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Report Date : |
15.11.2013 |
IDENTIFICATION DETAILS
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Name : |
MUSCAT PHARMACY & STORES LLC |
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Registered Office : |
Muscat Pharmacy Building, Building No. 51 Al Bustan Road, Street No.
46 Al Wadi Al Kabir PO Box 438 Muscat 100 Sultanate of Oman |
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Country : |
Oman |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
06.07.1975 |
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Com. Reg. No.: |
1/01091/3 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Wholesale and retail of various drugs and pharmaceutical products,
baby milk powder and cosmetics, perfumes and toiletries, hospital and medical
supplies and equipment, as well as dental supplies and veterinary. |
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No. of Employees : |
1,000 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Oman |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
OMAN - ECONOMIC OVERVIEW
Oman is a middle-income economy that is heavily dependent on
dwindling oil resources. Because of declining reserves and a rapidly growing
labor force, Muscat has actively pursued a development plan that focuses on
diversification, industrialization, and privatization, with the objective of
reducing the oil sector's contribution to GDP to 9% by 2020 and creating more
jobs to employ the rising numbers of Omanis entering the workforce. Tourism and
gas-based industries are key components of the government's diversification
strategy. However, increases in social welfare benefits, particularly since the
Arab Spring, will challenge the government's ability to effectively balance its
budget if oil revenues decline. By using enhanced oil recovery techniques, Oman
succeeded in increasing oil production, giving the country more time to
diversify, and the increase in global oil prices through 2011 provided the
government greater financial resources to invest in non-oil sectors. In 2012,
continued surpluses resulting from sustained high oil prices and increased
enhanced oil recovery allowed the government to maintain growth in social
subsidies and public sector job creation. However, the Sultan made widely
reported statements indicating this would not be sustainable, and called for
expanded efforts to support SME development and entrepreneurship. Government
agencies and large oligarchic group companies heeded his call, announcing new
initiatives to spin off non-essential functions to entrepreneurs, incubate new
businesses, train and mentor up and coming business people, and provide
financing for start-ups. In response to fast growth in household indebtedness,
the Central Bank reduced the ceiling on personal interest loans from 8 to 7%,
lowered mortgage rates, capped the percentage of consumer loans at 50% of
borrower's salaries for personal loans and 60% for housing loans, and limited
maximum repayment terms to 10 and 25 years respectively. In 2012 the Central
Bank also issued final regulations governing Islamic banking and two
full-fledged Islamic banks held oversubscribed IPOs while four traditional
banks opened sharia-compliant Islamic windows
Source
: CIA
Company Name : MUSCAT PHARMACY & STORES LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Start Date : February 1968
Registration Date : 6th July 1975
Commercial Registration Number : 1/01091/3
Chamber Membership Number : 138
Issued Capital : RO 1,500,000
Paid up Capital : RO 1,500,000
Total Workforce : 1,000
Activities : Subject operates 50 pharmacies.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : C Balakrashran, Administration Manager
MUSCAT PHARMACY & STORES LLC
Building : Muscat
Pharmacy Building, Building No. 51
Street : Al Bustan
Road, Street No. 46
Area : Al Wadi Al
Kabir
PO Box : 438
Town : Muscat 100
Country : Sultanate of
Oman
Telephone : (968) 24814501
/ 24817698
Facsimile : (968) 24814502
Email : feedback@muscatpharmacy.net
/ mpmct@omantel.net.om
/ mphq@mpnct.com
Subject operates from a large suite of offices, a showroom and a
warehouse covering an area of 9,200 square metres that are owned and located in
the Central Business Area of Muscat.
