MIRA
INFORM REPORT
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Report Date : |
28.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
GULF TRIANGLE MINING LLC |
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Registered Office : |
Souq Al Seeb, PO Box
509, Seeb 121, 1537, Muscat 111, Muscat |
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Country : |
Sultanate of Oman |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
28.08.2006 |
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Com. Reg. No.: |
1004518, Muscat |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Distribution, Supply and Export of Rocks and Sand. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 80,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name :
GULF TRIANGLE MINING LLC
Country of Origin :
Sultanate of Oman
Legal Form :
Limited Liability Company - LLC
Registration Date :
28th August 2006
Commercial Registration Number :
1004518, Muscat
Membership Number : 1773
Issued Capital :
RO 500,000
Paid up Capital :
RO 500,000
Total Workforce :
10
Line of Business :
Distribution, supply and export of rocks and sand.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
COMPANY NAME
GULF TRIANGLE MINING LLC
ADDRESS
Registered & Physical Address
Location : Souq Al Seeb
PO Box : 509, Seeb 121
1537, Muscat 111
Town : Muscat
Country : Sultanate of Oman
Telephone : (968) 24424882 / 95072940
Facsimile : (968) 24424882
Email : tennaan@yahoo.com
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Suburban Business Area of Muscat.
KEY PRINCIPALS
Name Nationality Position
· Younas
Sulaiman Hamd Al Amary Omani Managing
Director
· Daoud Sulaiman
Hamd Al Amary Omani Director
· Mahmoud Sulaiman
Hamd Al Amary Omani Director
· Ahmed Sulaiman
Hamd Al Amary Omani Director
· Saeed
Al Mamar - Administration
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 28th
August 2006
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company –
LLC)
Commercial Reg.
No. : 1004518, Muscat
Membership No. : 1773
Issued Capital : RO 500,000
Paid up Capital : RO 500,000
Name of Shareholder (s)
· Younas
Sulaiman Hamd Al Amary
· Daoud Sulaiman
Hamd Al Amary
· Mahmoud Sulaiman
Hamd Al Amary
· Ahmed Sulaiman
Hamd Al Amary
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 distribution, supply and export of
rocks and sand.
Import Countries : India and China.
Subject has a workforce of 10 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : Riyal Omani (RO)
Year
Ending 31/12/07:
Total Sales RO
550,000
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 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
Gulf Triangle Mining LLC is a relatively new business with
operations commencing in August 2006. It is engaged in the distribution, supply
and export of rocks and sand.
According to local sources subject is making steady
progress in the local business market and nothing detrimental has been reported
regarding the manner in which payments are fulfilled. As such the business is
considered to be a fair trade risk.
Maximum suggested credit figure: US$ 80,000
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.30 |
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UK Pound |
1 |
Rs.84.03 |
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Euro |
1 |
Rs.66.42 |
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%)