MIRA
INFORM REPORT
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Report Date : |
26.09.2007 |
IDENTIFICATION DETAILS
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Name : |
MOHSIN HAIDER
DARWISH LLC |
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Registered Office : |
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Country : |
Sultanate of |
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Financials (as on) : |
31.12.2004 |
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Date of Incorporation : |
6th October 1974 |
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Com. Reg. No.: |
1/00199/0, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the distribution and retail of heavy duty machinery, construction equipment, and industrial machinery and spare parts. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 1,500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : MOHSIN HAIDER DARWISH LLC
Doing Business As : DARWISH BROTHERS
Country of Origin :
Sultanate of
Legal Form : Limited Liability Company - LLC
Start Date : 6th October 1974
Registration Date : 1st April 1999
Commercial Registration Number :
1/00199/0,
Membership Number : 3
Issued Capital : RO 4,000,000
Paid up Capital : RO 4,000,000
Total Workforce : 750
Line of Business : Subject operates several divisions (see below for details).
Financial Condition : Good
Payments : Regular
Operating Trend : Steady
COMPANY NAME
MOHSIN HAIDER
DARWISH LLC
DOING BUSINESS AS
DARWISH BROTHERS
ADDRESS
Registered & Physical Address
Building :
Street :
Area : Ruwi
PO Box : 880
Town :
Country : Sultanate of
Telephone : (968) 24703777 / 24703780 / 24560137
/ 24793327 / 24703411
Facsimile : (968) 24793256 / 24792743
Email : info@mhd.co.om
Premises
Subject operates
from a large suite of offices and a showroom with storage facilities that are
owned and located in the Central Business Area of Muscat.
Branch Office (s)
Location Description
·
Salalah
Tel: (968) 291684
Fax: (968) 292226
·
Azaiba Sales
office & warehouse
Tel: (968) 590252 / 592855
Fax: (968) 592864
·
Sohar Sales
office & warehouse
Tel: (968) 842841
Fax: (968) 840489
KEY PRINCIPALS
·
Mohsin
Haider Darwish Managing
Director
·
Hussein
Haider Darwish Director
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Fatima
Jafer Abdulrahim Director
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Ms
Lujaina Haider Darwish Director
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Mrs
Areej Mohsin Haider Darwish Director
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Arun
Mehra Finance
Manager
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Satish
Suvarna Human
Resources Manager
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Ahmed
Ibrahim Qasim Administration
Manager
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K.K.
Chadha Procurement
Manager
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V.G.
Mathkar Technical
Manager
LEGAL FORM &
OWNERS
Date of Establishment : Subject was
established on 6th October 1974 and was registered as a Limited
Liability
Company on 1st April 1999.
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company – LLC)
Commercial Reg. No. : 1/00199/0,
Membership No. : 3
Issued Capital : RO 4,000,000
Paid up Capital : RO 4,000,000
Name of Shareholder
(s)
·
Mohsin
Haider Darwish
·
Hussein
Haider Darwish
·
Fatima
Jafer Abdulrahim
·
Ms
Lujaina Haider Darwish
·
Mrs
Areej Mohsin Haider Darwish
Non Omani Participation
The participation of non-Omani nationals in a trade or business
in
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
·
Crown
Darwish Engineering
PO Box: 3729
Tel: (968) 601713
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Darwish
Ast Group Ltd
PO Box: 223
Tel: (968) 704177
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Al
Darwish Al Mashani Trading and Contracting Company
Port Saysut
PO Box: 18289
Salalah
Tel: (968) 291684
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Special
Oilfield Services Co LLC
Sultan
Ruwi
PO Box: 880
Tel: (968) 590252
Fax: (968) 799530
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Lujaina
LLC
Seeb
Tel: (968) 612500
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Areej
Vegetable Oil Derivatives SAO
Rusayl Industrial Estate
PO Box: 42022
Rusayl
Tel: (968) 626270
Fax: (968) 626207
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Areej
General Trading Est
Tel: (971-4) 2237025
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Adanco
Trading
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Adanco
Technical Services
LINE OF BUSINESS
Operations : Subject’s activities are performed through
the following divisions:
· Plant Machinery Division
Engaged in the distribution and retail of
heavy duty machinery, construction equipment, and industrial machinery and
spare parts.
