%20LIMITED%20(SPOL)%2008-Nov-2006_files/image002.jpg)
MIRA
INFORM REPORT
|
Report Date : |
8th
November, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
SADOLIN
PAINTS (OMAN) LIMITED (SPOL) |
|
|
|
|
Registered Office : |
Sadolin Factory Building, Road
No. 18, Madinat Al Sultan Qaboos Industrial Area, PO Box : 531, Ruwi 112, Muscat,
Sultanate of Oman |
|
|
|
|
Country : |
Oman |
|
|
|
|
Date of Incorporation : |
23.06.1977 |
|
|
|
|
Com. Reg. No.: |
5329, Muscat |
|
|
|
|
Legal Form : |
Sharikat
Thet Massouliya Mahdoudeh (Limited Liability Company) |
|
|
|
|
Line of Business : |
Manufacture
of paints and adhesives, including decorative
paints for interior and exterior uses, furniture lacquers, wood protection
coatings, industrial coatings and a wide selection of adhesives. |
RATING & COMMENTS
|
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 |
|
Maximum Credit Limit : |
US$
1,000,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular
|
|
|
|
|
Litigation : |
Clear |
SUMMARY
|
Company Name |
SADOLIN PAINTS (OMAN) LTD (SPOL) |
|
Country of Origin |
Sultanate of Oman |
|
Legal Form |
Limited Liability Company |
|
Registration Date |
23rd June 1977 |
|
Commercial Registration Number |
5329, Muscat |
|
Issued Capital |
RO 300,000 |
|
Paid up Capital |
RO 300,000 |
|
Total Workforce |
120 |
|
Line of Business |
Manufacture of paints and adhesives |
|
Financial Condition |
Fair |
|
Payments |
Nothing detrimental uncovered |
|
Operating Trend |
Steady |
COMPANY NAME
SADOLIN PAINTS (OMAN) LTD (SPOL)
ADDRESS
Registered & Physical
Address
Building : Sadolin
Factory Building
Street : Road
No. 18
Area : Madinat
Al Sultan Qaboos Industrial Area
PO Box : 531, Ruwi 112
Town : Muscat
Country : Sultanate of Oman
Telephone : (968) 24602780
/ 24604907
Facsimile : (968) 24696186
Email : sado@omzest.com
Premises
Subject
operates from a medium sized suite of offices and a factory that are owned and
located in the Industrial Area of Muscat.
KEY PRINCIPALS
·
Munir M Khan General
Manager
·
N. Balachandran Commercial
Manager
·
Animesh Biswas Marketing
Manager
·
K Vaidyanathan Finance
Manager
·
Ushendra Singh Plant
Manager
LEGAL FORM & OWNERS
Date of Establishment : 23rd June 1977
Legal
Form : Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company)
Commercial Reg. No. : 5329, Muscat
Issued
Capital : RO 300,000
Paid
up Capital : RO 300,000
Name of Shareholder (s)
·
H.E.
Dr Omar Abdul Moneim Al Zawawi
·
H.E.
Qais Abdul Moneim Al Zawawi
·
H.E.
