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MIRA INFORM REPORT
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Report Date : |
20.09.2011 |
IDENTIFICATION DETAILS
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Name : |
SADOLIN PAINTS (OMAN) LTD (SPOL) |
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Registered Office : |
Sadolin Factory Building, Road No. 18, Way 2316, Madinat Al Sultan Qaboos Industrial Area, P O Box
531, Ruwi 112, Muscat |
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Country : |
Oman |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
23.06.1977 |
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Com. Reg. No.: |
1/05329/9, Muscat |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture of paints and adhesives |
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$ 1,300,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Oman |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 : 1/05329/9, Muscat
Chamber Membership Number : 339
Issued Capital : RO 750,000
Paid up Capital : RO 750,000
Total Workforce : 130
Activities : Manufacture of paints and adhesives
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 1,300,000
Person Interviewed : Mohamed Amanullah, Accountant
COMPANY NAME
SADOLIN
PAINTS (OMAN) LTD (SPOL)
company ADDRESS
Registered & Physical
Address
Building : Sadolin Factory Building
Street : Road No. 18, Way 2316
Area : Madinat
Al Sultan Qaboos Industrial Area
PO Box : 531, Ruwi 112
Town : Muscat
Country : Sultanate of Oman
Telephone : (968) 24602780 / 24604907
/ 24597599 / 24446218
Facsimile : (968) 24696186 / 24501789 / 24446962
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 Assistant
General Manager
·
Ranji Thomas Commercial
Manager
·
Murlli Dharn Finance
Manager
·
Utbal Basu Production
Manager
·
Mohamed Amanullah Accountant
LEGAL FORM & OWNERS
Date of Establishment : 23rd
June 1977
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/05329/9, Muscat
Chamber Member No. : 339
Issued Capital : RO 750,000
Paid up Capital : RO 750,000
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
·
Maqbool Humaid Mohamed Al Saleh
·
Maimona Abdullah Saloom Al Rashida
·
Ali Mansour Ali Mansour
·
Issa Mansour Ali Mansour
·
Halima Mansour Ali Mansour
·
Mahfouza Mansour Ali Mansour
·
Mohamed Mansour Ali Mansour
·
Khadija Mansour Ali Mansour
·
Fatima Mansour Ali Mansour
·
Al Waleed Est
·
Bushra Est
·
Muscat For Cleaning & Contracting Co
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Reyam Marketing Services
·
National Heating Industries
AFFILIATED COMPANIES
Subject belongs to the Omzest Group of Companies, which contains the
following concerns:
·
Al
Khuwair Development & Services Co SAOG
·
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
·
Muscat
National Holding Company SAOG
·
Oman
International Bank SAOG
·
Oman
Securities' Portfolio Co SAOG
·
Omzest
Investment Division
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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
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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
·
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
·
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
·
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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Muscat
Cold Stores 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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Waleed
Communications Co (WACOM) Ltd
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Waleed
Pharmacy LLC
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Waljat
Modern Technology
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Zawawi
Business Machines LLC
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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
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Revertex
Sdn Bhd Malaysia
·
Basf AG Germany
Brand Names: SADOLIN and FEVICOL
Operating Trend: Steady
Subject has a
workforce of approximately 130 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
10,320,000 RO
11,144,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Mohamed Amanullah, Accountant
BANKERS
·
Oman
Arab Bank
Al Khuwair Branch
PO Box: 5010, Ruwi
Muscat
Tel: (968) 24603520
Fax: (968) 24602948
·
Oman
International Bank
Al Jaame Street
PO Box: 4216
Muscat
Tel: (968) 24703614 / 24707328
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction November
2006 July 2008
Credit amount 150,000 150,000
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency US
Dollars 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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.47.79 |
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UK Pound |
1 |
Rs.75.06 |
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Euro |
1 |
Rs.65.35 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.