MIRA
INFORM REPORT
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Report Date : |
22.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
MUSCAT COLD STORES LLC |
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Registered Office : |
Al Hamriyah Street, 2365, Ruwi 112 |
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Country : |
Oman |
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Financials (as on) : |
31/12/2006 |
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Date of Incorporation : |
20.03.1988 |
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Com. Reg. No.: |
1/24569/4 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Distributor of frozen foodstuff, frozen poultry and meat. |
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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : MUSCAT COLD STORES LLC
Country of Origin : Sultanate of Oman
Legal Form : Limited Liability Company - LLC
Registration Date : 20th March 1988
Commercial Registration Number : 1/24569/4
Issued Capital : RO 800,000
Paid up Capital : RO 800,000
Total Workforce : 120
Line of Business : Distributor of frozen foodstuff, frozen poultry and meat.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
MUSCAT COLD STORES LLC
ADDRESS
Registered & Physical Address
Location :
Al Hamriyah Street
PO Box :
2365
Town :
Ruwi 112
Country :
Sultanate of Oman
Telephone :
(968) 24704297 / 24793171 / 24793172
Facsimile :
(968) 24793305 / 24814833
Email : mcs@omzest.com
Premises
Subject operates from a large suite of offices, cold storage facilities
and warehousing that are rented and located in the Industrial Area of Muscat.
Branch Office (s)
Subject operates a network of cold storage
facilities, including the following locations; Salalah, Al Kamil, Ibra, Nizwa,
Ibri, Bidaya, and Sohar
KEY PRINCIPALS
· Dr Omar Al Zawawi Managing
Director
· Walid Omar Al
Zawawi Director
· M Jayan Sales
Manager
· P Parasad Financial
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 20th March
1988
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 1/24569/4
Issued Capital : RO 800,000
Paid up Capital : RO 800,000
Name of Shareholder
(s)
· Dr Omar Al Zawawi
· Walid Omar Al
Zawawi
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 % Omaniparticipation 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 belongs to the Omzest Group of Companies,
which contains the following concerns:
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Al Khuwair Development & Services Co SAOG
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Modern Exchange LLC
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Muscat Finance Co Ltd (SAOG)
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Muscat Insurance Company SAOC
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Muscat Life Assurance Company SAOC
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Muscat National Holding Company SAOG
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Oman International Bank SAOG
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Oman Securities' Portfolio Co SAOG
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Omzest Investment Division
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Personal Investments
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Personal Real Estate Department
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United Business & Investment Co
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Wilayat Holding Co
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Wipro Holding Co
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Mideast Integrated Drilling & Well Services
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National Telephone Services Co LLC
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Qurum Contractors LLC
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Al Amal Industries Co (SAOG)
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Al Wardha Footwear & Leather Products Company
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Amiantit Oman SAOC
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Areej Vegetable Oils & Derivatives SAOG
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Bausher Chemicals SAOG
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Decorative Glass Manufacturing LLC
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Jyoti Sohar Switchgear LLC
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Keemya Oman SAOG
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Modern Poultry Farms Company SAOG
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National Heaters Industries Co LLC
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Oman Agriculture Development Company SAOG
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Oman Fiber Optic Co SAOG
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Oman Textile Mills Co SAOG
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Oman Water Pumps Mfg Co SAOG
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Oman Water Treatment
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Omani Marble Company LLC
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Protein Products International LLC
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Waleed Associates LLC
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Riyam Investment & Trading Est LLC
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Reem Batteries & Power Appliances Co SAOC
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The National Detergent Company SAOG
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Advertising International Company SAOC
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Al-Rimah Medical Centre LLC
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Circle Freight International (Oman)
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Gulf of Oman Services
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Gulf Seagull Co
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Impact Films LLC
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Maersk Shipping Services & Co LLC
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Mezoon Travel LLC
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Muscat Contract Cleaning & Maintenance LLC
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Riyam Computer Services LLC
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Waleed Catering & Services Co LLC (WACASCO)
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YBA Kanoo (Oman)
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Areej Business Systems Co LLC
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Bishara Establishment LLC
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General Electronics & Trading Co
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Medical & Scientific Supplies LLC
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National Oilfield Supply Co LLC
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Office Supplies Co LLC
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Oman Mechanical Services Co Ltd LLC (OMSC)
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Oman Services & Supply Organisation
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Omzest Beijing
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Omzest Business Division
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Reem Scientific & Energy Technologies & Trade LLC
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Riyam Engineering & Services LLC
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Riyam Marketing & Services Co LLC
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Sadolin Paints (Oman) Ltd (SPOL)
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Waleed Communication Co Ltd LLC (Wacom)
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Waljat Modern Technology
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Zawawi Business Machines LLC
LINE OF BUSINESS
Operations : Engaged
in the import and distribution of frozen foodstuff, frozen poultry and meat.
Import Countries : Denmark, India, Brazil, and Australia.
International Suppliers :
· Danpo A/S Denmark
· Allanasons Ltd India
· Gee Square Exports India
· Companhia Minuano
De Alimentos Brazil
· Allegro Pty. Ltd Australia
Operating Trend : Steady
Brand Name : AL SAFA, AL KABIR,
ALANA, LANGRU & TILLY
Subject has a workforce of 120 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 14,500,000 RO 16,000,000
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
·
Oman International Bank SAOG
Al
Khuwair
PO Box :
1727, Seeb 111
Muscat
Tel :
(968-24) 682500
Fax :
(968-24) 682800
·
Bank of Muscat
Al Burj
Street
Greater
Muttrah
PO Box :
6326
Muscat
Tel :
(968-24) 701769
Fax :
(968-24) 796488
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Muscat Cold Stores LLC is very well established in the local market with
operations dating back 20 years. It specialises in the import and distribution
of frozen foodstuff, frozen poultry and meat.
Subject is a member of the Omzest group of companies, a very large and
well-known group that contains some of the leading Omani companies.
During the course of this investigation nothing detrimental was
uncovered regarding subject’s operating history or the manner in which payments
are fulfilled. As such the company is considered to be a fair trade risk.
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%)