Got it working:
Set following in /etc/profile.d/comp.sh
export PATH=$PATH:/usr/local/composer/vendor/bin
export COMPOSER_HOME=/usr/local/composer
export COMPOSER_VENDOR_DIR=/usr/local/composer/vendor
changed permissions and groups of /usr/local/composer
chown -R :users /usr/local/composer
chmod -R 775 /usr/local/composer
Everything is working as intended now.