MIRA INFORM REPORT

 

 

Report Date :

12.01.2007

 

IDENTIFICATION DETAILS

 

Name :

OMAN CHEMICALS & PHARMACEUTICALS LLC (OCPLLC)

 

 

Registered Office :

Mahdah Road, Al Buraimi Industrial Area, P O Box 436, Al Buraimi 512

 

 

Country :

Sultanate of Oman

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

November 1990

 

 

Com. Reg. No.:

814329

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Manufacture and distribution of chemicals and pharmaceuticals

 

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$ 300,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : OMAN CHEMICALS & PHARMACEUTICALS LLC (OCPLLC)

Country of Origin                                    : Sultanate of Oman

Legal Form                                            : Limited Liability Company - LLC

Start Date                                             : November 1990

Registration Date                                   : 6th January 1991

Commercial Registration Number            : 814329, Muscat

Issued Capital                                        : RO 400,000

Paid up Capital                                      : RO 400,000

Total Workforce                                     : 130

Line of Business                                    : Manufacture and distribution of chemicals and pharmaceuticals.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

OMAN CHEMICALS & PHARMACEUTICALS LLC (OCPLLC)

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Mahdah Road

Area                 : Al Buraimi Industrial Area

PO Box             : 436

Town                 : Al Buraimi 512

Country             : Sultanate of Oman

Telephone         : (968) 25653414 / 25654156 / 25653413 / 25650058 / 25651155

Facsimile          : (968) 25651003 / 25650611

Email                : ocpllc@omantel.net.om

 

 

Premises

 

Subject operates from a medium sized suite of offices, a warehouse and a factory that are owned and located in the Industrial Area of Al Buraimi.

 

 

KEY PRINCIPALS

 

·       Hamid Bin Nasser Al Nuaimi                                                              Managing Director

 

·       Jassim Bin Nasser Al Nuaimi                                                             Director

 

·       Nasser Bin Nasser Al Nuaimi                                                             Director

 

·       Khalid Hussein                                                                                  General Manager

 

·       K.R. Rao                                                                                          Finance Manager

 

·       B. Fetyanarvna                                                                                  Production Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject was founded in November 1990 and was incorporated on

  6th January 1991.

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)

 

Commercial Reg. No.  : 814329, Muscat

 

Issued Capital              : RO 400,000

 

Paid up Capital            : RO 400,000

 

 

Name of Shareholder (s)

 

·       Hamid Bin Nasser Al Nuaimi

 

·       Jassim Bin Nasser Al Nuaimi

 

·       Nasser Bin Nasser Al Nuaimi

 

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 Al Buraimi Group of Companies, which includes the following concerns:

 

·       Al Buraimi Garments

Al Buraimi

PO Box : 169

Muscat 512

Tel : (968) 25651050 / 25650057

Fax : (968) 25650824

 

·       Al Buraimi Hotel

Sohar Road

Al Buraimi

PO Box : 330

Muscat 512

Tel : (968) 25652010

Fax : (968) 25652011

 

·       Al Buraimi Cars

     Muscat

 

·       Dubai Steel Factory

     Dubai

     United Arab Emirates

 

 

LINE OF BUSINESS

 

Operations : Subject is engaged in the manufacture and distribution of chemicals and pharmaceuticals,

specialising in penicillin, but also including the following products:

 

-  Amoxicilline Trihydrate Poudre

-  Amoxicilline Trihydrate Compactee

-  Amoxicilline / Acide Clavulanique

-  Ampicilline Trihydate Poudre

-  Ampicilline Trihydrate Compactee

-  Ampicilline Sodique / Cloxacilline

-  Sodique

-  Flucloxacilline Sodique

 

Production Capacity:   200 metric tonnes per month

 

Import Countries : France, Germany, Spain and the United Kingdom.

 

International Suppliers :

 

·       Interchemical                        France

 

Export Countries: Argentina, Columbia, Brazil, Mexico Venezuela, Austria, Cyprus, Denmark, Germany,

Italy, Russia, Switzerland, Netherlands, United Kingdom, Iran, Iraq, Jordan, Saudi Arabia, Syria, UAE, Yemen, Algeria, Egypt, Ethiopia, Kenya, Morocco, Nigeria, Sudan, Tunisia, Uganda, Bangladesh, Hong Kong, South Korea, Malaysia, India, Indonesia, Pakistan, Singapore, Taiwan, Thailand, and Vietnam

 

Operating Trend : Steady

 

Subject has a workforce of approximately 130 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 3,400,000                                        RO 3,690,000

 

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 International Bank

Al Jaame Street

     P.O.Box : 4216

     Muscat

     Tel : (968) 703614 / 707328 / 793450

 

·       National Bank of Oman Limited (SAOG)

PO Box : 9

Buraimi 512

Tel : (968) 650345 / 650346

Fax : (968) 650346

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Oman Chemicals & Pharmaceuticals LLC (OCPLLC) was incorporated in 1991 and is well established in the local business market. It is owned by members of the Al Nuaimi family who are wealthy and respected Omani businessmen.

 

According to local sources subject’s operating history is clear with nothing detrimental uncovered regarding the manner in which payments are made.

 

Maximum suggested credit figure: US$ 300,000

 

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions