MIRA
INFORM REPORT
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Report Date : |
06.09.2007 |
IDENTIFICATION DETAILS
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Name : |
SALALAH MACARONI
AND CONFECTION CO SAOG |
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Registered Office : |
Raysut Industrial Estate, |
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Country : |
Sultanate of |
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Date of Incorporation : |
30th May 2007 |
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Com. Reg. No.: |
1020556, Salalah |
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Legal Form : |
Omani Public Joint Stock Company |
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Line of Business : |
Engaged in the
production of pasta and confectionery. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 50,000 |
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Status : |
New Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : SALALAH MACARONI AND CONFECTION CO SAOG
Country of Origin :
Sultanate of
Legal Form : Omani Public Joint Stock Company
Registration Date : 30th May 2007
Commercial Registration Number : 1020556, Salalah
Membership Number : 324
Issued Capital : RO 2,500,000
Paid up Capital : RO 2,500,000
Total Workforce : 8
Line of Business : Producers of pasta and confectionery.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
SALALAH MACARONI AND
CONFECTION CO SAOG
ADDRESS
Registered & Physical Address
Location : Raysut Industrial Estate
PO Box : 267
Town : Salalah 217
Country : Sultanate of
Telephone : (968-23) 219446
Facsimile : (968-23) 219447
Email : smack@omantel.net.om
Premises
Subject operates
from a small suite of offices and a factory that are rented and located in the
Industrial Area of Salalah.
KEY PRINCIPALS
·
Ahmed
Saeed Al Rawas Managing
Director
·
Mohamed
Zidan Project
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 30th
May 2007
Legal Form :
Sharikat Al Mousahama Al
Omania (Societe Anonyme Omani General - SAOG) (Omani
Public Joint Stock Company)
Commercial Reg. No. : 1020556, Salalah
Membership No. : 324
Issued Capital : RO 2,500,000
Paid up Capital : RO 2,500,000
Name of Shareholder
(s)
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Ahmed
Saeed Al Rawas
·
Salalah Mills Co
Salalah
Tel : (968-23) 219193
Note to the Legal Form
Public Joint stock companies may not be incorporated without the prior approval of the Ministry and the issuance of a license to that effect. Public joint stock companies must have a minimum capital of RO 150,000.
LINE OF BUSINESS
Operations : Engaged in the production of pasta and
confectionery. Subject is expected to reach full production by the second half
of 2008.
Import Countries
:
Subject has a
workforce of 8 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
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National
Bank of Oman Limited (SAOG)
PO Box : 824
Salalah 211
Tel : (968-23) 291952
Fax : (968-23) 290066
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Investigations
undertaken in Salalah did not reveal any sign of payment defaults or delays
during initial trading stages, and subject is believed to meet its payment
obligations in a timely manner, nevertheless, and in view of the company’s
infancy and the lack of a more consistent payment and financial record, a
measure of caution is advisable and a close monitoring of subject’s business
development is recommended.
Maximum suggested
credit figure: US$ 50,000
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%)