MIRA
INFORM REPORT
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Report Date : |
14th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
KAZEROONI & PARTNERS LLC |
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Registered Office : |
Al
Araimi Complex, 1st Floor, Qurum Commercial Area 411,
Al Khuwair 133, Sultanate of Oman |
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Country : |
Oman |
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Financials (as on) : |
31/12/05 |
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Date of Incorporation : |
5th June 1996 |
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Com. Reg. No.: |
1/524852, Muscat |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesalers and retailers of carpets,
rugs, mats, horse blankets and doorway hangings. |
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$
150,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
KAZEROONI & PARTNERS LLC |
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Country of Origin |
Sultanate of Oman |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
5th June 1996 |
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Commercial Registration Number |
1/524852, Muscat |
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Membership Number |
4014 |
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Issued Capital |
RO 40,000 |
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Paid up Capital |
RO 40,000 |
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Total Workforce |
6 |
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Line of Business |
Wholesalers and retailers of carpets, rugs, mats, horse blankets and doorway hangings. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
KAZEROONI
& PARTNERS LLC
ADDRESS
Registered
& Physical Address
Location : Al Araimi Complex, 1st
Floor, Qurum Commercial Area
PO Box : 411
Town : Al Khuwair 133
Country : Sultanate of Oman
Telephone : (968-24) 563779
Facsimile : (968-24) 563867
Mobile : (968-99) 448411 / 673025
Email : bradran@omantel.net.om
Premises
Subject
operates from a small suite of offices that are rented and located in the
Central Business Area of Al Khuwair.
KEY PRINCIPALS
Name Nationality Position
Farmar
Ali Akbar Abbass
Bahraini Managing
Director
Farzam
Ali Akbar Abbass
Bahraini Director
Gaith
Abdullah Bin Hamza Al Asfour
Omani Director
Ahmed
Khalil - Sales
Manager
LEGAL FORM & OWNERS
Date
of Establishment : 5th June 1996
Legal
Form : Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial
Reg. No. : 1/524852, Muscat
Membership No. : 4014
Issued
Capital : RO 40,000
Paid
up Capital : RO 40,000
Name of
Shareholder (s)
Farmar
Ali Akbar Abbass
Farzam
Ali Akbar Abbass
Gaith
Abdullah Bin Hamza Al Asfour
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 % Omani participation 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
Bradran
Trading House
PO Box :
5634
Manama
Bahrain
Tel :
(973-17) 228655
Fax :
(973-17) 221940
Bradran
Persian Carpet
Old
Airport Road
PO Box :
14956
Doha
Qatar
Tel :
(974) 4835382 / 4678886
Fax :
(974) 4678887
LINE OF BUSINESS
Operations
: Engaged in
the wholesale and retail of carpets, rugs, mats, horse blankets and doorway
hangings.
Import
Countries : Iran
Operating
Trend : Steady
Subject
has a workforce of 6 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: Riyal Omani (RO)
Year Ending 31/12/04 : Year Ending 31/12/05 :
Total
Revenue RO 480,000 RO 525,000
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
National
Bank of Oman Limited
Ruwi
Branch
PO Box :
3752
Muscat
Tel :
(968-24) 708898
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000:
Established
in 1996, subject is involved in the wholesale and retail of carpets, rugs,
mats, horse blankets
and
doorway hangings.
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 and the above credit
figure is deemed to be within subject’s financial means.
Maximum
suggested credit figure: US$ 150,000
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/normal. |
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 |