MIRA INFORM REPORT

 

 

Report Date :

24.01.2013

 

IDENTIFICATION DETAILS

 

Name :

AL WARDHA FOOTWEAR LEATHER PRODUCTS COMPANY LLC

 

 

Registered Office :

Road No. 8 Rusayl Industrial Estate PO Box 4 Rusayl 124

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

01.02.1989

 

 

Com. Reg. No.:

1/08700/2

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Manufacturers of footwear and leather products.

 

 

No. of Employees :

55

 

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 WARDHA FOOTWEAR LEATHER PRODUCTS COMPANY LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 1st February 1989

Commercial Registration Number                        : 1/08700/2

Chamber Membership Number                : 233

Issued Capital                                        : RO 300,000

Paid up Capital                                      : RO 300,000

Total Workforce                                     : 55

Activities                                               : Manufacturers of footwear and leather products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : V S Mehta, Finance Manager

 

 

 

COMPANY NAME

 

AL WARDHA FOOTWEAR LEATHER PRODUCTS COMPANY LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Road No. 8

Area                 : Rusayl Industrial Estate

 

PO Box             : 4

 

Town                 : Rusayl 124

Country             : Oman

 

Telephone         : (968) 24446038 / 24446567

Facsimile          : (968) 24446267

Email                : alwardha@omzest.com

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are owned and located in the Industrial Area of Rusayl.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Omar Abdulmoniem Al Zawai                                                 Managing Director

 

·       Walid Omar Abdulmoniem Al Zawai                                                    Director

 

·       Reem Omar Abdulmoniem Al Zawai                                                    Director

 

·       G S Bedi                                                                                          General Manager

 

·       V S Mehta                                                                                        Finance Manager

 

·       M P Rao                                                                                           Sales Manager

 

·       Nando Kumar                                                                                    Production Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st February 1989

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/08700/2

 

Chamber Member No. : 233

 

Issued Capital              : RO 300,000

 

Paid up Capital            : RO 300,000

 

Name of Shareholder (s)

 

·       Omar Abdulmoniem Al Zawai

 

·       Walid Omar Abdulmoniem Al Zawai

 

·       Reem Omar Abdulmoniem Al Zawai

 

 

AFFILIATED COMPANIES

 

Subject belongs to the Omzest Group of Companies, which contains the following concerns:

  

·         Al Khuwair Development & Services Co SAOG

·         Modern Exchange LLC

·         Muscat Finance Co Ltd (SAOG)

·         Muscat Insurance Company SAOC

·         Muscat Life Assurance Company SAOC

·         Muscat National Holding Company SAOG

·         Oman International Bank SAOG

·         Oman Securities' Portfolio Co SAOG

·         Omzest Investment Division

·         Personal Investments

·         Personal Real Estate Department

·         United Business & Investment Co

·         Wilayat Holding Co

·         Wipro Holding Co

·         Mideast Integrated Drilling & Well Services

·         National Telephone Services Co LLC

·         Qurum Contractors LLC

·         Al Amal Industries Co (SAOG)

·         Omar Zawawi Establishment LLC (OMZEST)

·         Amiantit Oman SAOC

·         Areej Vegetable Oils & Derivatives SAOG

·         Bausher Chemicals SAOG

·         Decorative Glass Manufacturing LLC

·         Jyoti Sohar Switchgear LLC

·         Keemya Oman SAOG

·         Modern Poultry Farms Company SAOG

·         National Heaters Industries Co LLC

·         Oman Agriculture Development Company SAOG

·         Oman Fiber Optic Co SAOG

·         Oman Textile Mills Co SAOG

·         Oman Water Pumps Mfg Co SAOG

·         Oman Water Treatment

·         Omani Marble Company LLC

·         Protein Products International LLC

·         Waleed Associates LLC

·         Riyam Investment & Trading Est LLC

·         Reem Batteries & Power Appliances Co SAOC

·         The National Detergent Company SAOG

·         Advertising International Company SAOC

·         Al-Rimah Medical Centre LLC

·         Circle Freight International (Oman)

·         Gulf of Oman Services

·         Gulf Seagull Co

·         Impact Films LLC

·         Maersk Shipping Services & Co LLC

·         Mezoon Travel LLC

·         Muscat Contract Cleaning & Maintenance LLC

·         Riyam Computer Services LLC

·         Waleed Catering & Services Co LLC (WACASCO)

·         YBA Kanoo (Oman)

·         Areej Business Systems Co LLC

·         Bishara Establishment LLC

·         General Electronics & Trading Co

·         Medical & Scientific Supplies LLC

·         Muscat Cold Stores LLC

·         National Oilfield Supply Co LLC

·         Office Supplies Co LLC

·         Oman Mechanical Services Co Ltd LLC (OMSC)

·         Oman Services & Supply Organisation

·         Omzest Beijing

·         Omzest Business Division

·         Reem Scientific & Energy Technologies & Trade LLC

·         Riyam Engineering & Services LLC

·         Riyam Marketing & Services Co LLC

·         Waleed Communications Co (WACOM) Ltd

·         Waleed Pharmacy LLC

·         Waljat Modern Technology

·         Zawawi Business Machines LLC

·         Sadolin Paints (Oman) Ltd (Spol)

 

OPERATIONS

 

Activities: Engaged in the manufacture of footwear and leather products.

 

Import Countries: India

 

Export Countries: Saudi Arabia, Bahrain and the United Arab Emirates.

 

Brands: AL WARDHA, ZABAD, AL SAFAR, ASAD, DAHAB and IBN AL THAWAT

 

Operating Trend: Steady

 

Subject has a workforce of 55 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 850,000                               RO 1,000,000

 

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

 

The above figures were provided by Mr V S Mehta, Finance Manager

 

 

BANKERS

 

·       Oman International Bank

Al Jaame Street

     PO Box: 4216

     Muscat

     Tel: (968) 24703614 / 24707328 / 24793450

 

 

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.53.77

UK Pound

1

Rs.85.13

Euro

1

Rs.71.57

 

 

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.