MIRA
INFORM REPORT
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Report Date : |
27.06.2007 |
IDENTIFICATION DETAILS
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Name : |
ASSARAIN
TELECOMMUNICATIONS LLC |
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Registered Office : |
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Country : |
Sultanate of |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
5th March 2002 |
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Com. Reg. No.: |
1683144 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject
offers networking solutions, supply and installation of SDH, DSL equipments
and digital microwave radios, fiber optic cables & accessories, copper
cables and accessories, Voice / Data / Structured / LAN cabling
installations, access control & security systems, key telephone systems
and various other telecom / datacom related products and services. |
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$ 250,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
ASSARAIN
TELECOMMUNICATIONS LLC
Country of Origin :
Sultanate of
Legal Form :
Limited Liability Company - LLC
Registration Date :
5th March 2002
Commercial Registration Number :
1683144
Trade Licence Number :
4160
Issued Capital :
RO 200,000
Paid up Capital :
RO 200,000
Total Workforce :
25
Line of Business :
Telecom and datacom
related products and services.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
ASSARAIN
TELECOMMUNICATIONS LLC
ADDRESS
Registered & Physical Address
Location :
PO Box : 1475
Town : Ruwi 112
Country : Sultanate of
Telephone : (968) 24789931
Facsimile : (968) 24789930
Email : astelcom@omantel.net.om
Premises
Subject operates from a medium sized suite of offices and a showroom
that are rented and located in the Central Business Area of Ruwi.
KEY PRINCIPALS
· Saeed
·
· Abdulaziz Saeed
· Ibrahim Saeed
· N C Shivaprakash General
Manager
LEGAL FORM &
OWNERS
Date of
Establishment : 5th
March 2002
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company – LLC)
Commercial Reg.
No. : 1683144
Membership No. : 4160
Issued Capital : RO 200,000
Paid up Capital : RO 200,000
Name of Shareholder
(s)
· Saeed
·
· Abdulaziz Saeed
· Ibrahim Saeed
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 Assarain Group that was
founded in 1976. The Group’s roots lie in the construction industry and its
earliest forays were into related areas such as architectural projects,
furnishing, property, concrete products and commercial services. Today, as a
multi-million dollar international group, its diverse interests span
construction, oil and gas, national infrastructure projects, consumer products,
food distribution, travel and insurance, and health care.
The Assarain Group of Companies consists of the
following concerns:
· Assarain Food
Products LLC
Assarain House
Madinat Al Qaboos,
Al Khuwair
PO Box: 1475
Ruwi 112
Tel: (968)
24698162 / 24603166 / 24565505
Fax: (968)
24607194 / 24564296
Email: aefoods@omantel.net.om
· Assarain
Enterprise LLC
Al Khuwair
PO Box: 1475
Ruwi 112
Tel: (968) 604811
Fax: (968) 604837
Email: assarain@assarain.com
· Assarain
Furnishing LLC
PO Box: 1475
Ruwi 112
Tel: (968) 592151
Fax: (968) 593124
· Wadi Adai Auto
Service Centre LLC
PO Box: 1475
Ruwi 112
Tel: (968) 563396
/ 561955
Fax: (968) 562671
· Blue Falcon
Travels
PO Box: 1414
Ruwi 112
Tel: (968) 604568
Fax: (968) 604586
· Assarain Concrete
Products LLC
PO Box: 971
Madinat Al Sultan
Qaboos 111
Tel: (968) 605986
Fax: (968) 695957
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PO Box: 4475
Tel: (968) 561132
· Drake & Scull
Assarain LLC
PO Box: 3146
Tel: (968) 602843
· Assarain Textiles
LLC
PO Box: 1475
Ruwi 112
Tel: (968) 700149
LINE OF BUSINESS
Operations : Subject offers networking solutions, supply and installation of
SDH, DSL equipments and digital microwave radios, fiber optic cables &
accessories, copper cables and accessories, Voice / Data / Structured / LAN cabling
installations, access control & security systems, key telephone systems and
various other telecom / datacom related products and services.
Import Countries :
International Suppliers :
· Krone GmbH
·
Corning GmbH
· Alcatel
· APW Electronics Ltd
· 3Com
·
Kantech Systems Inc
·
AKSH Optifiber Ltd
· Uniflex Cables Ltd
Operating Trend : Steady
Subject has a workforce of 25 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
1,100,000 RO
1,290,000
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
Ruwi Main Branch
PO Box:
6326
Tel:
(968) 24561399 / 24708543
Fax:
(968) 24561036
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Assarain
Telecommunications LLC was registered in 2002 and specialises in telecom and
datacom related products and services.
The company is run in a professional manner and is a member of the
Assarain Group that has interests in many diversified ventures throughout
During the course of this investigation nothing detrimental was
uncovered regarding subject’s operating history or the manner in which payments
are fulfilled. As such the company is considered to be a fair trade risk and
the above credit figure is admissible.
Maximum suggested credit figure: US$ 250,000
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%)