MIRA
INFORM REPORT
|
Report Date : |
27.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MUSCAT SHOES LLC |
|
|
|
|
Registered Office : |
Ruwi High Street, Al Hamriyah
District, PO Box 798, Ruwi 131, Muscat |
|
|
|
|
Country : |
Sultanate of Oman |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
13.03.2004 |
|
|
|
|
Com. Reg. No.: |
1749528, Muscat |
|
|
|
|
Legal Form : |
Limited Liability Company - LLC |
|
|
|
|
Line of Business : |
Wholesale and Retail of Ladies
and Gents Shoes |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 150,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : MUSCAT SHOES LLC
Country of Origin : Sultanate of Oman
Legal Form : Limited Liability Company - LLC
Registration Date : 13th March 2004
Commercial Registration Number : 1749528, Muscat
Membership Number : 4826
Issued Capital : RO 100,000
Paid up Capital : RO 100,000
Total Workforce : 15
Line of Business : Wholesale and retail of ladies and gents shoes.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
MUSCAT SHOES LLC
ADDRESS
Registered & Physical Address
Street : Ruwi High Street
Area : Al Hamriyah District
PO Box : 798, Ruwi 131
Town : Muscat
Country : Sultanate of
Oman
Telephone : (968) 24785222 / 24833117
Facsimile : (968) 24833117 / 24833990
Mobile :
(968) 99322632
Email : muscatshoes@yahoo.com
Premises
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Muscat.
KEY PRINCIPALS
· Khalid
Fallah Sulaiman Al Dagaishi Managing
Director
· Tahara
Ali Osman Al Raisi Director
· Abdul
Majid Ammu General
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 13th
March 2004
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company –
LLC)
Commercial Reg.
No. : 1749528, Muscat
Membership No. : 4826
Issued Capital : RO 100,000
Paid up Capital : RO 100,000
Name of Shareholder (s)
· Khalid
Fallah Sulaiman Al Dagaishi
· Tahara
Ali Osman Al Raisi
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 in the wholesale and
retail of ladies and gents shoes.
Import Countries : India
Brand Names : GAZIPO, ALMAHA, &
SPEED
Operating Trend : Steady
Subject has a workforce of 15 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : Riyal Omani (RO)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Revenue RO
1,080,000 RO
1,250,000
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 Muscat SAOG
Ruwi Main Branch
PO Box:
6326
Muscat
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:
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 within subject’s financial means.
Maximum suggested credit figure: US$ 150,000
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)