Distributors for: O & K
Pettibone
International
Mitsubishi
Ingersoll
Rand
BPR
& Co
· Electrical Division
Engaged in the distribution and retail of
various electrical equipment, switchgears, cables and electrical wires.
Distributors for: Bill Switchgear Ltd
GEC
Machines Ltd
Pirelli
General Cables Ltd
Manfred
Hommert KG
Larsen
& Toubro Ltd
· Automotive & Spare Parts Division
This division specialises in the import and
distribution of automotives, spare parts and car accessories.
In August 2001, the subject signed a deal
with Volvo Car Overseas Corporation under which they were appointed official
and sole distributor for Volvo cars in
Distributors for: Ashok Leyland Ltd
Scammell
Trailers Ltd
Leyland
Ltd
Unipart
Exports
· Michelin Division
Exclusive distributors for Michelin Tyre Co,
France.
· Office Furnishing Division
This division specialises in the
distribution and retail of office furniture and equipment.
Distributors for: Denby Tableware
Gaylights
Gordon
Russell Ltd
Diethelm
· Gases Division
This division specialises in the
distribution of gases, chemicals and safety equipment.
Distributors for: Co-Weld Products
British
Oxygen Ltd
Emirates
Industrial Gases
· Industrial Products Division
Distributors of industrial machinery and
garage equipment.
Distributors for: Femec
Ree-O-Tech
Bennett
& Sauser Ltd
Ansul
· Consumer Products Division
Engaged in the distribution of a wide range
of consumer products, including foodstuff and ready made garments.
· Engineering Products Division
Engaged in the distribution of engineering
products and equipment.
· Projects Division
The Division has established a service
centre to cater to the installation, commissioning and back up support for the
following areas:
- Heating, Ventilation & Air Conditioning
(HVAC) Section
- Commercial Refrigeration Section
- Shelving and Warehousing Section
- Industrial Catering Section
Import Countries
: Europe, the Far East,
Operating Trend
: Steady
Subject has a
workforce of approximately 750 employees.
FINANCIAL
HIGHLIGHTS
Financial highlights
provided by outside sources are given below :
Currency : Riyal
Omani (RO)
Year
Ending 31/12/03: Year
Ending 31/12/04:
Total Revenue RO 17,250,000 RO 19,180,000
Local sources
consider subject’s financial condition to be Good.
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
·
Bank of
BOBK House
PO Box : 4708, Ruwi 112
Tel : (968) 701528 / 701532 /
701788
Fax : (968) 705607 / 793536
·
National
Bank of Oman Limited (SAOG)
Ruwi Branch
PO
Box : 752
Tel : (968) 708894 / 708519 / 708562
Fax : (968) 797278
·
Oman
Arab Bank
Head Office
Muttrah Business District
PO Box : 2010, Ruwi 112
Tel : (968) 700161 / 706265 /
706267
Fax : (968) 797736
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HSBC
Bank
Mutrah Business District
PO Box : 240, Ruwi 112
Tel : (968) 700810 / 799920 / 799927
Fax : (968) 704241
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Standard
Chartered Bank
PO Box : 2353
Ruwi 112
Tel : (968) 24703999 / 24703796 / 24703574
Fax : (968) 24796864
PAYMENT HISTORY
Subject’s payment record
is reported to be met in a regular and timely manner.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Mohsin Haider
Darwish LLC has operations dating back to 1974 and is a leading concern in
During the course
of this investigation nothing detrimental was uncovered 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 admissible.
Maximum suggested
credit figure: US$ 1,500,000
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%)