MIRA INFORM REPORT

 

Report Date :

31.05.2007

 

IDENTIFICATION DETAILS

 

Name :

HEALTH FOUR ALL LLC

 

 

Registered Office :

Bank Street, Ruwi, P O Box 1040, Muscat 112

 

 

Country :

Sultanate of Oman

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

1st November 2003

 

 

Com. Reg. No.:

1/73935/2

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Engaged in the import and distribution of dental products, laboratory equipment, pharmaceuticals and agri-vet products.

 

 

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$ 250,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

SUMMARY

 

Company Name                         : HEALTH FOUR ALL LLC

Country of Origin                                    : Sultanate of Oman

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 1st November 2003

Commercial Registration Number            : 1/73935/2

Membership Number                              : 5364

Issued Capital                                        : RO 100,000

Paid up Capital                                      : RO 100,000

Total Workforce                                     : 20

Line of Business                                    : Distributors of dental products, laboratory equipment,

                                                              pharmaceuticals and agri-vet products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

HEALTH FOUR ALL LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Bank Street

Area                 : Ruwi

PO Box            : 1040

Town                : Muscat 112

Country             : Sultanate of Oman

Telephone         : (968-24) 708304 / 797336

Facsimile          : (968-24) 798375

Email                : health@wjtowell.com

 

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Muscat.

 

 

KEY PRINCIPALS

 

·       Dr Dhafir Al Douri                                                     General Manager

 

·       Dr Alaa Sultan                                                         Commercial Manager – Dental Products

 

·       Dr Haider Nawaf                                                       Commercial Manager – Laboratory Products

 

·       Dr V Rangirih                                                           Commercial Manager – Agri-Vet Products

 

·       Dr Laith Hussain Ali                                                 Commercial Manager – Pharmaceutical Products

 

·       Manoj Mathew                                                         Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment : 1st November 2003

 

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

 

Commercial Reg. No.  : 1/73935/2

 

Membership No.          : 5364

 

Issued Capital             : RO 100,000

 

Paid up Capital           : RO 100,000

 

Name of Shareholder (s)          Percentage

 

·       W J Towell and Co LLC                                                                      100%

W J Towell Building

Bank Al Marakzi Street

Muttrah Business District

PO Box : 1040, Ruwi 112

Muscat

Tel : (968) 708304 / 708308 / 708274 / 708876 / 708376

Fax : (968) 793882 / 794367

Email : general@wjtowell.com

 

 

AFFILIATED COMPANIES

 

·       Taylor Woodrow - Towell Co. LLC

·       Brown & Root Mid East LLC

·       General Electric & Trading Co. LLC (Genetco)

·       Jotun Paints & Co. LLC

·       Premix LLC

·       Readymix LLC

·       Oman National Dairy Products Co SAOG

·       Oman International Development Co. LLC

·       Cold Storage & Trading Co. LLC

·       Towell Lever LLC

·       Granherne & Co. LLC

·       Housetex Co. Ltd

·       Al Fajer Furnishing Co LLC

·       Towell Auto Centre

·       Middle East Telecommunication Company LLC

·       Towell Construction & Maintenance Co. LLC

·       Environmental Services LLC

·       Matrah Cold Stores LLC

·       Modern Cleaning Services

·       Towell Barwil Co. LLC

·       Mazoon Printing Press

·       Towell Tools & Engineering Co LLC

 

 

LINE OF BUSINESS

 

Operations : Engaged in the import and distribution of dental products, laboratory equipment, pharmaceuticals and agri-vet products.

 

Import Countries :   Europe and the Far East.

 

Operating Trend : Steady

 

Subject has a workforce of 20 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 1,1200,000                                   RO 1,350,000

 

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)

Muttrah Business District

PO Box : 751, Ruwi 112

Muscat

Tel : (968-24) 708894 708630 / 708684

     Fax : (968-24) 707781 / 703972

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                 May 2006

Credit amount                                        50,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Euros

 

 

GENERAL COMMENTS

 

Established in 2003, subject is involved in the import and distribution of dental products, laboratory

equipment, pharmaceuticals and agri-vet products.

 

According to local sources, subject’s financial condition is satisfactory whilst payments are made in a timely manner. The company’s operating history is reportedly clear and the subject is considered to be a fair trade risk.

 

Maximum suggested credit figure: US$ 250,000

 

 

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%)

 

 

 

 

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