MIRA
INFORM REPORT
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Report Date : |
27.06.2007 |
IDENTIFICATION DETAILS
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Name : |
AL ANSARI TRADING
ENTERPRISES LLC |
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Registered Office : |
Al Kutheiry
Building, 1st Floor, Bait Al Falaj Street, Muttrah Al Kubra, P O
Box 1832, Ruwi 112 |
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Country : |
Sultanate of |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
20th May 1975 |
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Com. Reg. No.: |
1007840, Ruwi |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Wholesalers and
retailers of building materials and construction equipment, flooring
materials, insulation products, hardware, and sanitary-ware. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 800,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : AL ANSARI TRADING ENTERPRISES LLC
Country of Origin :
Sultanate of
Legal Form : Limited Liability Company - LLC
Registration Date : 20th May 1975
Commercial Registration Number : 1007840, Ruwi
Issued Capital : RO 625,000
Paid up Capital : RO 625,000
Total Workforce : 200
Line of Business : Building supplies & contracting services.
Financial Condition : Good
Payments : Prompt
Operating Trend : Steady
COMPANY NAME
AL ANSARI TRADING
ENTERPRISES LLC
ADDRESS
Registered & Physical Address
Building : Al
Street :
Area : Muttrah Al Kubra
PO Box : 1832
Town : Ruwi 112
Country : Sultanate of
Telephone : (968) 24810033 / 24590100
Facsimile : (968) 24812522 / 24590113
Email : contactus@alansaricd.com
Premises
Subject operates
from a leased suite of offices and a showroom covering an area of 8,400 square
metres that are located in the Central Business Area of Ruwi.
Branch Office (s)
Location Description
·
Ghala Rented
office & warehouse
Wadi Kabir
Ruwi
Tel: (968) 24592230
Fax: (968) 24592477
·
Al
Ansari Complex Owned
warehouse
Ghala
PO Box : 788
Tel : (968) 590100
KEY PRINCIPALS
·
Mohamed
Bin Ali Bin Juma Chairman
·
Kiran
Asher Managing
Director
·
Yusuf
Nalwalla Deputy
Managing Director
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R. O.
Pinto General
Manager
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George
J. Cherian Finance
Manager
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Ashraf
Siddique Personnel
Manager
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V.
Sajeevan Marketing
Manager
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Mohamed
Rupawala Technical
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 20th
May 1975
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 1007840, Ruwi
Membership No. : 366
Issued Capital : RO 625,000
Paid up Capital : RO 625,000
Name
of Shareholder (s) Share
Value Percentage
·
Mohamed
Bin Ali Bin Juma RO
156,250 25 %
·
Mrs
Khadikha Bint Mohamed Bin Ali Ansari RO
156,250 25 %
·
Mrs
Hiba Bint Mohamed Bin Ali Juma RO
156,250 25 %
·
Mrs
Maei Bint Mohamed Bin Ali Juma RO
156,250 25 %
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
Subject is a member of the Al Ansari Group of Companies, which has a combined group turnover of about US$ 40 million and human
resource strength of more than 1200 people.
The Al
Ansari Group of Companies comprises the following concerns:
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Al
Ansari Contractors LLC
Tel: (968) 24590100 / 24593765 /
24593748
Fax: (968) 24590113
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Al
Manahal Agriculture Technology
Tel: (968) 24590100
Fax: (968) 24590133
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Al
Ansari Steel Works
Tel: (968) 24590100
Fax: (968) 24590113
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Akar
Technical Services Co LLC
Tel: (971-4) 3479889
Fax: (971-4) 3479886
Email: akarllc@emirates.net.ae
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Al
Inshirah Trading Establishment
Tel: (971-4) 359784
Fax: (971-4) 348597
Email: inshirah@emirates.net.ae
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Kimoha
Entrepreneurs Ltd
Jebel Ali Free Zone
Tel: (971-4) 8816927
Fax: (971-4) 8815075
Email: kel@emirates.net.ae
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Al
Saadah Clinic
Ruwi
Tel: (968) 24795101
Fax: (968) 24706829
LINE OF BUSINESS
Operations : Wholesalers and retailers of building materials
and construction equipment, flooring materials, insulation products, hardware,
and sanitary-ware.
Subject also offers contracting services specialising in
Building Construction, Electro-Mechanical, Pipeline Projects, Irrigation &
Landscaping, STP projects, Electro plating, Instrument Calibration &
repairs, Rebar cutting & bending.
Import Countries
: The
Operating Trend
: Steady
Subject has a
workforce of approximately 200 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 6,800,000 RO
7,105,000
Local sources
consider subject’s financial condition to be Good.
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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HSBC
Main Branch
PO Box : 240
Tel : (968) 799920 / 799927
Fax : (968) 704241
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ANZ
Grindlays Bank
Main Branch
PO Box : 550
Tel : (968) 703013 / 704035
Fax : (968) 706911
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Commercial
Bank of
Muttrah Business District
PO Box : 1696
Ruwi 112
Tel : (968) 793225
PAYMENT HISTORY
Subject’s payment
record is reported to be met in a generally prompt manner.
Date of transaction April 1998 July 1999
Credit amount 20,000 25,000
Amount overdue 0 0
Payment terms 30
days 30
days
Payment Method Letters
of Credit Letters
of Credit
Paying record Prompt Prompt
Currency Pounds
Sterling
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Al Ansari Trading
Enterprises LLC has been in business for over 30 years and is well established
in the local business community and enjoys a good reputation for the quality of
its products.
Local sources state
that the company’s operating history is clear and payment obligations are met
in a prompt and timely manner. As such the above credit figure is considered to
be within subject’s financial means.
Maximum suggested
credit figure: US$ 800,000
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%)