Mohamed Bin Moosa Al Yousef
AFFILIATED COMPANIES
Subject belongs to the Omzest Group of Companies, which contains the
following concerns:
Ø Al Khuwair Development &
Services Co SAOG
Ø Modern Exchange LLC
Ø Muscat Finance Co Ltd (SAOG)
Ø Muscat Insurance Company SAOC
Ø Muscat Life Assurance Company
SAOC
Ø Muscat National Holding Company
SAOG
Ø Oman International Bank SAOG
Ø Oman Securities' Portfolio Co
SAOG
Ø Omzest Investment Division
Ø Personal Investments
Ø Personal Real Estate Department
Ø United Business & Investment
Co
Ø Wilayat Holding Co
Ø Wipro Holding Co
Ø Mideast Integrated Drilling &
Well Services
Ø National Telephone Services Co
LLC
Ø Qurum Contractors LLC
Ø Al Amal Industries Co (SAOG)
Ø Al Wardha Footwear & Leather
Products Company
Ø Amiantit Oman SAOC
Ø Areej Vegetable Oils &
Derivatives SAOG
Ø Bausher Chemicals SAOG
Ø Decorative Glass Manufacturing
LLC
Ø Jyoti Sohar Switchgear LLC
Ø Keemya Oman SAOG
Ø Modern Poultry Farms Company SAOG
Ø National Heaters Industries Co
LLC
Ø Oman Agriculture Development
Company SAOG
Ø Oman Fiber Optic Co SAOG
Ø Oman Textile Mills Co SAOG
Ø Oman Water Pumps Mfg Co SAOG
Ø Oman Water Treatment
Ø Omani Marble Company LLC
Ø Protein Products International
LLC
Ø Waleed Associates LLC
Ø Riyam Investment & Trading
Est LLC
Ø Reem Batteries & Power
Appliances Co SAOC
Ø The National Detergent Company
SAOG
Ø Advertising International Company
SAOC
Ø Al-Rimah Medical Centre LLC
Ø Circle Freight International
(Oman)
Ø Gulf of Oman Services
Ø Gulf Seagull Co
Ø Impact Films LLC
Ø Maersk Shipping Services & Co
LLC
Ø Mezoon Travel LLC
Ø Muscat Contract Cleaning &
Maintenance LLC
Ø Riyam Computer Services LLC
Ø Waleed Catering & Services Co
LLC (WACASCO)
Ø YBA Kanoo (Oman)
Ø Areej Business Systems Co LLC
Ø Bishara Establishment LLC
Ø General Electronics & Trading
Co
Ø Medical & Scientific Supplies
LLC
Ø Muscat Cold Stores LLC
Ø National Oilfield Supply Co LLC
Ø Office Supplies Co LLC
Ø Oman Mechanical Services Co Ltd
LLC (OMSC)
Ø Oman Services & Supply
Organisation
Ø Omzest Beijing
Ø Omzest Business Division
Ø Reem Scientific & Energy
Technologies & Trade LLC
Ø Riyam Engineering & Services
LLC
Ø Riyam Marketing & Services Co
LLC
Ø Waleed Communications Co (WACOM)
Ltd
Ø Waleed Pharmacy LLC
Ø Waljat Modern Technology
Ø Zawawi Business Machines LLC
Ø Zawawi Trading Company LLC
LINE OF BUSINESS
Operations
: Engaged in the
manufacture of paints and adhesives, including decorative
paints for interior and exterior uses, furniture lacquers, wood protection
coatings, industrial coatings and a wide selection of adhesives.
Subject has a licensing agreements with AKZO Nobel of Italy and
Stoncor (Carboline) of the USA.
The company has ISO-9000 certification (for quality) and is also
the first paint company in the Middle East to get ISO-14000 certification.
Production Capacity : 15 million litres
per annum
Import
Countries : Italy, Denmark, United Kingdom,
Germany, Malaysia and the United
States of America.
International
Suppliers :
Ø SCM Chemicals Ltd United Kingdom
Ø Naintsch Mineralwerke GmbH Austria
Ø Pluss Stauffer AG Switzerland
Ø Revertex Sdn Bhd Malaysia
Ø Basf AG Germany
Brand
Names : SADOLIN and FEVICOL
Operating
Trend : Steady
Subject
has a workforce of approximately 120 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
4,700,000 RO
5,100,000
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
·
Oman
Arab Bank
Al Khuwair Branch
PO Box : 5010, Ruwi
Muscat
Tel: (968) 24603520
Fax: (968) 24602948
·
Oman
International Bank
Al Jaame Street
P.O.Box : 4216
Muscat
Tel: (968) 24703614 / 24707328
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000
Established
in 1977, Sadolin Paints (Oman) Ltd (Spol) is a
leading paint manufacturer in Oman enjoying a market
share of around 40%. It belongs to the Omzest group of companies, a very large and well-known
group that contains some of the leading Omani companies.
During
the course of this investigation nothing detrimental was uncovered regarding
the manner in which payment obligations are fulfilled. The operating history is
clear and the financial situation is satisfactory. As such we are of the
opinion that the subject is a fair trade risk and the above credit figure is
within subject’s financial means.
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 |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|