MIRA INFORM REPORT

 

 

Report Date :

01.11.2012

 

IDENTIFICATION DETAILS

 

Name :

SOHAR ALUMINIUM COMPANY LLC

 

 

 

 

Registered Office :

Sohar Industrial Estate PO Box: 80 Sohar 327

 

 

 

 

Country :

Sultanate of Oman

 

 

 

 

Date of Incorporation :

September 2004

 

 

 

 

Com. Reg. No.:

1/76671/6

 

 

 

 

Legal Form :

Limited Liability Company – LLC

 

 

 

 

Line of Business :

Primary Aluminium Smelters

 

 

 

 

No. of Employees :

1,000

 

 

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

 

Status :

Good

Payment Behaviour :

Regular

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Oman

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

OMAN - ECONOMIC OVERVIEW

 

Oman is a middle-income economy that is heavily dependent on dwindling oil resources. Because of declining reserves and a rapidly growing labor force, Muscat has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP to 9% by 2020 and creating more jobs to employ the rising numbers of Omanis entering the workforce. Tourism and gas-based industries are key components of the government's diversification strategy. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production, giving the country more time to diversify, and the increase in global oil prices through 2011 provided the government greater financial resources to invest in non-oil sectors.

Source : CIA

 

 

 

SUMMARY

 

Company Name                                     : SOHAR ALUMINIUM COMPANY LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : September 2004

Commercial Registration Number            : 1/76671/6

Issued Capital                                        : RO 10,000,000

Paid up Capital                                      : RO 10,000,000

Total Workforce                                     : 1,000

Activities                                               : Primary aluminium smelters

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

SOHAR ALUMINIUM COMPANY LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Sohar Industrial Estate

 

PO Box             : 80

 

Town                 : Sohar 327

Country             : Sultanate of Oman

 

Telephone         : (968) 26844278 / 26863000 / 26863210 / 26863201

Facsimile          : (968) 26863001 / 26863002

Mobile               : (968) 99551706

Email                : info@sohar-aluminium.com

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Sohar.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mulham Al Jarf                                                                                  Chairman

 

·       HE Abdulla Al Nuaimi                                                                        Director

 

·       HE Abdulaziz Al Hemaidi                                                                   Director

 

·       Henk Pauw                                                                                       Chief Executive Officer

 

·       Said Mohammed Al Masoudi                                                              Deputy Chief Executive Officer

 

·       Paul Mahon                                                                                      Operations Manager

 

·       Raj Navsaria                                                                                     Chief Financial Officer

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : September 2004

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/76671/6

 

Issued Capital              : RO 10,000,000

 

Paid up Capital            : RO 10,000,000

 

Name of Shareholder (s)                                                 Percentage

 

·       Oman Oil Company SAOC                                              40%

PO Box: 261

     Muscat 118

     Oman

     Tel: (968) 24573100

     Fax: (968) 24573101

 

·       Abu Dhabi National Energy Company PJSC (Taqa)           40%

PO Box: 6120

Abu Dhabi

United Arab Emirates

Tel: (971-2) 6943333

Fax: (971-2) 6943192

 

·       Ro Tinto Alcan                                                               20%

     1188 Sherbrooke Street West

     Montreal, Quebec H3A 3G2

     Canada

     Tel: (1-514) 8488000

 

 

OPERATIONS

 

Activities: Engaged as a primary aluminium smelter, producing metals in three forms, ingots, sows and hot metal.

 

Annual Production Capacity: 370,000 metric tonnes

 

Import Countries: Europe and GCC countries.

 

Subject has a workforce of 1,000 employees.

 

 

FINANCIAL DATA

 

Companies registered in Oman are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       National Bank of Oman Limited (SAOG)

Muttrah Business District

PO Box: 751, Ruwi 112

Muscat

Tel: (968) 24708894 / 24708630 / 24708684

Fax: (968) 24707781 / 24703972

 

·       The Commercial Bank of Oman SAOG

Muttrah Business District

PO Box: 1696, Ruwi 112

Muscat

Tel: (968) 24793225 / 24793226 / 24793228

Fax: (968) 24793229

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

The company is owned by very well known and financially strong international organisations, including one of the leading companies in the aluminium industry – Rio Tinto Alcan Inc.

 

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.54.12

UK Pound

1

Rs.87.07

Euro

1

Rs.70.15

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.