industries in Abu Dhabi, and UGS in Jubail, Saudi Arabia.
Imports from UAE.
Exports to GCC countries, mainly UAE, India, Pakistan and Srilanka.
FACILITIES
The Company has the following facilities :
Owned premises comprising administrative offices and a factory with integrated storage facilities located at the heading address.
SPECIAL NOTE
The telephone and fax numbers which you provided: 968 24629039 and 968 24629064 are incorrect. Please note that subject's correct telephone and fax numbers are as per heading.
Interviewed: Giss Varghese (Senior Accounts Officer)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.46.18 |
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UK Pound |
1 |
Rs.73.65 |
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Euro |
1 |
Rs.64.95 |
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 |
|
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.