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MIRA INFORM REPORT
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Report No. : |
491394 |
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Report Date : |
15.02.2018 |
IDENTIFICATION DETAILS
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Name : |
GLOBAL MINING COMPANY LLC |
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Registered Office : |
Raysut Industrial Area, PO Box 485, Salalah 211 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
18.08.1997 |
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Com. Reg. No.: |
2/12522/6 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject is engaged in the manufacture of raw gypsum, ceramic tiles,
concrete, plaster, cement, vases, flower pots, quicklime, slaked lime,
hydraulic lime and operators of sand and pebble mines. |
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No. of Employees : |
120 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Oman |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
OMAN - ECONOMIC OVERVIEW
Oman is heavily dependent on its dwindling oil resources, which generate
84% of government revenue. In 2016, low global oil prices drove Oman’s budget
deficit to $11.5 billion, or approximately 19% of GDP, but the budget deficit
was reduced to 13% of GDP in 2017 as Oman reduced government subsidies. Oman
has limited foreign assets and is issuing debt to cover its deficit.
Oman is using enhanced oil recovery techniques to boost production, but
has simultaneously pursued a development plan that focuses on diversification,
industrialization, and privatization, with the objective of reducing the oil
sector's contribution to GDP from 46% at present to 9% by 2020 in accordance
with Oman’s ninth five-year development plan. Tourism and gas-based industries
are key components of the government's diversification strategy.
Muscat also has notably focused on creating more Omani jobs to employ
the rising number of nationals entering the workforce. However, high social
welfare benefits — that had increased in the wake of the 2011 Arab Spring —
have challenged the government's ability to effectively balance its budget in
light of low export oil prices. In response, Omani officials imposed austerity
measures to its gasoline and diesel subsidies in 2016, with further subsidy
cuts planned for electricity and liquid petroleum gas. The spending cuts have
faced some public opposition, which could hinder their implementation.
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Source
: CIA |
SUMMARY
Company Name :
GLOBAL MINING COMPANY LLC
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
18th August 1997
Commercial Registration Number :
2/12522/6
Issued Capital :
RO 2,114,286
Paid up Capital :
RO 2,114,286
Total Workforce :
120
Activities :
Manufacture of ceramic tiles, concrete, plaster, cement, vases, flower
pots, quicklime, slaked
lime, hydraulic lime and operators of sand and
pebble mines
Financial Condition :
Fair
Payments :
No Complaints
Operating Trend :
Steady
COMPANY
NAME
GLOBAL MINING COMPANY LLC
ADDRESS
Registered &
Physical Address
Location : Raysut
Industrial Area
PO Box : 485
Town : Salalah 211
Country : Oman
Telephone : (968) 23219355
/ 23219009
Facsimile : (968) 23219488
/ 23219300
Mobile : (968)
99296272
Email : mining1@omantel.net.om
Premises
Subject operates from a large suite of offices that are rented and
located in the Industrial Area of Salalah.
KEY
PRINCIPALS
Name Position
Salim Omar Al Shanfary Chief
Executive Officer
Abdul Qader Alawi Aqeel
Al Mahyoub General
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 18th
August 1997
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 2/12522/6
Issued Capital : RO 2,114,286
Paid up Capital : RO 2,114,286
Name of
Shareholder (s) Percentage
Construction
Holding Co KSCC 25.00%
Kuwait
Omani International
Investment Co SAOC 21.70%
Omani
CR No. 1596551
National Mining Co
LLC 14.60
%
Oman
CR No. 2203260
Zafar Stones
Trading Co LLC 10.80%
CR No. 2049180
Oman
Al Abd Trading
& Contracting Co 9.45%
CR No. 2202247
Oman
Jamal Shams Saud Al
Hooti 8.75%
Passport No.
WT9709263
Jamal Mohamed
Sultan Al Fadala 5.00%
Kuwait
Passport No.
002338356
Al Shams Trading
& Contracting Co 4.70%
Oman
CR No. 2022669
AFFILIATED
COMPANIES
Global Gypsum Co LLC
Global Gypsum Board Co LLC
Global Marble Manufacturing Co LLC
Global Manji Co LLC
OPERATIONS
Activities: Engaged in the manufacture of raw gypsum, ceramic tiles, concrete, plaster,
cement, vases, flower pots, quicklime, slaked lime, hydraulic lime and
operators of sand and pebble mines.
Subject is ISO 14001:2015 and 9001:2015 accredited.
Production
Capacity: 80,000 tons of raw gypsum per day
Import Countries: Europe and the Far East
Agencies Held:
Raysut Cement Company Oman
Clients:
ACC Cement Company India
Ambuja Cement Company India
Marubeni Japan
Yoshino Japan
Saint Gobain India
Export Countries: GCC countries, India,
Japan, Vietnam, Indonesia and Africa
Operating Trend: Steady
Subject has a workforce of 120 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: Riyal
Omani (RO)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales RO
3,100,000 RO
3,500,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
HSBC Bank Middle East
Greater Muttrah
PO Box: 4175, Ruwi
Muscat
Tel: (968) 24703443
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
The subject and its shareholders/owners have been searched in the following
databases; Office of Foreign Assets Control (OFAC), United Nations Security
Council Sanctions, Australian Sanctions List, US Consolidated Sanctions List,
EU Financial Sanctions List and UK Financial Sanctions List and nothing adverse
could be found on the exact names listed within the report.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.13 |
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1 |
INR 89.17 |
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Euro |
1 |
INR 79.39 |
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OMR |
1 |
INR 166.00 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.