MIRA
INFORM REPORT
|
Report Date : |
04.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MIDDLE EAST MARKETING & SERVICES LLC |
|
|
|
|
Registered Office : |
Al Ghubraa, Building No. 6896, Road No.
290, Complex No. 1441, PO Box 1602, Azaiba 130 |
|
|
|
|
Country : |
Sultanate of Oman |
|
|
|
|
Date of Incorporation : |
3rd October 1995 |
|
|
|
|
Com. Reg. No.: |
1503057 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Providers of general marketing services. |
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 : MIDDLE EAST MARKETING & SERVICES LLC
Country of Origin : Sultanate of Oman
Legal Form : Limited Liability Company - LLC
Registration Date : 3rd October 1995
Commercial Registration Number : 1503057
Membership Number : 6292
Issued Capital : RO 50,000
Paid up Capital : RO 50,000
Total Workforce : 10
Line of Business : Providers of general marketing services.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
MIDDLE EAST MARKETING & SERVICES LLC
ADDRESS
Registered & Physical Address
Location :
Al Ghubraa, Building No. 6896, Road No. 290, Complex No. 1441
PO Box :
1602
Town :
Azaiba 130
Country :
Sultanate of Oman
Telephone :
(968-24) 494790 / 492026
Facsimile :
(968-24) 494794
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Azaiba.
KEY PRINCIPALS
· Audi Abdullah
Saeed Al Harthi Managing
Director
· Saad Mohamed Omran
Marhoubi Director
· Ahmed Sulaiman General
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 3rd
October 1995
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 1503057
Membership No. : 6292
Issued Capital : RO 50,000
Paid up Capital : RO 50,000
Name of Shareholder (s)
· Audi Abdullah
Saeed Al Harthi
· Saad Mohamed Omran
Marhoubi
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 provision of general marketing
services.
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 31/12/05 : Year
Ending 31/12/06 :
Total Revenue RO 1,400,000 RO 1,690,000
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
·
National Bank of Oman Limited (SAOG)
PO Box : 52
Azaiba
Tel : (968-24)
591340 / 591341
Fax : (968-24)
591340
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 1995, subject is owned and managed by Mr Audi Abdullah Saeed
Al Harthi and Mr Saad Mohamed Omran Marhoubi who are well respected in the
local business community.
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 deemed to be 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%)