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MIRA INFORM REPORT
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Report No. : |
500324 |
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Report Date : |
30.03.2018 |
IDENTIFICATION DETAILS
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Name : |
OMAN ALUMINIUM
ROLLING COMPANY LLC |
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Registered Office : |
Sohar Industrial
Estate, Phase 6, Plot No. 603, Falaj Al Qabail, P O Box: 555 & 1951, Sohar 322 & 130 |
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Country : |
Oman |
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Date of Incorporation : |
10.04.2011 |
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Com. Reg. No.: |
1/10733/3 |
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Legal Form : |
Limited Liability
Company – LLC |
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Line of Business : |
Subject is
engaged in the processing of aluminium. Subject produces flat rolled
aluminium products and finished and semi-finished coil products with a
production capacity of 140,000 metric tonnes per year. |
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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 (30.09.2017) |
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 : OMAN
ALUMINIUM ROLLING COMPANY LLC
Country of Origin : Oman
Legal Form :
Limited Liability Company – LLC
Registration Date : 10th
April 2011
Commercial
Registration Number : 1/10733/3
Membership Number : 2911
Issued Capital : RO
74,297,000
Paid up Capital : RO 74,297,000
Total Workforce :
120
Activities :
Processors of aluminium
Financial Condition : Undetermined
Payments :
No Complaints
COMPANY
NAME
OMAN ALUMINIUM
ROLLING COMPANY LLC
ADDRESS
Registered & Physical
Address
Building : Sohar Industrial Estate, Phase 6,
Plot No. 603
Area : Falaj Al Qabail
PO Box : 555
& 1951
Town : Sohar 322 & 130
Country : Oman
Telephone : (968) 26942400 / 26942404 / 26863000
/ 26942466
Facsimile : (968) 26942401
Mobile : (968) 99355454 / 98078706
Email : info@oman-arc.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Industrial Area of Sohar.
KEY
PRINCIPALS
Name Position
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Mike
Otero Managing
Director
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Faisal
Al Balushi Director
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Mazin
Al Rubaiai Sales
Manager
·
Mohamed
Al Essai Health
& Safety Manager
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Basmah
Al Kaabi Accountant
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Aysha
Al Ajmi Administration
Officer
· Muna Al Kindi Assistant
Maintenance Planner
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Mohamed
Ibrahim Automation
Engineer
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Suresh
Subramaniyan CBM
Technician
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Ravikumar
Kumarswamy Compensation
& Benefit Specialist
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Parthasarathy
Kothandapani Finance
Controller
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Jason
Bro Technical
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 10th
April 2011
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/10733/3
Membership No. : 2911
Issued Capital : RO 74,297,000
Paid up Capital : RO 74,297,000
Name of Shareholder (s) Percentage
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Takamul
Investment Co LLC 55%
Oman
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Rolling
Mill Holding Company Limited 45%
Cayman Islands
OPERATIONS
Activities: Engaged in the processing of aluminium. Subject
produces flat rolled aluminium products and finished and semi-finished coil
products with a production capacity of 140,000 metric tonnes per year.
In 2014, OARC added
a new aluminium Coil Coating Unit with a capacity of 25,000 ton per annum built
as an expansion to the existing OARC rolling mill in the Sohar Industrial
Estate (SIE) in Oman. The facility is capable of coating aluminium for a
variety of customers including construction, transportation, and the industrial
and consumer durable goods sectors. The Coil Coating Line is the first of its
kind in Oman. The total project cost was OMR 32 million (USD 83 million). The
Plant was built to meet environmental and safety standards, and is equipped
with modern industrial technologies for the aluminium coating industry.
As a result of
committing to such high safety standards, the Plant has exceeded 5 million
accident-free man-hours, during the construction phase.
Import
Countries: Europe and the
Far East
Subject has a
workforce of 120 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
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National
Bank of Oman Limited (SAOG)
PO Box: 65
Sohar 311
Tel: (968) 26843780
Fax: (968) 26842344
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 65.04 |
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1 |
INR 92.28 |
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Euro |
1 |
INR 80.62 |
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OMN |
1 |
INR 169.02 |
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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NIS |
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Report Prepared
by : |
NIT |
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
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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.