MIRA
INFORM REPORT
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Report Date : |
4th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
NATIONAL
COLDSTORES TRADING & SUPPLY CO. LLC |
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Registered Office : |
Al
Fawaris Bakery Building, Hamriya Roundabout, Muttrah, PO Box: 121, Muscat
114, Sultanate of Oman |
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Country : |
Oman |
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Date of Incorporation : |
1974 |
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Legal Form : |
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company – LLC) |
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Line of Business : |
Owners
and operators of several cold store supermarkets, specialising in the retail
of frozen food, poultry, meat and fish as well as fruit and vegetables. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$
350,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
NATIONAL COLDSTORES TRADING & SUPPLY CO LLC |
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Country of Origin |
Sultanate of Oman |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
1974 |
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Commercial Registration Number |
31960, Muscat |
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Issued Capital |
RO 255,000 |
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Paid up Capital |
RO 255,000 |
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Total Workforce |
50 |
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Line of Business |
Owners and operators of several cold store supermarkets. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
NATIONAL
COLDSTORES TRADING & SUPPLY CO LLC
ADDRESS
Registered & Physical Address
Building : Al Fawaris Bakery Building
Area : Hamriya Roundabout, Muttrah
PO Box : 121
Town : Muscat 114
Country : Sultanate of Oman
Telephone : (968) 7736078 / 7735346 / 7733518 /
7733516
Facsimile : (968) 7712704
Email : ntscruwi@omantel.net.om
Premises
Subject
operates from a medium sized suite of offices and a supermarket that are rented
and located in the Central Business Area of Muscat.
Branch Office (s)
Subject operates 8 cold store supermarkets located throughout Oman.
KEY PRINCIPALS
·
Mohamed
Abdullah Salem Al Hassani Managing
Director
·
Dr
Salem Hamdan Al Aqsami Director
·
H.K.
Chandra Mohan General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1974
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company –
LLC)
Commercial Reg. No. : 31960, Muscat
Issued
Capital : RO 255,000
Paid
up Capital : RO 255,000
Name of Shareholder (s)
·
Mohamed
Abdullah Salem Al Hassani
·
Dr
Salem Hamdan Al Aqsami
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
·
Modern
Dairy Factory LLC
PO Box : 121
Muscat 114
LINE OF BUSINESS
Operations
: Owners and operators of several
cold store supermarkets, specialising in the
retail of
frozen food, poultry, meat and fish as well as fruit and vegetables.
Import
Countries : France, Denmark and the
Netherlands.
International
Suppliers :
·
Tilly
Sapco France
·
BFG
Food Denmark
·
Alfa
Trading Netherlands
Operating
Trend : Steady
Subject
has a workforce of 50 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
2,750,000 RO
3,060,000
Local
sources consider subject’s financial condition to be Fair.
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
Muttrah Business District
PO Box : 751, Ruwi 112
Muscat
Tel : (968) 7708894 / 7708630 / 7708684
Fax : (968) 7707781 / 7703972
·
Bank
Muscat Al Ahli Al Omani
Mutrah Business District
PO Box : 134, Ruwi 112
Muscat
Tel : (968) 24703044
Fax : (968) 24793536
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000
National
Coldstores Trading & Supply Co LLC was incorporated in 1974 and has made
good progress in the local market. It now operates 8 supermarkets located
throughout Oman and specialising in the import and retail of frozen food.
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 and the above credit
figure is deemed to be admissible.
Maximum
suggested credit figure: US$ 350,000
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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