MIRA
INFORM REPORT
|
Report Date : |
19.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL
AUTOMOBILES & PARTS CO LLC |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
Sultanate of |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
1st April 1984 |
|
|
|
|
Com. Reg. No.: |
1213288, Seeb |
|
|
|
|
Legal Form : |
Limited Liability Company – LLC |
|
|
|
|
Line of Business : |
Engaged in the
import and distribution of automotive spare parts. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 250,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : INTERNATIONAL AUTOMOBILES & PARTS CO LLC
Country of Origin :
Sultanate of
Legal Form : Limited Liability Company - LLC
Registration Date : 1st April 1984
Commercial Registration Number : 1213288, Seeb
Membership Number : 575
Issued Capital : RO 350,000
Paid up Capital : RO 350,000
Total Workforce : 60
Line of Business : Distributors of automotive spare parts.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
INTERNATIONAL
AUTOMOBILES & PARTS CO LLC
ADDRESS
Registered & Physical Address
Street :
Area : Wattayah
PO Box : 1258
Town : Seeb 111
Country : Sultanate of
Telephone : (968-24) 562752 / 597168 / 562772 / 504106
Facsimile : (968-24) 562089
Email : autonet@omantel.net.om
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Central Business Area of Seeb.
KEY PRINCIPALS
·
Sheikh
Saud Bahwan Chairman
·
Mohamed
Saud Bahwan Managing
Director
·
U
LEGAL FORM &
OWNERS
Date of Establishment : 1st
April 1984
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 1213288, Seeb
Membership
No. : 575
Issued Capital : RO 350,000
Paid up Capital : RO 350,000
Name of Shareholder
(s)
·
Sheikh Saud Bahwan
·
Mohamed Saud Bahwan
·
Saud
Bahwan Holding Group
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
automotive spare parts.
Import Countries :
Europe and the
Operating Trend
: Steady
Subject has a
workforce of 60 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Riyal
Omani (RO)
Year
Ending 31/12/05 : Year
Ending 31/12/06 :
Total Revenue RO
3,275,000 RO
3,500,000
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
·
Oman
Arab Bank
Al Khuwair Branch
PO Box : 5010, Ruwi
Tel : (968-24) 603520
Fax : (968-24) 602948
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit
figure of US$ 150,000:
Established in
1984, subject is involved in the import and distribution of automotive spare
parts.
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$ 250,000
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)