MIRA
INFORM REPORT
|
Report Date : |
17.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
TECHNO PLASTIC
INDUSTRY LLC |
|
|
|
|
Registered Office : |
Al Rusayl Industrial Area, P O Box 158, Al Rusayl 124 |
|
|
|
|
Country : |
Sultanate of Oman |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
1992 |
|
|
|
|
Com. Reg. No.: |
1/60063/0 |
|
|
|
|
Legal Form : |
Limited Liability Company – LLC |
|
|
|
|
Line of Business : |
Engaged in the manufacture
of polypropylene pipes and sanitary ware fittings. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 200,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : TECHNO PLASTIC INDUSTRY LLC
Country of Origin : Sultanate of Oman
Legal Form : Limited Liability Company - LLC
Registration Date : 1992
Commercial Registration Number : 1/60063/0
Issued Capital : RO 500,000
Paid up Capital : RO 500,000
Total Workforce : 100
Line of Business : Manufacturers of polypropylene pipes and sanitary ware fittings.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
TECHNO PLASTIC
INDUSTRY LLC
ADDRESS
Registered & Physical Address
Location : Al Rusayl
Industrial Area
PO Box : 158
Town : Al Rusayl 124
Country : Sultanate of
Oman
Telephone : (968-24) 446290
/ 446671 / 449093
Facsimile : (968-24)
446690
Email : epioman@omantel.net.om
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Al Rusayl.
KEY PRINCIPALS
·
Saeed Salem
Bakheet Kawar Managing
Director
·
Mohamed Saeed
Salem Bakheet Kawar Director
·
Mohamed
Adel Yousef General
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1992
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 1/60063/0
Issued Capital : RO 500,000
Paid up Capital : RO 500,000
Name of Shareholder
(s)
·
Saeed Salem
Bakheet Kawar
·
Mohamed Saeed
Salem Bakheet Kawar
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.
LINE OF BUSINESS
Operations : Engaged in the manufacture of polypropylene
pipes and sanitary ware fittings.
Import Countries :
Europe and GCC countries.
Operating Trend
: Steady
Subject has a
workforce of 100 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Riyal
Omani (RO)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue RO
3,890,000 RO
4,050,000
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 (SAOG)
Al Ghoubrah Roundabout
PO Box : 3909
Muscat 112
Tel : (968-24) 591062 / 591583
Fax : (968-24) 591583
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1992, subject is involved in the manufacture of polypropylene pipes and
sanitary ware fittings.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk.
Maximum suggested
credit figure: US$ 200,000
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 |
|
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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)