IRA INFORM REPORT

 

 

Report Date :

06.02.2013

 

IDENTIFICATION DETAILS

 

Name :

AL MAHA CERAMICS COMPANY SAOC

 

 

Registered Office :

Falaj Al Qabail Street PO Box 482 Muscat 322

 

 

Country :

Sultanate of Oman

 

 

Date of Incorporation :

04.01.2006

 

 

Com. Reg. No.:

1/80914/8

 

 

Legal Form :

Omani Closed Joint Stock Company

 

 

Line of Business :

Cutting and processing of ceramics and tiles.

 

 

No. of Employees :

150

 

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

 

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 – 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                                     : AL MAHA CERAMICS COMPANY SAOC

Country of Origin                                    : Oman

Legal Form                                            : Omani Closed Joint Stock Company

Registration Date                                   : 4th January 2006

Commercial Registration Number                        : 1/80914/8

Membership Number                              : 1581

Issued Capital                                        : RO 3,000,000

Paid up Capital                                      : RO 3,000,000

Total Workforce                                     : 150

Activities                                               : Cutting and processing of ceramics and tiles.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                 : Abbass Al Maskary, Human Resources Manager

 

 

 

COMPANY NAME

 

AL MAHA CERAMICS COMPANY SAOC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Falaj Al Qabail Street

 

PO Box             : 482

 

Town                 : Muscat 322

Country             : Sultanate of Oman

 

Telephone         : (968) 26752322 / 26752323 / 24692503

Facsimile          : (968) 26752177

Mobile               : (968) 92559779

Email                : mktg@almahaceramics.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 Industrial Area                                                             Factory premises covering 150,000

                                                                                                            square metres

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Masood Humaid Al Harthy                                                                 Managing Director

 

·       Mubarak Saeed Mubarak Al Ghazali                                                   Director

 

·       Abdulreda Mustafa Sultan                                                                  Director

 

·       Ahmed Al Dhawahari                                                             Director

 

·       Shabir Moosa Abdullah                                                                      Director

 

·       Qaboos Al Khoonji                                                                            Director

 

·       Arvinda Bindera                                                                                 Chief Executive Officer

 

·       Ganapathy Subramanian                                                                    Finance Manager

 

·       Prijeet Singh                                                                                     Commercial Manager

 

·       Abbass Al Maskary                                                                           Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 4th January 2006

 

Legal Form                  : Omani Closed Joint Stock Company)

 

Commercial Reg. No.  : 1/80914/8

 

Membership No.          : 1581

 

Issued Capital              : RO 3,000,000

 

Paid up Capital            : RO 3,000,000

 

Name of Shareholder (s)

 

·       Masood Humaid Al Harthy

 

·       Mubarak Saeed Mubarak Al Ghazali

 

·       Abdulreda Mustafa Sultan

 

·       Al Dhawahari Company

Muscat

 

·       Al Khoonji Company

Muscat

 

·       Muscat Sultan LLC

Muscat

 

 

OPERATIONS

 

Activities: Engaged in the cutting and processing of ceramics and tiles.

 

Export Countries: Saudi Arabia, Qatar, Bahrain, Syria, Lebanon, Jordan and the United Arab Emirates.

 

Subject has a workforce of approximately 150 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

 

·       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

 

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.53.29

UK Pound

1

Rs.83.96

Euro

1

Rs.71.88

 

 

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.