MIRA
INFORM REPORT
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Report Date : |
14th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
MUSCAT OVERSEAS COMPANY LLC |
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Registered Office : |
Hormuz
Building, 5th Floor Ruwi
Street, Ruwi 112 488,
Muscat, Sultanate of Oman |
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Country : |
Oman |
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Financials (as on) : |
31/12/2005 |
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Date of Incorporation : |
1974 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Distributors of automotive and industrial
equipment, engines, generators, paint, safety and fire fighting equipment. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
US$
1,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
MUSCAT OVERSEAS COMPANY LLC |
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Country of Origin |
Sultanate of Oman |
|
Legal Form |
Limited Liability Company - LLC |
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Registration Date |
1974 |
|
Issued Capital |
RO 500,000 |
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Paid up Capital |
RO 500,000 |
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Total Workforce |
230 |
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Line of Business |
Distributors of automotive and industrial equipment, engines, generators, paint, safety and fire fighting equipment. |
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Financial Condition |
Good |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
MUSCAT
OVERSEAS COMPANY LLC
ADDRESS
Registered
& Physical Address
Building : Hormuz Building, 5th
Floor
Street : Ruwi Street
Area : Ruwi 112
PO Box : 488
Town : Muscat
Country : Sultanate of Oman
Telephone : (968) 24703844 / 24703225 / 24703226
Facsimile : (968) 24793071 / 24798025
Email : musovrco@gto.net.om
: corporate@muscatoverseas.com
Premises
Subject
operates from a large suite of offices that are rented and located in the
Central Business Area of Muscat.
Branch
Offices
Location Description
Sohar Warehouse
premises
Tel :
(968) 463089
Salalah Warehouse
premises
Tel :
(968) 440012
KEY PRINCIPALS
Sheikh
Mustahail Bin Ahmed Al Mashani Managing
Director
Salim
Mustahail Bin Ahmed Al Mashani Director
Ali
Ahmed Al Mashani Director
N. G.
Moorthy Financial
Manager
A.
Hiraki Marketing
Manager
Ali
Abdul Latif Administration
Manager
LEGAL FORM & OWNERS
Date
of Establishment : 1974
Legal
Form : Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Issued
Capital : RO 500,000
Paid
up Capital : RO 500,000
Name of
Shareholder (s) Percentage
Sheikh
Mustahail Bin Ahmed Al Mashani 65%
Salim
Mustahail Bin Ahmed Al Mashani 35%
Non Omani Participation
The participation of non-Omani nationals in a trade or business in Oman is governed by the Foreign Business Investment Law, which sets capital requirements and requires 35 % Omani
participation in capital and profits.
Note to the Legal Form
The Limited Liability Company (LLC), or private company, is the form of business entity usually chosen by foreign investors. It may be formed by a minimum of 2 and a maximum of 30 natural or legal persons, whose liability is limited to their shares in the company’s capital. The minimum capital of a Limited Liability Company with foreign ownership should be RO 150,000, although this may be reduced to a minimum of RO 30,000 with the approval of the Minister of Commerce and Industry. For a company wholly owned by Omani nationals, the minimum capital is RO 10,000.
Contributions to capital may be made in cash of kind. Capital may not be increased by public subscription. The full amount of the share value must be paid in on subscription. Shares may not be assigned to a non-member, unless the other existing members are granted a pre-emptive right to purchase the shares.
AFFILIATED COMPANIES
Subject
is a member of the Muscat Overseas Group of Companies, which consists of the
following concerns:
Agriculture
Modern Engineering Co LLC
PO Box :
656
Muscat
113
Tel :
(968) 7710241 / 7715226
Fax :
(968) 7715407
Muscat
Overseas Industrial & Marine Equipment Trading Co LLC
PO Box :
1288
Muttrah
114
Tel :
(968) 7710241
Fax :
(968) 7715407
Email: moimetco@gto.net.om
Muscat
Overseas Agriculture Co LLC
PO Box :
352
Medinat
Qaboos
Tel :
(968) 797556
Fax :
(968) 799025
Muscat
Overseas Oilfield Supplies Co LLC
PO Box :
1288
Muttrah
114
Tel :
(968) 597950
Fax :
(968) 597934
Majan
International Agencies Travel & Tourism LLC
PO Box :
488
Ruwi 112
Muscat
Tel :
(968) 785728
Fax :
(968) 792592
Email: majtours@gto.net.om
Qais
Omani Establishment LLC
PO Box :
656
Muscat
113
Tel :
(968) 703844
Fax :
(968) 793071
Email: musovrco@gto.net.om
Majan
Shipping & Transport Co LLC
PO Box :
488
Ruwi 112
Tel :
(968) 702799
Fax :
(968) 787793
CBD
Filling Station
PO Box :
813
Wadi
Kabir 117
Tel :
(968) 790373
LINE OF BUSINESS
Operations
: Engaged in the
import and distribution of automotive and industrial equipment, engines,
generators,
paint, safety equipment and fire fighting equipment.
Import
Countries :
Europe and the United States of America.
International
Suppliers :
Volvo Sweden
Rolls
Royce United
Kingdom
Ciba
Geigy Switzerland
General
Motors United
States of America
Duckhams United Kingdom
Operating
Trend : Steady
Subject
has a workforce of 230 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: Riyal Omani (RO)
Year
Ending 31/12/04 Year
Ending 31/12/05
Total
Revenue RO
14,800,000 RO
15,390,000
Local
sources consider subject’s financial condition to be Good.
Legal
Reserve Requirement
A
Limited Liability Company (LLC) is required each year to set aside 10% of its
net profits as a legal reserve until the reserve reaches one-third of the
company’s capital. This legal reserve is not available for distribution.
BANKERS
National
Bank of Oman Limited (SAOG)
Muttrah
Business District
PO Box :
751, Ruwi 112
Muscat
Tel :
(968) 24708894 / 24708630 / 24708684
Fax :
(968) 24707781 / 24703972
Commercial Bank of Oman SAOG
Muttrah Business District
PO Box : 1696, Ruwi 112
Muscat
Tel : (968) 24793225 / 24793226 / 24793228
Fax : (968) 24793229
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Muscat
Overseas Company LLC is very well
established in the local business with activities dating back almost 30 years.
It specialises in the import and distribution of automotive and industrial
equipment, engines, generators, paint, safety equipment and fire fighting
equipment.
The
company is a member of the well known and financially strong Muscat Overseas
Group of Companies, which has interests in many ventures throughout the country.
The company is owned by Sheikh Mustahail Bin Ahmed Al Mashani and Mr Salim
Mustahail Bin Ahmed Al Mashani, who are prominent Omani businessmen.
In view
of the above comments we are of the opinion that the company is trustworthy for
respecting its financial trade commitments.
Maximum
suggested credit figure: US$ 1,000,000
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and principal
sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |