MIRA
INFORM REPORT
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Report Date : |
27th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
FALCON TRADING LLC |
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Registered Office : |
Wadi Kabir, PO Box: 2872, Ruwi 112,
Muscat, Sultanate of Oman |
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Country : |
Sultanate
of Oman |
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Date of Incorporation : |
1989 |
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Com. Reg. No.: |
1/24812/0 |
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Legal Form : |
Sharikat
Thet Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Line of Business : |
Engaged
in the wholesale and retail of fruit and vegetables. |
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 |
FALCON TRADING 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 |
1989 |
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Commercial
Registration Number |
1/24812/0 |
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Issued
Capital |
RO 160,000 |
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Paid
up Capital |
RO 160,000 |
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Total
Workforce |
12 |
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Line
of Business |
Wholesalers and retailers of fruit and vegetables. |
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Financial
Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating
Trend |
Steady |
COMPANY NAME
FALCON
TRADING LLC
ADDRESS
Registered & Physical Address
Location : Wadi Kabir
PO Box : 2872, Ruwi 112
Town : Muscat
Country : Sultanate of
Oman
Telephone : (968-24) 811002
/ 812002
Facsimile : (968-24)
811772
Email : nsalimkutty@hotmail.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
· Salim Kutty Indian Managing Director
· Nagim Salim Kutty Indian Director
· Ibrahim Khamis Omani Director
LEGAL FORM & OWNERS
Date of Establishment : 1989
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 1/24812/0
Issued Capital : RO 160,000
Paid up Capital : RO 160,000
Name of Shareholder (s)
· Salim Kutty
· Nagim Salim Kutty
· Ibrahim Khamis
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 wholesale and
retail of fruit and vegetables.
Import Countries : Europe
and GCC countries.
Operating
Trend : Steady
Subject
has a workforce of 12 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 1,100,000 RO 1,250,000
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
Al Burj Street
Greater Muttrah
PO Box : 6326, Ruwi
Muscat
Tel : (968-24) 701769
Fax : (968-24) 796488
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000:
Established
in 1989, subject is involved in the wholesale and retail of fruit and
vegetables.
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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