MIRA
INFORM REPORT
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Report Date : |
4th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
ZURAIQ
TRADING STORE |
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Registered Office : |
Building
No. 1011, Al Ghoubra Street, Way No. 801, PO Box : 318 & 69, Muscat,
Sultanate of Oman |
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Country : |
Sultanate
of Oman |
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Date of Incorporation : |
04.07.2000 |
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Legal Form : |
Sharikat
Thet Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Line of Business : |
Wholesalers and retailers of textiles and haberdashery products. |
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 |
ZURAIQ TRADING STORES 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 |
4th July 2000 |
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Commercial Registration Number |
1139347, Muscat |
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Membership Number |
4810 |
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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 |
Wholesalers and retailers of textiles and haberdashery products. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
ZURAIQ
TRADING STORES LLC
ADDRESS
Registered & Physical
Address
Building : Building No. 1011
Street : Al Ghoubra
Street
Area : Way No. 801
PO Box : 318 & 69
Town : Muscat
Country : Sultanate of
Oman
Telephone : (968-24) 713420
/ 495853 / 537498 / 876115
Facsimile : (968-24)
711950
Mobile : (968-99)
326911
Email : zeriq@omantel.net.om
Premises
Subject
operates from a small suite of offices and a showroom that are rented and
located in the Central Business Area of Muscat.
KEY PRINCIPALS
· Hani Mohamed Ali Al Raisi Omani Managing Director
· Abdeen Kaheem Eldine Indian Director
· Hussain Ahmed Indian Director
LEGAL FORM & OWNERS
Date of Establishment : 4th July 2000
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 1139347, Muscat
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of Shareholder (s)
Percentage
· Hani Mohamed Ali Al Raisi 51%
· Abdeen Kaheem Eldine 25%
· Hussain Ahmed 24%
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 theMinister 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 wholesale and
retail of textiles and haberdashery products.
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
1,050,000
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
The Commercial Bank of Oman SAOG
Muttrah Business District
PO Box : 1696, Ruwi 112
Muscat
Tel :
(968-24) 793225 / 793226 / 793228
Fax :
(968-24) 793229
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established
in 2000, subject is involved in the wholesale and retail of textiles and
haberdashery 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.
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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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