MIRA INFORM REPORT

 

 

Report Date :           

03.11.2011

 

IDENTIFICATION DETAILS

 

Name :

MUSCAT COLD STORES LLC

 

 

Registered Office :

Al Hamriyah Area, Ruwi 112, P O Box 2365, Muscat

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

20.03.1988

 

 

Com. Reg. No.:

1/24569/4

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Import and distribution of frozen foodstuff, frozen poultry and meat

 

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$ 1,700,000

Status :

Good

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Oman

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : MUSCAT COLD STORES LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 20th March 1988

Commercial Registration Number            : 1/24569/4

Chamber Membership Number                : 681

Issued Capital                                        : RO 800,000

Paid up Capital                                      : RO 800,000

Total Workforce                                     : 135

Activities                                               : Import and distribution of frozen foodstuff, frozen poultry and meat

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 1,700,000

Person Interviewed                                 : Ahmed Khalfan, Administration Manager

 

COMPANY NAME

 

MUSCAT COLD STORES LLC

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Al Hamriyah Area, Ruwi 112

PO Box            : 2365

Town                : Muscat

Country             : Sultanate of Oman

Telephone         : (968) 24704297 / 24793171 / 24793172

Facsimile          : (968) 24793305 / 24814833

Mobile                           : (968) 99324381

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

 

     Name                                                                                              Position

 

·       Dr Omar Abdulmoniem Al Zawawi                                                       Managing Director

 

·       Walid Omar Abdulmoniem Al Zawawi                                                  Director

 

·       Hanan Michael Abdulaziz                                                                   Financial Manager

 

·       Ahmed Khalfan                                                                                 Administration Manager

 

·       Sultan Al Mahrooqi                                                                            Legal Adviser

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 20th March 1988

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/24569/4

 

Chamber Member No. : 681

 

Issued Capital              : RO 800,000

 

Paid up Capital            : RO 800,000

 

Name of Shareholder (s)

 

·       Dr Omar Abdulmoniem Al Zawawi

 

·       Walid Omar Abdulmoniem Al Zawawi

 

 

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

·         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

·         Sadolin Paints (Oman) Ltd (SPOL)

·         Waleed Communication Co Ltd LLC (Wacom)

·         Waljat Modern Technology

·         Zawawi Business Machines LLC

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of frozen foodstuff, frozen poultry and meat, eggs, butter,

     margarine, frozen vegetables & green peas, ready to eat frozen items and dry foodstuff items.

 

Import Countries: Denmark, France, Germany, India, Brazil, New Zealand, and Australia

 

International Suppliers:

 

·       Danpo A/S                                                    Denmark

·       Allanasons Ltd                                              India

·       Gee Square Exports                                      India

·       Companhia Minuano De Alimentos                 Brazil

·       Allegro Pty. Ltd                                             Australia

·       Abdullah Y. Nazzal                                        Germany

·       Tilly-Sabco S.A                                             France

·       Seara International Ltd                                   Brazil

·       Avipal S/A - Avicultra E. Agropecuaria Brazil

·       Primary Producers Co-op Soc. Ltd                  New Zealand

·       Fletcher International Exports             Australia

 

Brand Names: AL SAFA, AL KABIR, ALANA, LANGUIRU, SEARA & TILLY

 

Operating Trend: Steady

 

Subject has a workforce of 135 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Riyal Omani (RO)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                RO 17,830,000                          RO 18,250,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Ahmed Khalfan, Administration Manager

 

 

BANKERS

 

·       Oman International Bank SAOG

     Al Khuwair

     PO Box: 1727, Seeb 111

     Muscat

     Tel: (968) 24682500

     Fax: (968) 24682800

 

·       Bank of Muscat

     Al Burj Street

     Greater Muttrah

     PO Box: 6326

     Muscat

     Tel: (968) 24701769

     Fax: (968) 24796488

 

 

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.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.25

UK Pound

1

Rs.78.73

Euro

1

Rs.67.64

 

 

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

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

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.