|
|
|
MIRA INFORM REPORT
|
Report No. : |
506553 |
|
Report Date : |
02.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
AL TAMMAN INDSIL FERRO CHROME LLC |
|
|
|
|
Registered Office : |
Way No. 3106, Ruwi PO Box 592 & 656 Al Hamriya 131 |
|
|
|
|
Country : |
Oman |
|
|
|
|
Financials (as on) : |
31.12.2017 |
|
|
|
|
Date of Incorporation : |
19.06.2010 |
|
|
|
|
Com. Reg. No.: |
1/09049/9 |
|
|
|
|
Legal Form : |
Limited Liability Company – LLC |
|
|
|
|
Line of Business : |
Subject is engaged in the processing and production of
ferro chrome. |
|
|
|
|
No. of Employees : |
120 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Oman |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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.
|
Source
: CIA |
SUMMARY
Company Name : AL TAMMAN INDSIL FERRO CHROME LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 19th June 2010
Commercial Registration Number : 1/09049/9
Chamber Membership Number : 12688
Issued Capital : RO 4,762,744
Paid up Capital : RO 4,762,744
Total Workforce : 120
Activities : Processors and production of ferro chrome
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY
NAME
AL TAMMAN INDSIL
FERRO CHROME LLC
ADDRESS
Registered &
Physical Address
Location :
Way No. 3106, Ruwi
PO Box :
592 & 656
Town :
Al Hamriya 131
Country : Oman
Telephone :
(968) 24794404 / 24703844 / 24792559 / 26943929
Facsimile :
(968) 24793071 / 24793229
Mobile :
(968) 92731321 / 95617750
Email : musovrco@omantel.net.om
/ admin@atifoman.com
Premises
Subject operates from a small suite of offices that are
rented and located in the Central Business Area of Al Hamriya.
Branch Office (s)
Location Description
· Sohar
Free Zone, Plot No. 3490 Factory
premises covering 150,000
Sohar square
metres
Tel:
(968) 26947200
KEY
PRINCIPALS
Name Nationality Position
· Sheikh
Salem Mushil Ahmed Al Mashkani Omani Chairman
· Venod
Jain - Chief
Executive Officer
· K
Abdulrazza - Group
Financial Manager
· Anadiya
Das - Finance
Manager
· K
Nagraro - Sales
Manager
LEGAL
FORM & OWNERS
Date
of Establishment : 19th
June 2010 (Production began in 2013)
Legal
Form : Limited
Liability Company – LLC
Commercial
Reg. No. :
1/09049/9
Chamber
Member No. : 12688
Issued Capital : RO 4,762,744
Paid up Capital :
RO 4,762,744
Name of Shareholder (s) Percentage
· Sheikh
Salem Mushil Ahmed Al Mashkani 50.00%
· Indsil
Hydro Power and Manganese Ltd 26.62%
India
· Indsil
Energy and Electrochemicals Ltd 23.38%
India
AFFILIATED
COMPANIES
· Muscat
Overseas Group
Muscat
· Al
Tammam Trading Est
Muscat
OPERATIONS
Activities: Engaged in the processing and
production of ferro chrome.
Production Capacity: 75,000 tonnes per annum
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
23,470,733 RO
25,000,000
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
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
Please note that the correct name of the subject is “Al
Tamman Indsil Ferro Chrome LLC” and not “Al Tamman Indsil Ferro Chrome LLC
FZC”.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.78 |
|
|
1 |
INR 92.89 |
|
Euro |
1 |
INR 80.74 |
|
OMR |
1 |
INR 173.24 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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
·
Promoters
/ Management background
·
Payment
record
·
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.