Branch Office (s)
Location Description
· Gulf Hotel Rented
pharmacy
Muscat
· Medinat Qaboos Rented
pharmacy
Tel:
(968) 24602135
· Muscat Commercial
Area Rented
pharmacy
Tel:
(968) 24722297
· Sohar Rented
pharmacy
Tel:
(968) 26640211
· Muttrah Rented
pharmacy
Tel: (968)
24772782
· Al Nahda Street Rented
pharmacy
PO Box:
867
Salalah
211
Tel:
(968) 23291635 / 23292635
Fax:
(968) 23296635
· Qurum Rented
pharmacy
Tel:
(968) 24601942
· Nizwa Rented
pharmacy
Tel:
(968) 25410225
· Ruwi Rented
pharmacy
Tel:
(968) 24702542
· Musna Rented
pharmacy
Tel:
(968) 28638142
· Greater Muttrah Rented
pharmacy
Tel:
(968) 24703345
Name Position
· Abdulmoniem Qais Abdulmoniem Al Zawawi Managing
Director
· Azzan Qais Abdulmoniem
Al Zawawi Director
· Bushra Qais
Abdulmoniem Al Zawawi Director
· Dr Asim Bin Ali Al
Jamali Director
· Alawi Qais Abdulmoniem Al Zawawi Director
· Talal Qais Abdulmoniem Al Zawawi Director
· Siham Qais Abdulmoniem Al Zawawi Director
· Lubana Qais Abdulmoniem Al Zawawi Director
· Asma Qais Abdulmoniem Al Zawawi Director
· Bakul Shamal Daz
Mehta General
Manager
· Dilipp S Mehta Assistant
General Manager
· C Balakrashran Administration
Manager
Date of
Establishment : February 1968,
however it was registered on 6th July 1975
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/01091/3
Chamber Member No. : 138
Issued Capital : RO 1,500,000
Paid up Capital : RO 1,500,000
· Dr Asim Bin Ali Al
Jamali 50%
· Abdulmoniem Qais Abdulmoniem Al Zawawi ]
]
· Azzan Qais
Abdulmoniem Al Zawawi ] 50%
]
· Bushra Qais
Abdulmoniem Al Zawawi ]
· Ibn Sina Pharmacy
LLC
Amar
Centre
Nasir Bin
Murshid Street
PO Box:
169, Muttrah 114
Muscat
Tel:
(968) 24796367
Fax:
(968) 24703472
· General Food
Supplies LLC
· Muscat
Pharmaceuticals Trading LLC
· Healthy Living LLC
· Agrivet Trading
LLC
· Al Asriyah Pharmacy
LLC
· Al Afaq Medical
Diagnostic & Imaging Centre
· Pest Control Oman
LLC
· Al Khuwair
Development & Services Co SAOG
· Oman Catering Co
LLC
· Catering and
Supplies Co LLC
· Trading and
Catering Co LLC
· Sahara Hospitality
Co SAOG
· Marketing & Services
Co LLC
· Zahara Travel and
Service Bureau LLC
· Carillion Alawi
LLC
· Tarmac Zawawi LLC
· Oman Hardware Co
LLC
· Alawi Enterprises
LLC
· Zawawi Minerals
LLC
· Zawawi Trading
Company LLC
· Risk Management
Services LLC
· DHL Oman
· Calculus
Technologies LLC
Activities: Engaged in the wholesale and retail of various drugs and pharmaceutical
products, baby milk powder and cosmetics, perfumes and toiletries, hospital and
medical supplies and equipment, as well as dental supplies and veterinary.
Import Countries: United States of America, Saudi Arabia, United
Kingdom and Germany
International Suppliers:
· Beecham Group Ltd United
Kingdom
· Boots Company Ltd United
Kingdom
· Bayer AG Germany
· Siemens Germany
· Wellcome
Foundation Ltd United Kingdom
· Saudi
Pharmaceutical Industries & Medical Appliances Corp Saudi Arabia
Operating Trend: Steady
Subject has a workforce of approximately 1,000 employees.
Financial highlights provided by local sources are given below:
Currency: Riyal Omani (RO)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales RO
89,268,000 RO
91,432,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on
estimations by our local sources.
·
National Bank of Oman Limited (SAOG)
Muttrah Business District
PO Box: 751, Ruwi 112
Muscat
Tel: (968) 24708894 / 24708630 / 24708684
Fax: (968) 24707781 / 24703972
·
HSBC Middle East
Muttrah Business District
PO Box: 240, Ruwi 112
Muscat
Tel: (968) 24700810
Fax: (968) 24704241
·
Oman International Bank
Al Khuwair
PO Box: 1727, Seeb 111
Muscat
Tel: (968) 24682500
Fax: (968) 24682800
·
Bank Muscat International
Main Branch
PO Box: 134, Ruwi 112
Muscat
Tel: (968) 24707680
Fax: (968) 24789886
No complaints regarding subject’s payments have been reported.
Credit amount 180,000 150,000
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 Euros US
Dollars
This is a well established privately held company, in business for over
40 years, operating 50 pharmacies and chemists and also engaged in the
wholesale and retail of various drugs and pharmaceutical products, baby milk
powder and cosmetics, perfumes and toiletries, hospital and medical supplies
and equipment, as well as veterinary products.
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.63.06 |
|
|
1 |
Rs.101.15 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
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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 |
|
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 |
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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 |
-- |
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.