MIRA
INFORM REPORT
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Report Date : |
04.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
TEEJAN JALEEL LLC |
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Registered Office : |
Gala Area, P O Box 2251 & 1829, Ruwi 112, Muscat |
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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 : |
12th November 2005 |
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Com. Reg. No.: |
1808702 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Distributors of fire and safety equipment. Distributors of construction equipment and heavy machinery. Distributors of
general foodstuff products. |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : TEEJAN JALEEL LLC
Country of Origin : Sultanate of Oman
Legal Form : Limited Liability Company - LLC
Registration Date : 12th November 2005
Commercial Registration Number : 1808702
Membership Number : 5514
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 100
Line of Business : Subject operates several divisions (see below for details).
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
TEEJAN JALEEL LLC
ADDRESS
Registered & Physical Address
Location : Gala Area
PO Box : 2251 &
1829, Ruwi 112
Town : Muscat
Country : Sultanate of
Oman
Telephone : (968-24) 594641
/ 812384
Facsimile : (968-24)
819473
Email : teejan@omantel.net.om
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Industrial Area of Muscat.
KEY PRINCIPALS
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Hamd Salem
Issa Al Harasi Managing
Director
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Mohamed Hamd
Salem Issa Al Harasi Director
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Thomas George General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 12th November
2005
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 1808702
Membership
No. : 5514
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of Shareholder (s)
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Hamd Salem
Issa Al Harasi
·
Mohamed Hamd
Salem Issa Al Harasi
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 : Subject’s activities are performed through
the following divisions:
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Fire & Safety Equipment Division
Distributors of fire and
safety equipment.
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Construction Equipment Division
Distributors of construction
equipment and heavy machinery.
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Food Division
Distributors of general foodstuff products.
Import Countries :
Europe and the Far East.
Subject has a
workforce of 100 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Riyal
Omani (RO)
Year
Ending 31/12/06 :
Total Sales RO
1,600,000
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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Commercial Bank of Oman SAOG
Muttrah Business District
PO Box : 1696, Ruwi 112
Muscat
Tel : (968-24) 793225 / 793226 / 793228
Fax : (968-24) 793229
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
2005, subject is owned and managed by Mr Hamd Salem Issa Al Harasi and Mr
Mohamed Hamd Salem Issa Al Harasi 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.
Maximum suggested
credit figure: US$ 150,000
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%)