MIRA
INFORM REPORT
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Report Date : |
08.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
OMAN CHEMICALS & PHARMACEUTICALS LLC |
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Registered Office : |
Mahdah Road, Al Buraimi Industrial Area, PO Box 436, Al
Buraimi 512 |
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Country : |
Sultanate of Oman |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
06.01.1991 |
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Com. Reg. No.: |
814329, Muscat |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacture and Distribution of Chemicals and Pharmaceuticals |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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
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 31/12/06: Year
Ending 31/12/07:
Total Revenue RO
3,750,000 RO
3,940,000
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
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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%)