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Report Date : |
05.02.2013 |
IDENTIFICATION DETAILS
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Name : |
CONSTRUCTION MATERIALS INDUSTRIES & CONTRACTING SAOG |
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Registered Office : |
CMI Sector, Awadi Hatat
Industrial Area, PO Box 1791, Ruwi 112, Muscat |
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Country : |
Oman |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
15.06.1977 |
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Com. Reg. No.: |
1/05292/6 |
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Legal Form : |
Omani Joint Stock Company |
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Line of Business : |
Mining of limestone and manufacturing limestone and lime products,
calcium silicate bricks and blocks. |
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No. of Employees : |
180 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Oman |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
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 |
Company Name :
CONSTRUCTION MATERIALS INDUSTRIES & CONTRACTING SAOG
Country of Origin :
Oman
Legal Form :
Omani Joint Stock Company
Registration Date :
15th June 1977
Commercial Registration Number :
1/05292/6
Issued Capital :
RO 8,500,000
Paid up Capital :
RO 8,500,000
Total Workforce :
180
Activities :
Mining of limestone and manufacturing limestone and lime products,
calcium silicate bricks and blocks.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
CONSTRUCTION MATERIALS INDUSTRIES & CONTRACTING SAOG
Registered &
Physical Address
Location : CMI Sector
Area : Awadi Hatat
Industrial Area
PO Box :
1791, Ruwi 112
Town : Muscat
Country : Sultanate of Oman
Telephone : (968) 24875044
/ 24875092
Facsimile : (968) 24875349
Mobile : (968)
99200201
Email : cmioman@omantel.net.om
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Industrial Area of Muscat.
Branch Office (s)
Location Description
Quriyat Factory
premises
Sohar Factory
premises
Al Amerat Factory
premises
Muscat
Name Position
Ahmed Ali Al Hooqani Chairman
Faris Mohamed Fadhlallah Vice
Chairman
Nabil Issa Mohammed Al Hseni Director
Hussam Hisham Omar Al Bustami Director
Waseem Salah Abid Qaraeen Director
Kalyan K Gangopadhya General
Manager
Talal Naser Qasim Oqlah Finance
Manager
Date of Establishment : 15th
June 1977
Legal Form : Omani Joint Stock
Company
Commercial Reg. No. : 1/05292/6
Issued Capital : RO 8,500,000
Paid up Capital : RO 8,500,000
Name of
Shareholder (s) Percentage
Sulaiman Ahmed Al Hoqani 42.26%
Local businessmen and private investors 57.74%
Activities: Engaged in the mining of
limestone and manufacturing limestone and lime products, calcium silicate
bricks and blocks.
Import Countries: Europe
and the Far East.
Operating Trend: Steady
Subject has a workforce of approximately 180 employees.
Financial highlights provided by local sources are given below:
Currency: Riyal Omani (RO)
Balance Sheet 31/12/11
31/12/10
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ASSETS |
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Non-current assets |
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Property, plant and equipment |
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8,218,420 |
8,222,232 |
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Quarry development expenditure |
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- |
- |
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Investment available-for-sale |
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- |
- |
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|
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Total non-current assets |
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8,222,232 |
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Current assets |
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Inventories |
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1,067,472 |
752,861 |
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Advance for plant and machinery |
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- |
495,325 |
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Trade and other receivables |
|
775,055 |
873,571 |
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Investment at fair value through profit or loss |
|
340,094 |
- |
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Cash and bank balances |
|
156,977 |
945,728 |
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|
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Total current assets |
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2,339,598 |
3,067,485 |
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Total assets |
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10,558,018 |
11,289,717 |
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EQUITY AND LIABILITIES |
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Capital and reserve |
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Share capital |
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8,500,000 |
8,500,000 |
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Legal reserve |
|
239,537 |
239,537 |
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Accumulated (losses) / earnings |
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(688,913) |
67,779 |
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Total equity |
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8,807,316 |
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Non-current liabilities |
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Government soft loan |
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719,283 |
823,464 |
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Deferred government grant |
|
92,567 |
176,536 |
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Payable to finance companies |
|
25,062 |
115,613 |
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End of service benefits |
|
72,536 |
69,100 |
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Deferred tax
liability |
|
335,458 |
256,870 |
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Total
non-current liabilities |
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1,441,583 |
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Current liabilities |
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Government soft loan - current portion |
|
151,791 |
- |
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Deferred government grant – current portion |
|
36,359 |
- |
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Bank borrowings |
|
226,071 |
350,722 |
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Trade and other payables |
|
707,909 |
460,977 |
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Payable to finance companies - current portion |
|
90,551 |
158,300 |
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Provision for income tax |
|
49,807 |
70,819 |
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Total current liabilities |
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1,262,488 |
1,040,818 |
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Total liabilities |
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2,507,394 |
2,482,401 |
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Total liabilities and equity |
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10,558,018 |
11,289,717 |
Income Statement
Sales 3,203,853 2,992,656
Cost of sales (3,080,148) (2,482,780)
Gross profit 123,705 509,876
Other income 18,047 46,205
General and administrative expenses (310,753) (299,800)
Selling and distribution expenses (95,280) (87,629)
Provision against quarry development expenditures
(329,987) -
Finance charges (27,503) (27,710)
(Loss) / profit before tax (621,771) 140,942
Deferred tax (78,588) (78,427)
(Loss) / profit for the year from continuing operations (700,359) 62,515
Loss for the year from discontinued operations (56,333) (14,988)
(Loss) / profit for the year (756,692) 47,527
Local sources consider subject’s financial condition to be Fair.
Oman Arab Bank
Muttrah Business District
PO Box: 2010, Ruwi 112
Muscat
Tel: (968) 24700161 / 24706265 / 24706267
Fax: (968) 24797736
No complaints regarding subject’s payments have been reported.
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.52.97 |
|
|
1 |
Rs.83.17 |
|
Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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.