MIRA
INFORM REPORT
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Report Date : |
07.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL KHAMIS TRADING
COMPANY LLC |
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Registered Office : |
Block No. 4116 –
Way No. 4559, Ruwi Street, Hamriya, P O Box 692, Ruwi, Muscat 112 |
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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 : |
1974 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the import, distribution and retail of various
types of leather goods, shoes and footwear
accessories. |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AL KHAMIS TRADING COMPANY LLC
Country of Origin : Sultanate of Oman
Legal Form : Limited Liability Company - LLC
Registration Date : 1974
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 12
Line of Business : Distribution and retail of various types of leather goods, shoes
and footwear accessories.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL KHAMIS TRADING
COMPANY LLC
ADDRESS
Registered & Physical Address
Building : Block No. 4116 – Way No. 4559
Street : Ruwi Street
Area : Hamriya
PO Box : 692, Ruwi
Town : Muscat 112
Country : Sultanate of Oman
Telephone : (968) 24835129 / 24837179
Facsimile : (968) 24831782
Email : alkhamis@omantel.net.om
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
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Mohamed Khamis
Al Alawi Khalid Al Alawi Managing
Director
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Ali Khamis
Mubarak Al Alawi Khalid Al Alawi Director
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Rashid Khamis Administration
Manager
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Ashraf Khamis
Ali Purchases
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1974
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of Shareholder (s)
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Mohamed Khamis
Al Alawi Khalid Al Alawi
·
Ali Khamis Mubarak
Al Alawi Khalid Al Alawi
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 import, distribution and
retail of various types of leather goods, shoes and footwear accessories.
Import Countries
: United Kingdom, Germany
and India.
Brand Names : CLARKS SHOES, BOSSI, RIEKER, & HOWARD
HILL.
Operating Trend
: Steady
Subject has a
workforce of 12 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 1,200,000 RO
1,450,000
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 Oman
Bahrain & Kuwait
Ruwi Branch
PO Box : 4708
Muscat
Tel : (968) 24701528
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The Commercial
Bank of Oman SAOG
Muttrah Business District
PO Box : 1696
Ruwi 112
Muscat
Tel : (968) 24793225
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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
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.
Maximum suggested
credit figure: US$ 100,000
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%)