MIRA
INFORM REPORT
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Report Date : |
30.10.2007 |
IDENTIFICATION
DETAILS
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Name : |
ALI AL SIYABI
TRADING & CONTRACTING CO LLC |
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Registered Office : |
Seeb Street, P O Box 45, Al Musanah 312 |
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Country : |
Sultanate of Oman |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
20th January 2001 |
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Com. Reg. No.: |
1663232 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged as general
construction contractors. |
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 : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : ALI AL SIYABI TRADING & CONTRACTING CO LLC
Country of Origin : Sultanate of Oman
Legal Form : Limited Liability Company - LLC
Registration Date : 20th January 2001
Commercial Registration Number : 1663232
Membership Number : 4941
Issued Capital : RO 25,000
Paid up Capital : RO 25,000
Total Workforce : 30
Line of Business : General construction contractors.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ALI AL SIYABI
TRADING & CONTRACTING CO LLC
ADDRESS
Registered & Physical Address
Location : Seeb Street
PO Box : 45
Town : Al Musanah
312
Country : Sultanate of
Oman
Telephone : (968-24) 551157
Facsimile : (968-24)
551157
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Al Musanah.
KEY PRINCIPALS
·
Ibrahim Ali
Mohamed Al Siyabi Managing
Director
·
Ali Mohamed Al
Siyabi Director
LEGAL FORM & OWNERS
Date of Establishment : 20th
January 2001
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 1663232
Membership
No. : 4941
Issued Capital : RO 25,000
Paid up Capital : RO 25,000
Name of Shareholder (s)
·
Ibrahim Ali
Mohamed Al Siyabi
·
Ali Mohamed Al
Siyabi
Non Omani Participation
The participation of non-Omani nationals in a trade or business in Oman is governed by the Foreign Business Investment Law, which sets capital requirements and requires 35 % Omani participation in capital and profits.
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 as general construction contractors.
Operating Trend
: Steady
Subject has a
workforce of 30 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
1,800,000 RO
2,050,000
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 Muscat
Al Burj Street
Greater Muttrah
PO Box : 6326, Ruwi
Muscat
Tel : (968-24) 701769
Fax : (968-24) 796488
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
2001, subject is owned and managed by members of the Al Siyabi who are well
respected in the local business community.
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.
Please note that
the local Omani Chamber of Commerce had no listing of a user for the commercial
registration number 2087.
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. |
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%)