%20LTD%2018-Jul-2008_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
18.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SADOLIN PAINTS (OMAN) LTD |
|
|
|
|
Registered Office : |
Sadolin Factory Building, Road No. 18,
Madinat Al Sultan Qaboos Industrial Area, P O Box 531, Ruwi 112, Muscat |
|
|
|
|
Country : |
Oman |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
23.06.1977 |
|
|
|
|
Com. Reg. No.: |
5329, Muscat |
|
|
|
|
Legal Form : |
Limited Liability Company – LLC |
|
|
|
|
Line of Business : |
Manufacturer of Paints and Adhesives |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
US$ 1,000,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : SADOLIN PAINTS (OMAN) LTD (SPOL)
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 23rd June 1977
Commercial Registration Number : 5329, Muscat
Issued Capital : RO 300,000
Paid up Capital : RO 300,000
Total Workforce : 120
Activities : Manufacture of paints and adhesives
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 1,000,000
COMPANY NAME
SADOLIN
PAINTS (OMAN) LTD (SPOL)
ADDRESS
Registered &
Physical Address
Building : Sadolin Factory Building
Street : Road No. 18
Area : Madinat
Al Sultan Qaboos Industrial Area
PO Box : 531, Ruwi 112
Town : Muscat
Country : Sultanate of Oman
Telephone : (968) 24602780 / 24604907
/ 24597599
Facsimile : (968) 24696186 / 24501789
Email : sado@omzest.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are owned and located
in the Industrial Area of Muscat.
KEY PRINCIPALS
Name Position
·
Munir M Khan General
Manager
·
N. Balachandran Commercial
Manager
·
Animesh Biswas Marketing
Manager
·
K Vaidyanathan Finance
Manager
·
Ushendra Singh Plant
Manager
LEGAL FORM & OWNERS
Date of Establishment : 23rd
June 1977
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 5329, Muscat
Issued Capital : RO 300,000
Paid up Capital : RO 300,000
Name of Shareholder (s)
·
H.E. Dr Omar
Abdul Moneim Al Zawawi
·
H.E. Qais
Abdul Moneim Al Zawawi
·
H.E. Mohamed
Bin Moosa Al Yousef
AFFILIATED COMPANIES
Subject belongs to the Omzest Group of Companies, which contains the
following concerns:
·
Al Khuwair Development
& Services Co SAOG
·
Modern
Exchange LLC
·
Muscat Finance
Co Ltd (SAOG)
·
Muscat
Insurance Company SAOC
·
Muscat Life
Assurance Company SAOC
·
Muscat
National Holding Company SAOG
·
Oman
International Bank SAOG
·
Oman
Securities' Portfolio Co SAOG
·
Omzest Investment
Division
·
Personal
Investments
·
Personal Real
Estate Department
·
United
Business & Investment Co
·
Wilayat
Holding Co
·
Wipro Holding
Co
·
Mideast
Integrated Drilling & Well Services
·
National
Telephone Services Co LLC
·
Qurum
Contractors LLC
·
Al Amal Industries
Co (SAOG)
·
Al Wardha
Footwear & Leather Products Company
·
Amiantit Oman
SAOC
·
Areej
Vegetable Oils & Derivatives SAOG
·
Bausher
Chemicals SAOG
·
Decorative
Glass Manufacturing LLC
·
Jyoti Sohar
Switchgear LLC
·
Keemya Oman
SAOG
·
Modern Poultry
Farms Company SAOG
·
National
Heaters Industries Co LLC
·
Oman
Agriculture Development Company SAOG
·
Oman Fiber
Optic Co SAOG
·
Oman Textile
Mills Co SAOG
·
Oman Water
Pumps Mfg Co SAOG
·
Oman Water
Treatment
·
Omani Marble
Company LLC
·
Protein
Products International LLC
·
Waleed Associates
LLC
·
Riyam
Investment & Trading Est LLC
·
Reem Batteries
& Power Appliances Co SAOC
·
The National
Detergent Company SAOG
·
Advertising
International Company SAOC
·
Al-Rimah
Medical Centre LLC
·
Circle Freight
International (Oman)
·
Gulf of Oman
Services
·
Gulf Seagull
Co
·
Impact Films
LLC
·
Maersk
Shipping Services & Co LLC
·
Mezoon Travel
LLC
·
Muscat
Contract Cleaning & Maintenance LLC
·
Riyam Computer
Services LLC
·
Waleed
Catering & Services Co LLC (WACASCO)
·
YBA Kanoo
(Oman)
·
Areej Business
Systems Co LLC
·
Bishara Establishment
LLC
·
General
Electronics & Trading Co
·
Medical &
Scientific Supplies LLC
·
Muscat Cold
Stores LLC
·
National
Oilfield Supply Co LLC
·
Office
Supplies Co LLC
·
Oman
Mechanical Services Co Ltd LLC (OMSC)
·
Oman Services
& Supply Organisation
·
Omzest Beijing
·
Omzest
Business Division
·
Reem
Scientific & Energy Technologies & Trade LLC
·
Riyam
Engineering & Services LLC
·
Riyam
Marketing & Services Co LLC
·
Waleed
Communications Co (WACOM) Ltd
·
Waleed
Pharmacy LLC
·
Waljat Modern
Technology
·
Zawawi
Business Machines LLC
·
Zawawi Trading
Company LLC
OPERATIONS
Activities: Engaged in the manufacture of paints and
adhesives, including decorative paints for interior
and exterior uses, furniture lacquers, wood protection coatings, industrial
coatings and a wide selection of adhesives.
Subject
has a licensing agreements with AKZO Nobel of Italy and Stoncor (Carboline) of
the USA.
The
company has ISO-9000 certification (for quality) and is also the first paint
company in the Middle East to get ISO-14000 certification.
Production
Capacity: 15 million litres per annum
Import
Countries: Italy, Denmark,
United Kingdom, Germany, Malaysia and the United States of America
International
Suppliers:
·
SCM Chemicals
Ltd United
Kingdom
·
Naintsch
Mineralwerke GmbH Austria
·
Pluss Stauffer
AG Switzerland
·
Revertex Sdn
Bhd Malaysia
·
Basf AG Germany
Brand Names: SADOLIN and FEVICOL
Operating Trend: Steady
Subject has a
workforce of approximately 120 employees.
FINANCIAL DATA
Financial highlights
provided by local sources are given below:
Currency: Riyal
Omani (RO)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales RO 5,650,000 RO 6,800,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Oman Arab Bank
Al Khuwair Branch
PO Box : 5010, Ruwi
Muscat
Tel: (968) 24603520
Fax: (968) 24602948
·
Oman
International Bank
Al Jaame Street
P.O.Box : 4216
Muscat
Tel: (968) 24703614 / 24707328
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction November
2006
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Established in
1977, Sadolin Paints (Oman) Ltd (Spol) is a leading
paint manufacturer in Oman enjoying a market share of around 40%. It belongs to 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 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 within subject’s
financial means.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.78 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.67.90 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)