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MIRA INFORM REPORT
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Report No. : |
499535 |
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Report Date : |
27.03.2018 |
IDENTIFICATION DETAILS
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Name : |
AL ATHNAIN CO LLC |
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Registered Office : |
Ghala Industrial Area, PO Box 694, Muscat 111 |
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Country : |
Oman |
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Date of Incorporation : |
19.01.1998 |
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Com. Reg. No.: |
1/06870/9 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject’s
operations are performed through the following divisions: ·
Catering Services Division ·
Facility Management Division ·
Logistics Division ·
Foodstuff Trading Division |
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No. of Employees : |
1,200 |
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 (30.09.2017) |
Current Rating (31.12.2017) |
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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 in 2017 prompted the Omani Government to
announce a cap on fuel prices and a plan to provide 25,000 public-sector jobs
for Omanis.
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Source
: CIA |
SUMMARY
Company Name :
AL ATHNAIN CO LLC
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
19th January 1998
Commercial Registration Number :
1/06870/9
Chamber Membership Number :
2519
Issued Capital :
RO 2,000,000
Paid up Capital :
RO 2,000,000
Total Workforce :
1,200
Activities :
Operations are performed through subject’s divisions (see below for
details)
Financial Condition :
Undetermined
Payments :
No Complaints
COMPANY
NAME
AL ATHNAIN CO LLC
ADDRESS
Registered &
Physical Address
Location : Ghala
Industrial Area
PO Box : 694
Town : Muscat 111
Country : Oman
Telephone : (968) 24503173
/ 24502997 / 24596830 / 24596074
Facsimile : (968) 24597211
/ 24694374
Mobile : (968)
99441592 / 71383550 / 99105162 / 99228837
Email : athain@omantel.net.om / athnain@gmail.com
Premises
Subject operates from a large suite of offices that are rented and
located in the Industrial Area of Muscat.
KEY
PRINCIPALS
Name ID
Number Position
Nasser Hamed Salem Al Rozaiqi 2110662 Managing Director
Abdullah Hamed Salem Al Rozaiqi 185666 Director
Mubarak Hamed Salem Al Rozaiqi 2373584 Director
Nasser Ali Mohammed Al Hashar 1841832 Director
Farida Said Nasser Al Busaidi 9932223 Director
Heela Salim Salem Al Mukhaini 3633869 Director
LEGAL
FORM & OWNERS
Date of Establishment : 19th
January 1998
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 1/06870/9
Chamber Member No. : 2519
Issued Capital : RO 2,000,000
Paid up Capital : RO 2,000,000
Name of
Shareholder (s) Percentage
Heela Salim Salem Al Mukhaini 40.00%
Abdullah Hamed Salem Al Rozaiqi 20.00%
Mubarak Hamed Salem Al Rozaiqi 20.00%
Farida Said Nasser Al Busaidi 10.00%
Nasser Hamed Salem Al Rozaiqi 5.00%
Nasser Ali Mohammed Al Hashar 5.00%
AFFILIATED
COMPANIES
Durat Al Sahel Trading Co LLC
Muscat
Al Rahwan Co LLC
Muscat
OPERATIONS
Activities: Subject’s operations are performed through the following divisions:
Catering Services Division
Engaged in the provision of industrial catering services for labour
camps and contractors.
Facility
Management Division
Subject provides a range of soft support services for all commercial and
residential needs. They have a separate team specialized in Industrial
Cleaning, General Cleaning, House Keeping and Pest Management. They also
provide pantry management service to the corporate customers. Customers are
having an option to choose any one service or can be decided to opt for fully
integrated facility management service which consists of all the above
mentioned services.
Logistics Division
They have number of vehicles in our Fleet with different capacity and
specification supported by team of experts makes us possible to ensure the
timely delivery to the customers and to our remote locations. All our dealings
with our customers are done in the most efficient and effective manner to
ensure that they always have the stuff in their store.
Foodstuff Trading
Division
As part of integrating the services they started their own trading
division. This focuses on the requirement of their catering division. All the
dry food stuff material is being procured and stored in a central warehouse
situated in
Ghala. The trading operation is mainly focusing on wholesalers and
corporate customers.
Clients:
Petroleum Development Oman LLC (PDO)
Subject has a workforce of approximately 1,200 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
Bank Dhofar SAOG
Mutrah Business District
PO Box: 1507, Ruwi 112
Muscat
Tel: (968) 24790466
Fax: (968) 24797246
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.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed 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 64.90 |
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1 |
INR 91.87 |
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Euro |
1 |
INR 80.25 |
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OMR |
1 |
INR 168.52 |
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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DIV |
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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
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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
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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.