MIRA
INFORM REPORT
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Report Date : |
27th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
R & N KHIMJI LLC |
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Registered Office : |
Al Saad Complex, Ground Floor, Hamriya 2453, Muscat 112, Sultanate of Oman |
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Country : |
Oman |
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Financials (as on) : |
31/12/2005 |
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Date of Incorporation : |
1982 |
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Com. Reg. No.: |
1/17005/8 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Distributors of building materials, tools
and hardware. |
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$ 200,000 |
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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 |
R & N KHIMJI 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 |
1982 |
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Commercial Registration Number |
1/17005/8 |
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Issued Capital |
RO 150,000 |
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Paid up Capital |
RO 150,000 |
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Total Workforce |
20 |
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Line of Business |
Distributors of building materials, tools and hardware. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
R & N KHIMJI LLC
ADDRESS
Registered & Physical Address
Location : Al Saad Complex, Ground Floor
Area : Hamriya
PO Box : 2453
Town : Muscat 112
Country : Sultanate of Oman
Telephone : (968-24) 834483
Facsimile : (968-24) 836190
Email : mklle@omantel.net.om
Premises
Subject operates from a small suite of offices that are rented and located in the Central Business Area of Muscat.
KEY PRINCIPALS
Ramesh J Khimji Managing Director
Ravi K Toprani General Manager
LEGAL FORM & OWNERS
Date of Establishment : 1982
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 1/17005/8
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of Shareholder (s)
Ramesh J Khimji
Local businessmen and private investors
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.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of building materials, tools and hardware.
Import Countries : Europe and the Far East.
Operating Trend : Steady
Subject has a workforce of 20 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 890,000 RO 1,075,000
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 (SAOG)
Muttrah Business District
PO Box : 751, Ruwi 112
Muscat
Tel : (968-24) 708894 708630 / 708684
Fax : (968-24) 707781 / 703972
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1982, subject is involved in the import and distribution of building materials, tools and hardware.
Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.
Maximum suggested credit figure: US$ 200,000
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 |