MIRA INFORM REPORT

 

 

Report Date :

28.02.2008

 

 

IDENTIFICATION DETAILS

 

Name :

AHMED RAMADHAN JUMA COMPANY LLC

 

 

Registered Office :

Al Mina Road, Building Number 2073, Complex 126, Way Number 2345, PO Box 3566, Ruwi 112, Muscat

 

 

Country :

Sultanate of Oman

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

16.02.1982

 

 

Com. Reg. No.:

1127527

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

General Traders of Consumer Goods and Foodstuff.

 

 

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                         : AHMED RAMADHAN JUMA COMPANY LLC

Country of Origin                                    : Sultanate of Oman

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 16th February 1982

Commercial Registration Number            : 1127527

Membership Number                              : 487

Issued Capital                                        : RO 150,000

Paid up Capital                                      : RO 150,000

Total Workforce                                     : 10

Line of Business                                    : General traders of consumer goods and foodstuff.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

 

 

COMPANY NAME

 

AHMED RAMADHAN JUMA COMPANY LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Street                           : Al Mina Road

Location            : Building Number 2073, Complex 126, Way Number 2345

PO Box            : 3566, Ruwi 112

Town                : Muscat

Country             : Sultanate of Oman

Telephone         : (968) 24703170 / 247090716 / 24708305

Facsimile          : (968) 24708305

Mobile              : (968) 99645125

 

 

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

 

     Name                                                                       Nationality         Position

 

·       Salim Sulaiman Al Firioz                                             Omani             Managing Director

 

·       Ahmed Ramdhan Juma                                               Emirati                        Director

 

·       Yaser Salim Sulaiman Al Firioz                                    Omani             Director

 

·       Vinod Datta                                                                     -                General Manager

 

·       Sunil Jagtap                                                                     -                Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment : 16th February 1982

 

Legal Form                 : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)

 

Commercial Reg. No.  : 1127527

 

Membership No.          : 487

 

Issued Capital             : RO 150,000

 

Paid up Capital           : RO 150,000

 

Name of Shareholder (s)

 

·       Salim Sulaiman Al Firioz                                         

 

·       Ahmed Ramdhan Juma                                           

 

·       Yaser Salim Sulaiman Al Firioz                                

 

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 traders of consumer goods and foodstuff.

 

Import Countries : Saudi Arabia, India and Europe.

 

Operating Trend : Steady

 

Subject has a workforce of 10 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 1,485,000                                     RO 1,610,000

 

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 of Muscat Al Ahli

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions