MIRA
INFORM REPORT
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Report Date : |
06.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
MUSTAFA SULTAN
SCIENCE & INDUSTRY CO. LLC |
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Registered Office : |
Mustafa Sultan House,
Mezzanine Floor, Al Khuwair Street, Way No. 3503, Al Khuwair District, P O
Box 3340, Ruwi 112, Muscat |
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Country : |
Sultanate of Oman |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1988 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Oil and Gas, including Oil Movement & Storage; Water Distribution
and Storage Educational & Training
Institutions; Telecommunications; Hospitals;
Healthcare Centers/ Polyclinics; Environmental Testing; Calibration and
Repair under one roof |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 750,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : MUSTAFA SULTAN SCIENCE & INDUSTRY CO. LLC
Country of Origin : Sultanate of Oman
Legal Form : Limited Liability Company - LLC
Registration Date : 1988
Issued Capital : RO 900,000
Paid up Capital : RO 900,000
Total Workforce : 110
Line of Business : Subject provides a range of products and services for the industrial,
biomedical, analytical and calibration industries.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
MUSTAFA SULTAN
SCIENCE & INDUSTRY CO. LLC
ADDRESS
Registered & Physical Address
Building : Mustafa Sultan House, Mezzanine
Floor
Street : Al Khuwair Street, Way No. 3503
Area : Al Khuwair District
PO Box : 3340, Ruwi 112
Town : Muscat
Country : Sultanate of Oman
Telephone : (968) 24636190
Facsimile : (968) 24479066
Email : mssi@mustafasultan.com
Premises
Subject operates
from a medium sized suite of offices and testing facilities that are owned and
located in the Central Business Area of Muscat.
KEY PRINCIPALS
·
Mustafa
Abdulreda Sultan Al Lawati Managing
Director
·
Akbar Abdulreda
Sultan Al Lawati Director
·
Shabir
Abdulreda Sultan Al Lawati Director
·
Abdulreda
Sultan Al Lawati Director
·
Sunil R.
Mansukhani General
Manager
·
P. Mohammed
Aziz Manager
- Training & Measurement
·
J. Subramaniam Manager
- Industrial
·
Naresh
Bhojwani Manager
- Medical
LEGAL FORM & OWNERS
Date of Establishment : 1988
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company – LLC)
Issued Capital : RO 900,000
Paid up Capital : RO 900,000
Name of Shareholder (s)
·
Mustafa
Abdulreda Sultan Al Lawati
·
Akbar
Abdulreda Sultan Al Lawati
·
Shabir
Abdulreda Sultan Al Lawati
·
Abdulreda
Sultan Al Lawati
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
·
Mustafa Sultan
Enterprises LLC
Mustafa Sultan House, 1st
Floor
Al Khuwair Street, Way No:
3503
PO Box: 3340, Ruwi 112
Muscat
Tel: (968) 636162
Fax: (968) 607763
Email: msho@mustafasultan.com
·
Mustafa Sultan
Electronics Co LLC
Mustafa Sultan House, 1st
Floor
Al Khuwair Street, Way No:
3503
PO Box: 3340, Ruwi 112
Muscat
Tel: (968) 636071
Fax: (968) 603199
Email: mslt@mustafasultan.com
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Mustafa Sultan
Security & Communication Systems Co LLC
Mustafa Sultan House, 1st
Floor
Al Khuwair Street, Way No:
3503
PO Box: 3340, Ruwi 112
Muscat
Tel: (968) 636000 / 636121
Fax: (968) 607345
Email: mssc@mustafasultan.com
·
Mustafa Sultan
Exchange Co LLC
Al Habib Building, Ground
Floor
Ruwi Street
PO Box: 2131, Ruwi 112
Muscat
Tel: (968) 707025
Fax: (968) 706529
Email: mjexchom@omantel.net.om
·
Mustafa Sultan
Office Technology Co LLC
Mustafa Sultan Office
Technology Co Building
Al Noor Street
PO Box: 3340, Ruwi 112
Muscat
Tel: (968) 709361
Fax: (968) 796108
Email: msot@mustafasultan.com
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Mustafa Sultan
Telecommunications Co LLC
Mustafa Sultan House, Ground
Floor
Al Khuwair Street, Way No:
3503
PO Box: 3340, Ruwi 112
Muscat
Tel: (968) 636051
Fax: (968) 604986
Email: mstc@mustafasultan.com
·
Middle East
Restaurants & Catering Co LLC
Qurum
PO Box: 1164
Hamriya 131
Tel: (968) 561500
Fax: (968) 567761
Email: autorest@omantel.net.om
·
City Exchange
LLC
Bur Dubai
PO Box: 29395
Dubai
United Arab Emirates
Tel: (971-4) 3937868 / 3937870
Fax: (971-4) 3939137
Email: citex@emirates.net.ae
LINE OF BUSINESS
Operations: The company provides products and services
in the following areas:
· Industrial
-
Oil and Gas, including Oil Movement & Storage
-
Water Distribution and Storage
-
Waste Water and Treatment
·
Training
& Measurement
- Telecommunications
- Power Generation & Transmission
- Defence
- Information Technology
- Networking
· Biomedical
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Hospitals
- Healthcare Centers/ Polyclinics
- Laboratories
·
Analytical
- Oil & Gas
- Research & Development
· Calibration
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PDO approved under JO7 category for Calibration
- Calibration and Repair under one roof
Import Countries
: Europe, Japan and the
United States of America.
International
Suppliers :
·
Rusch AG Germany
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Endress &
Hauser GmbH Germany
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Agfa-Gevaert
NV Belgium
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Applied
Imaging International Ltd United
Kingdom
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Dako
Cytomation A/S Denmark
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Enraf B.V. Netherlands
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Mettler-Toledo
GmbH Switzerland
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Teleste
Educational Oy Finland
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Tosoh
Biosciences Ltd Japan
·
Fluke Networks United States
of America
Operating Trend
: Steady
Subject has a
workforce of approximately 110 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 4,875,000 RO 5,000,000
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
·
HSBC Bank
Middle East
Mutrah Business District
PO Box : 240, Ruwi 112
Muscat
Tel : (968) 700810 / 799920 / 799927
Fax
: (968) 704241
·
National Bank
of Oman Ltd
PO Box : 1011
Al Khuwair
Tel : (968) 510007 / 510543
·
Bank Muscat
SAOG
Al Khuwair Street
PO Box: 6326, Ruwi 112
Muscat
Tel : (968) 602274
Fax : (968) 698300
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction February 2005
Credit amount 52,000
Amount overdue 0
Payment terms 180
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
1988, Mustafa Sultan Science & Industry Co. LLC provides a range of
products and services for the industrial, biomedical, analytical and
calibration industries.
The company deals
with a host of reputable international suppliers with no problems noted
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$ 750,000
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. |
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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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%)