MIRA INFORM REPORT
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Report Date : |
12th May 2006 |
IDENTIFICATION DETAILS
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Name : |
GULF
STAR LLC |
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Registered Office : |
Muttrah District 1828, Jibroo 114 Sultanate
of Oman |
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Date of Incorporation : |
1st
April 1993 |
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Com. Reg. No.: |
1/38937/9 |
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Legal Form : |
Limited Liability Company -
LLC |
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Line of Business : |
Distributors of
communication, computer and electrical equipment. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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$ 100,000 |
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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 |
GULF STAR 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 |
1st April 1993 |
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Commercial Registration Number |
1/38937/9 |
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Membership Number |
3215 |
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Issued Capital |
RO 100,000 |
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Paid up Capital |
RO 100,000 |
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Total Workforce |
15 |
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Line of Business |
Distributors of communication, computer and electrical equipment. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
GULF STAR LLC
ADDRESS
Registered & Physical Address
Location : Muttrah District
PO Box : 1828
Town : Jibroo 114
Country : Sultanate of Oman
Telephone : (968) 24501812 / 24593249
Facsimile : (968) 24593249
Mobile : (968) 99332274
Premises
Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Jibroo.
KEY PRINCIPALS
Mostjab Ahmed Sayed Mohamed Ahmed Managing Director
Hassan Mress Sulaiman Darwish Director
Bonim Bint Jihan Bin Ahmed Director
LEGAL FORM & OWNERS
Date of Establishment : 1st April 1993
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited
Liability Company - LLC)
Commercial Reg. No. : 1/38937/9
Membership No. : 3215
Issued Capital : RO 100,000
Paid up Capital : RO 100,000
Name of Shareholder (s)
Mostjab Ahmed Sayed Mohamed Ahmed
Hassan Mress Sulaiman Darwish
Bonim Bint Jihan Bin Ahmed
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 communication, computer and electrical equipment.
Import Countries : Europe and GCC countries.
Operating Trend : Steady
Subject has a workforce of 15 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 690,000 RO 775,000
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
Bank of Muscat
PO Box : 8881
Jibroo
Tel : (968-24) 711353
Fax : (968-24) 713239
Acc No. 39-440060081011
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1993, subject is involved in the import and distribution of communication, computer and electrical equipment.
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$ 100,000
RATING EXPLANATIONS
RATING
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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 |