MIRA
INFORM REPORT
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Report Date : |
13.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
NIZWA
SILVER TRADING & CONTRACTING CO |
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Registered Office : |
Main
Street, P O Box 814, Nizwa 611 |
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Country : |
Sultanate
of Oman |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1999 |
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Com. Reg. No.: |
5/10716/4 |
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Legal Form : |
General Partnership |
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Line of Business : |
Engaged
in the import and distribution of marble 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
Company Name : NIZWA SILVER TRADING & CONTRACTING CO
Country of Origin : Sultanate of Oman
Legal Form : General Partnership
Registration Date : 1999
Commercial Registration Number : 5/10716/4
Partners Capital : RO 50,000
Total Workforce : 8
Line of Business : Distributors of marble products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
NIZWA
SILVER TRADING & CONTRACTING CO
ADDRESS
Registered & Physical Address
Location : Main Street
PO Box : 814
Town : Nizwa 611
Country : Sultanate of Oman
Telephone : (968-25) 411464
Facsimile : (968-25) 414463
Premises
Subject
operates from a small suite of offices and a warehouse that are rented and
located in the Central Business Area of Nizwa.
KEY PRINCIPALS
· Sulaiman Al Sobhi Managing
Partner
LEGAL FORM &
OWNERS
Date of Establishment : 1999
Legal Form : Sharikat Tadhamun (General Partnership)
Commercial Reg. No. : 5/10716/4
Partners
Capital : RO 50,000
Name of Partner (s)
· Sulaiman Al Sobhi
· Members of Mr Al Sobhi’s family
Note to the Legal Form
The Company Law defines “Sharikat Tadhamun” as a company established between two or more general partners who will jointly and unlimitedly, to the extent of their personal assets, be responsible for the liabilities of the company. Creditors may claim the debts from either the company as a separate legal entity or from the general partners. The incorporation of the type of company is now restricted to Omani Nationals.
Notwithstanding
the English translation of its name, this type of company should not be
compared to the partnership concept under English Law. A Sharikat Tadhamun is
considered a company and has the attributes of a corporation similar to that of
a partnership under Scottish Law or to the “Societe en Nom Collectif” under
French Law.
There are no
legal requirements concerning the amount of capital of a general partnership.
The shares of each partner, presented in cash, kind or rights, must not be
issued in the form of negotiable instruments, nor can they be transferred or
assigned without the unanimous approval of the partners unless the memorandum
specifically provides otherwise.
LINE OF BUSINESS
Operations
: Engaged in the
import and distribution of marble products.
Import
Countries :
Europe and GCC countries.
Operating
Trend : Steady
Subject
has a workforce of 8 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
875,000 RO
1,020,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Oman
Arab Bank
PO Box : 950
Nizwa 611
Tel : (968-25) 411130
Fax : (968-25) 411344
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000:
Established
in 1999, subject is owned and managed by Mr Sulaiman Al Sobhi and his family
and is involved in the import and distribution of marble products.
Local
sources report that payment obligations are met in a generally timely manner
and the operating history is clear. As such the company is deemed a fair trade
risk and the above credit figure is considered 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 |
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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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