MIRA
INFORM REPORT
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Report Date : |
22.06.2007 |
IDENTIFICATION DETAILS
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Name : |
IDEAL
INTERNATIONAL CO LLC |
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Registered Office : |
Boshar Area, |
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Country : |
Sultanate of |
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Date of Incorporation : |
9th January 2007 |
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Com. Reg. No.: |
1/01092/2 |
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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. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 40,000 |
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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : IDEAL INTERNATIONAL CO LLC
Country of Origin :
Sultanate of
Legal Form : Limited Liability Company - LLC
Registration Date : 9th January 2007
Commercial Registration Number : 1/01092/2
Membership Number : 6557
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 7
Line of Business : Distributors of building materials.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
IDEAL INTERNATIONAL
CO LLC
ADDRESS
Registered & Physical Address
Location : Boshar Area
PO Box : 1890
Town : Azaiba 130
Country : Sultanate of
Telephone : (968-24) 492737 / 504747
Facsimile : (968-24) 492722 / 504774
Email : hirani@omantel.net.om
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Azaiba.
KEY PRINCIPALS
·
Manoj
Varsani
Indian Managing
Director
·
Nakeel
Varsani
Indian Director
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Haris
Hashal Al Moslahi
Omani Director
LEGAL FORM &
OWNERS
Date of Establishment : 9th
January 2007
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 1/01092/2
Membership
No. : 6557
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of Shareholder
(s)
·
Manoj
Varsani
·
Nakeel
Varsani
·
Haris Hashal Al Moslahi
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.
Import Countries :
Subject has a workforce
of 7 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
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State
Bank of
Ruwi Branch
Acc No. 00100285721001
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Investigations
undertaken in Azaiba did not reveal any sign of payment defaults or delays
during initial trading stages, and subject is believed to meet its payment obligations
in a timely manner, nevertheless, and in view of the company’s infancy and the
lack of a more consistent payment and financial record, a measure of caution is
advisable and a close monitoring of subject’s business development is
recommended.
Maximum suggested
credit figure: US$ 40,000
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%)