MIRA
INFORM REPORT
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Report Date : |
07.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
TECHNICAL TRADING
CO LLC |
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Registered Office : |
Technical Trading Building, Qaboos Street, Darsait, P O Box 1693,
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 : |
1970 |
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Com. Reg. No.: |
1/4940/2, Muscat |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the import
and distribution of welding systems and accessories, fire safety and security
equipment, automotive and industrial equipment, structural steel products and
industrial consumables. |
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$ 350,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : TECHNICAL TRADING CO LLC
Country of Origin : Sultanate of Oman
Legal Form : Limited Liability Company - LLC
Registration Date : 1970
Commercial Registration Number : 1/4940/2, Muscat
Issued Capital : RO 500,000
Paid up Capital : RO 500,000
Total Workforce : 200
Line of Business : Import and distribution of engineering equipment
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
TECHNICAL TRADING
CO LLC
ADDRESS
Registered & Physical Address
Building : Technical Trading Building
Street : Qaboos Street
Area : Darsait
PO Box : 1693,
Ruwi 112
Town : Muscat
Country : Sultanate of Oman
Telephone : (968) 24703515
Facsimile : (968) 24700010
Email : info@tccoman.com
Premises
Subject operates from
a medium sized suite of offices, a warehouse and a workshop that are owned and
located in the Suburban Business Area of Muscat.
Branch Office (s)
Location Description
·
PO Box 1572 Sales
office & warehouse
Salalah 211
Tel: (968) 23294041
Fax: (968) 23294120
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PO Box 907 Sales
office & warehouse
Sur
411
Tel: (968) 446486
Fax: (968) 446487
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Sohar Sales
office & warehouse
Tel: (968) 26751448
Fax: (968) 26751471
KEY PRINCIPALS
·
Hamed Bin Mansoor Bin Ali Al Sulaimi Managing
Director
·
Mohamed Bin Mansoor
Bin Ali Al Sulaimi Director
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Firoz E Jariwala General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1970
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company – LLC)
Commercial Reg. No. : 1/4940/2,
Muscat
Issued Capital : RO 500,000
Paid up Capital : RO 500,000
Name of Shareholder (s)
·
Hamed Bin Mansoor Bin Ali Al Sulaimi
·
Mohamed Bin Mansoor
Bin Ali Al Sulaimi
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.
AFFILIATED COMPANIES
Subject is a member of the Al Sulaimi Group of Companies, which comprises the following concerns:
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Oman
Steel Co. LLC Oman
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Advanced
Oilfield Technology Co. LLC Oman
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Al
Mansoor International Co. LLC Oman
·
Hi-Tech
Inspection Services LLC Oman
·
Mohamed
& Hamed Al Sulaimi Co. LLC Oman
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Tech
International LLC United
Arab Emirates
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Tech
International FZC United
Arab Emirates
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Al
Mansoor Industries LLC United
Arab Emirates
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Linde
Corrotech International United
Arab Emirates
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Tech
International Co. LLC Qatar
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Tech
International Co. LLC Saudi
Arabia
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Tech
Engineering Co. LLC Yemen
·
Tech
Engineering Co. LLC Iraq
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
welding systems and accessories, fire safety and security equipment, automotive
and industrial equipment, structural steel products and industrial consumables.
Subject also offers industrial maintenance services and repair
and maintenance services for engineering products.
Import Countries
: Europe, Canada, and the
United States of America.
International
Suppliers :
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Chubb Fire Ltd United Kingdom
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FKI Crypton
Ltd United Kingdom
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Eutecnic
Castolin Switzerland
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Lincoln
Electric Co United States
of America
Operating Trend
: Steady
Subject has a
workforce of approximately 200 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 4,800,000 RO 5,320,000
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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The Commercial Bank of Oman SAOG
Muttrah Business District
PO Box : 1696, Ruwi 112
Muscat
Tel : (968) 24793225 / 24793226 /
24793228
Fax : (968) 24793229
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National Bank
of Oman Limited (SAOG)
Mutrah Business District
PO Box : 751, Ruwi 112
Muscat
Tel : (968) 24708894 / 24708630 / 24708684
Fax : (968) 24707781 / 24703972
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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
Technical Trading
Co LLC was established in 1970 and has grown into a leading supplier of
engineering equipment in Oman. It enjoys a good reputation for the quality of
its products and services.
During the course
of this investigation nothing detrimental was uncovered regarding the manner in
which payment obligations are fulfilled. The operating history is clear and the
financial situation is satisfactory. As such we are of the opinion that the
subject is a fair trade risk.
Maximum suggested credit
figure: US$ 350,000
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%)