MIRA
INFORM REPORT
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Report Date : |
19.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
MUSCAT GASES COMPANY SAOG |
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Registered Office : |
Industrial Estate, Road No. 2, PO Box 11, Rusayl 124 |
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Country : |
Sultanate of Oman |
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Financials (as on) : |
2007 |
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Date of Incorporation : |
01.08.1989 |
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Com. Reg. No.: |
1164988 |
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Legal Form : |
Omani Public Joint
Stock Company |
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Line of Business : |
Manufacture and
Bottling of Industrial Gases. |
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 : MUSCAT GASES COMPANY
SAOG
Country of Origin : Sultanate
of Oman
Legal Form :
Omani Public Joint Stock Company
Registration Date : 1st
August 1989
Commercial
Registration Number : 1164988
Membership Number : 438
Issued Capital : RO
2,415,000
Paid up Capital : RO
2,415,000
Total Workforce : 120
Line of Business : Manufacture
and bottling of industrial gases.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
MUSCAT GASES COMPANY SAOG
ADDRESS
Registered & Physical Address
Location : Industrial Estate,
Road No. 2
PO Box : 11
Town : Rusayl 124
Country : Sultanate of
Oman
Telephone : (968) 24446030
/ 24446031
Facsimile : (968) 24446032
Email : musingas@omantel.net.om
Premises
Subject operates from a medium sized suite of offices and a factory that
are owned and located in the Industrial Area of Rusayl.
KEY PRINCIPALS
·
Mr. Jamal Said Rajab Al Ojaili Chairman
·
Dr. Amir Awadh Salim Al Rawas Deputy
Chairman
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Abdul Razak K. Mohamed Director
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Fayez Mustafa Mohamed Hassan Director
·
Salem Pir Baksh Shahdad Director
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Saif Said Al Yazidi Director
·
Faris Mahmoud Fadel Allah Director
·
Nazeer Al Rae General
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 1st
August 1989
Legal Form : Sharikat Al
Mousahama Al Omania (Societe Anonyme Omani
General - SAOG)
(Omani Public Joint Stock Company)
Commercial Reg.
No. : 1164988
Membership No. : 438
Issued Capital : RO 2,415,000
Paid up Capital : RO 2,415,000
Name of Shareholder (s) Percentage
· Global Financial
Investments SAOG 23.733%
· Al Tamman Trading
Establishment LLC 10.808%
· Omani businessmen
& private investors 65.459%
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.
AFFILIATED COMPANIES
Name Percentage
Held
· Sohar Gases Co LLC 10%
LINE OF BUSINESS
Operations: Engaged in the manufacture and bottling of industrial gases.
Import Countries : India
Brand Names : SOLKANE
Operating Trend : Steady
Subject has a workforce of 120 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below:
Currency: Riyal Omani (RO)
Income Statement
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2007 |
2006 |
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Sales
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4,788,748 |
4,132,143 |
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Cost
of sales |
(3,592,143) |
(3,216,835) |
Gross profit
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1,196,605 |
915,308 |
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General, sales and
administrative expenses |
(307,436) |
(266,346) |
Other income
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116,086 |
75,588 |
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Profit for the year before taxation |
1,005,255 |
724,550 |
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Provision
for income tax |
(124,465) |
(92,969) |
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Deferred
tax release |
8,317 |
28,374 |
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Profit for the year |
889,107 |
659,955 |
Balance Sheet
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2007 |
2006 |
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ASSETS |
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Non-current Assets: |
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Property, plant and equipment |
1,925,324 |
1,992,459 |
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Available for sale investments
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165,000 |
90,000 |
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Total Non-current Assets |
2,090,324 |
2,082,459 |
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Current Assets: |
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Investment at fair value through
profit or loss |
108,040 |
113,100 |
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Inventories |
763,216 |
547,953 |
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Trade and other receivables |
1,012,237 |
880,852 |
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Cash and cash equivalents |
1,496,700 |
1,337,695 |
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Total Current Assets |
3,380,193 |
2,879,600 |
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TOTAL ASSETS |
5,470,517 |
4,962,059 |
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Equity: |
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Share capital |
2,415,000 |
2,415,000 |
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Statutory reserve |
805,000 |
724,502 |
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General reserve |
210,550 |
210,550 |
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Special reserve |
29,187 |
29,187 |
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Retained earnings |
881,004 |
676,145 |
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Total Equity |
4,340,741 |
4,055,384 |
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Non-current Liabilities: |
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Provision for end of service
benefits |
65,689 |
61,108 |
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Deferred tax |
89,459 |
97,776 |
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Total Non-current Liabilities
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155,148 |
158,884 |
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Current Liabilities: |
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Trade and other payables |
850,163 |
654,822 |
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Provision for income tax |
124,465 |
92,969 |
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Total Current Liabilities |
974,628 |
747,791 |
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Total Liabilities |
1,129,776 |
906,675 |
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TOTAL EQUITY AND LIABILITIES |
5,470,517 |
4,962,059 |
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Local sources consider subject’s financial condition to be Good.
BANKERS
·
Bank Muscat SAOG
Ruwi Main Branch
PO Box:
6326
Muscat
Tel:
(968) 24561399 / 24708543
Fax:
(968) 24561036
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
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.
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%)