MIRA
INFORM REPORT
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Report Date : |
24.01.2007 |
IDENTIFICATION DETAILS
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Name : |
THE
GOLDEN CROWN LLC |
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Registered Office : |
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Country : |
Sultanate of |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1996 |
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Com. Reg. No.: |
1/77754/8 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged
in the import and distribution of building materials, marble and granite. |
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 : THE GOLDEN CROWN LLC
Country of Origin : Sultanate of
Legal Form : Limited Liability Company - LLC
Registration Date : 1996
Commercial Registration Number : 1/77754/8
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 10
Line of Business : Distributors of building materials, marble and granite.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
THE
GOLDEN CROWN LLC
ADDRESS
Registered & Physical Address
Building :
Street :
PO Box : 150
Town :
Country : Sultanate of
Telephone : (968-24) 833287
Facsimile : (968-24)
832290 / 451698
Email : nascomarble@yahoo.com
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
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Abdullah Hamoud Ali Al Mandari Managing
Director
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Saif Hamoud Ali Al Mandari Director
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K P Bijumon General
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1996
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 1/77754/8
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of Shareholder
(s)
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Abdullah Hamoud Ali Al Mandari
·
Saif Hamoud Ali Al Mandari
Non Omani Participation
The participation of non-Omani nationals in a
trade or business in
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, marble and granite.
Import Countries :
Operating
Trend : Steady
Subject
has a workforce of 10 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 615,000 RO
680,000
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
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Oman International Bank
PO Box : 4216, Ruwi
Tel : (968-24) 703614 / 707328
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Maximum
suggested credit figure US$ 150,000:
Established
in 1996, subject is involved in the import and distribution of building
materials, marble and granite.
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 business 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 |
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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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