MIRA INFORM REPORT

 

 

Report Date :

10.03.2012

 

IDENTIFICATION DETAILS

 

Name :

AL TURKI ENTERPRISES LLC

 

 

Registered Office :

Al Turki Building, Suite No. 127 Al Mari Street Azaiba Roundabout, Ruwi PO Box 2803 Muscat 112

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

01.02.1976

 

 

Com. Reg. No.:

1/04381/1

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Subject operates several divisions like Building Materials Division, General Contracting Division, Gypsum Products Division, Concrete Division, Aluminium Division, Carpentry Division, Steel Division, Asphalt Division

 

 

No. of Employees :

12,000

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 2,000,000

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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 TURKI ENTERPRISES LLC

Country of Origin                                    : Sultanate of Oman

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 1st February 1976

Commercial Registration Number            : 1/04381/1

Chamber Membership Number                : 305

Issued Capital                                        : RO 460,000

Paid up Capital                                      : RO 460,000

Total Workforce                                     : 12,000

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

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 2,000,000

Person Interviewed                                 : Anoop Goshar, Finance Manager

COMPANY NAME

 

AL TURKI ENTERPRISES LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Al Turki Building, Suite No. 127

Street               : Al Mari Street

Area                 : Azaiba Roundabout, Ruwi

 

PO Box             : 2803

 

Town                 : Muscat 112

Country             : Oman

 

Telephone         : (968) 24590140 / 24590170

Facsimile          : (968) 24590212

Email                : alturki@alturki.com / alturki@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

 

·       Turki Bin Mahmoud Al Saeed                Omani                                    Managing Director

 

·       Gulabsi Ratansi Khimiji                                     Omani                                    Director

 

·       Shatina Gulabsi Bhatia                                     Indian                                     Director

 

·       Anoop Goshar                                                      -                                        Finance Manager

 

·       Upali Marasinghe                                                 -                                        Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st February 1976

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 1/04381/1

 

Chamber Member No. : 305

 

Issued Capital              : RO 460,000

 

Paid up Capital            : RO 460,000

 

Name of Shareholder (s)

 

·       Turki Bin Mahmoud Al Saeed

 

·       Gulabsi Ratansi Khimiji

 

·       Shatina Gulabsi Bhatia

 

 

AFFILIATED COMPANIES

 

·       Al Tasnim Enterprises LLC

Muscat

 

·       National Metal Can

Muscat

 

 

OPERATIONS

 

Activities: Subject’s operations are performed through the following divisions:

 

·       Building Materials Division

 

Under this division subject is engaged in the import and distribution of building materials and construction equipment.

 

·       General Contracting Division

 

     This division is engaged as general construction contractors.

 

·       Gypsum Products Division

 

     Engaged in the import and distribution of gypsum products.

 

·       Concrete Division

 

     Engaged in the manufacture and distribution of concrete blocks.

 

·       Aluminium Division

 

     Engaged in aluminium fabrication, windows and doors.

 

·       Carpentry Division

 

     Engage in the manufacture of wooden cabinets.

 

·       Steel Division

 

     Engaged in all steel work, including fencing.

 

·       Asphalt Division

 

Engage in asphalt services and road works.

 

Import Countries: Europe, India and the United States of America

 

Operating Trend: Steady

 

Subject has a workforce of approximately 12,000 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Riyal Omani (RO)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                RO 107,000,000             RO 110,500,000

 

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

 

The above figures were provided by Mr Anoop Goshar, Finance Manager

 

 

BANKERS

 

·       HSBC Bank Middle East

Muttrah Business District

PO Box: 240, Ruwi 112

Muscat

Tel: (968) 24700810 / 24799920 / 24799927

Fax: (968) 24704241

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              August 2008

Credit amount                                        150,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

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.50.02

UK Pound

1

Rs.79.01

Euro

1

Rs.66.18

 

 

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.