MIRA INFORM REPORT

 

 

Report Date :

19.01.2013

 

IDENTIFICATION DETAILS

 

Name :

POLY PRODUCTS LLC (RAHA)

 

 

Registered Office :

Road No. 7, Rusayl Industrial Estate, PO Box      2561, Ruwi 112, Muscat

 

 

Country :

Sultanate of Oman

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

01.04.1979

 

 

Com. Reg. No.:

1/09133/6, Muscat

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Manufacture of rigid and flexible polyurethane products.

 

 

No. of Employees :

550  Employees

 

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 Complaint

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

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                                     : POLY PRODUCTS LLC (RAHA)

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 1st April 1979

Commercial Registration Number            : 1/09133/6, Muscat

Membership Number                              : 454

Issued Capital                                        : RO 1,000,000

Paid up Capital                                      : RO 1,000,000

Total Workforce                                     : 550

Activities                                               : Manufacture of rigid and flexible polyurethane products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Narayan Swami Natrajan, Finance Manager

 

 

 

COMPANY NAME

 

POLY PRODUCTS LLC (RAHA)

 

COMPANY ADDRESS

 

Registered & Physical Address

 

Street               : Road No. 7

Area                 : Rusayl Industrial Estate

PO Box             : 2561, Ruwi 112

Town                 : Muscat

Country             : Sultanate of Oman

Telephone         : (968) 24448100 / 24448102 / 24626044

Facsimile          : (968) 24448101 / 24626046

Email                : info@rahaoman.com

 

Premises

 

Subject operates from a suite of offices and a factory covering an area of 55,000 square metres that are owned and located in the Industrial Area of Muscat.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       PO Box: 4277 / 23090                                                                       Office premises

Sharjah

     United Arab Emirates

     Tel: (971-6) 5355904

     Fax: (971-6) 5350098

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Saeed Bin Saleh Mohamed Omair Al Hinai                                          Managing Director

 

·       Saif Saeed Bin Saleh Mohamed Omair Al Hinai                                   Director

 

·       Fahmy Said Mohamed Omair Al Hinai                                                 Director

 

·       Sayed Anwar Ahsan                                                                          General Manager

 

·       Narayan Swami Natrajan                                                                    Finance Manager

 

·       Mohamed Mirza                                                                                Sales Manager

 

·       Dayan H Pujari                                                                                  Financial Controller

 

·       Sudhi Menon                                                                                    Administration Manager

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st April 1979

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/09133/6, Muscat

 

Membership No.          : 454

 

Issued Capital              : RO 1,000,000

 

Paid up Capital            : RO 1,000,000

 

Name of Shareholder (s)

 

·       Saeed Bin Saleh Mohamed Omair Al Hinai

 

·       Saif Saeed Bin Saleh Mohamed Omair Al Hinai

 

·       Fahmy Said Mohamed Omair Al Hinai

 

AFFILIATED COMPANIES

 

·       Al Khoudh Steel Furniture Industrial Co LLC

     Al Khoudh Factory Building

     Al Rusayl Industrial Area No. 2

     PO Box: 92

     Al Rusayl 124

     Tel: (968) 24626202

     Fax: (968) 24626201

 

·       Fahmy Furniture

PO Box: 897, Ruwi 112

     Al Khuwair

     Tel: (968) 24696812 / 24703440

     Fax: (968) 24602231

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of rigid and flexible polyurethane products, including beds and mattresses,  sofas, soft furnishings and foams, both flexible and rigid. Subject’s full product range includes:

 

·         Flexible Polyurethane Foam

 

-  Mattresses

-  Pre-cut cushions

-  Foam sheets for upholstery and padding in spring mattresses

-  Carpet underlay

-  Packing materials

-  Pillows

 

·         Rigid Polyurethane Foam

 

-  Spray insulation and waterproofing

-  In-site cavity filling

-  Panels for wall and roof insulation

 

·         Spring mattresses

 

-  The company currently manufactures 6 different types of spring mattresses.

 

Import Countries: United States of America, Turkey, United Kingdom, Germany and Australia

 

International Suppliers:

 

·       Viking (PTI) Ltd                                 United Kingdom

·       Lisema GmbH                                   Germany

·       Homecraft Furniture                           Australia

·       Simmons                                          United States of America

 

Export Countries: Subject exports throughout the GCC as well as the Middle East and South East Asia. Exports are mainly made to the UAE, Saudi Arabia, Kuwait, Bahrain, Qatar and Jordan of which UAE and Saudi Arabia together will account for almost 70% of the total export sales.

 

Brand Names: RAHA

 

Operating Trend: Steady

 

Subject has a workforce of approximately 550 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 11,930,000                          RO 12,667,000

 

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

 

The above figures were provided by Mr Narayan Swami Natrajan, Finance Manager

 

BANKERS

 

·       Bank Muscat Al Ahli Al Omani

Ruwi Branch

PO Box: 3134

Muscat

Tel: (968) 24707015

 

·       National Bank of Oman

Ruwi Branch

PO Box: 3752

Muscat

Tel: (968) 24708898

 

·       Bank Muscat SAOG

Ruwi Main Branch

     PO Box: 6326

     Muscat

     Tel: (968) 24561399 / 24708543

     Fax: (968) 24561036

 

·       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.

 

 

 

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.53.94

UK Pound

1

Rs.86.24

Euro

1

Rs.72.20

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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.