MIRA
INFORM REPORT
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Report Date : |
20.06.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Wadi Adai Area, |
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Country : |
Sultanate of |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
29th November 2005 |
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Com. Reg. No.: |
1/79298/9 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the import
and distribution of marble, granite, tiles and ceramics. |
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$ 85,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
Country of Origin : Sultanate of
Legal Form : Limited Liability Company - LLC
Registration Date : 29th November 2005
Commercial Registration Number : 1/79298/9
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 10
Line of Business : Distributors of marble, granite, tiles and ceramics.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
ADDRESS
Registered & Physical Address
Location : Wadi Adai
Area
PO Box : 2431
Town : Ruwi 112
Country : Sultanate of
Telephone : (968) 24567095
/ 24567094
Facsimile : (968) 24567095
Email : sales@al-teel.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Salalah.
KEY PRINCIPALS
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Mostafa
Ali Mohamed Managing
Director
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Mohamed
Salem Al Hadi Director
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Sanjay
Nakra Commercial
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 29th
November 2005
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 1/79298/9
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of Shareholder
(s)
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Mostafa
Ali Mohamed
·
Mohamed
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.
AFFILIATED COMPANIES
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Al
Qandeel Trading
PO Box : 2431
Ruwi 112
Tel : (968-24) 706688
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Al Qandeel
Real & Services
PO Box : 2431
Ruwi 112
Tel : (968-24) 603575
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
marble, granite, tiles and ceramics.
Import Countries :
Subject has a
workforce of 10 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Riyal
Omani (RO)
Year
Ending 31/12/06:
Total Revenue RO
425,000
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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Bank of
PO Box : 109
Tel : (968-24) 736565
Fax : (968-24) 736187
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Al Teel Al
Wataniyah LLC is a relatively new business with operations commencing in
November 2005. It is engaged in the import and distribution of marble, granite,
tiles and ceramics.
According to local sources subject is making steady
progress in the local business market and nothing detrimental has been reported
regarding the manner in which payments are fulfilled. As such the business is
considered to be a fair trade risk.
Maximum suggested
credit figure: US$ 85,000
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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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%)