MIRA
INFORM REPORT
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Report Date : |
29th
December, 2006 |
IDENTIFICATION
DETAILS
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Name : |
OMAN GULF COLD STORE LLC |
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Registered Office : |
Al Tajdeed Building, Commercial Street, PO
Box : 769, Al Khod 130, Sultanate of
Oman. |
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Country : |
Sultanate
of Oman |
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Date of Incorporation : |
1999 |
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Com. Reg. No.: |
1/00141/1 |
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Legal Form : |
Sharikat
Thet Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Line of Business : |
Engaged
in the import and distribution of general foodstuff products, including fruit and vegetables, meat and
poultry. |
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$
100,000 |
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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 |
OMAN GULF COLD STORE 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 |
1999 |
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Commercial
Registration Number |
1/00141/1 |
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Issued
Capital |
RO 25,000 |
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Paid
up Capital |
RO 25,000 |
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Total
Workforce |
25 |
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Line
of Business |
Distributors of general foodstuff products. |
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Financial
Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating
Trend |
Steady |
COMPANY NAME
OMAN
GULF COLD STORE LLC
ADDRESS
Registered & Physical Address
Building : Al Tajdeed
Building
Street : Commercial
Street
PO Box : 769
Town : Al Khod 130
Country : Sultanate of
Oman
Telephone : (968-92) 971975
/ 954768
Facsimile : (968-92)
546049
Email : sales@omangulf.org
Premises
Subject
operates from a small suite of offices and a warehouse that are rented and located
in the Central Business Area of Al Khod.
Branch Offices
Location Description
· Al Mawaleh Central Market Cold
storage facilities
KEY PRINCIPALS
· Khalid Masud Managing
Director
· Daoud Al Rajhi Director
· Mohamed Salim Kanaan Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1999
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 1/00141/1
Issued Capital : RO 25,000
Paid up Capital : RO 25,000
Name of Shareholder (s)
· Khalid Masud
· Daoud Al Rajhi
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 import and
distribution of general foodstuff products, including fruit and
vegetables, meat
and poultry.
Import Countries : Europe and GCC countries.
Operating
Trend : Steady
Subject
has a workforce of 25 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 850,000 RO
1,020,000
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)
Ruwi Branch
PO
Box : 752
Muscat 112
Tel :
(968-24) 708894 / 708519 / 708562
Fax :
(968-24) 797278
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1999,
subject is involved in the import and distribution of general foodstuff
products,
including fruit
and vegetables, meat and poultry.
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.
Maximum
suggested credit figure: US$ 100,000
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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