MIRA
INFORM REPORT
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Report Date : |
30.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL TURKI ENTERPRISES LLC |
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Registered Office : |
Azaiba
Street, Ruwi, PO Box 2803 & 5803,
Muscat 112 |
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Country : |
Oman |
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Date of Incorporation : |
01.02.1976 |
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Com. Reg. No.: |
1043811 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject’s
operations are performed through the following divisions: Building
Materials Division, General Contracting Division, Gypsum Products Division,
Concrete Division |
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$ 800,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AL TURKI ENTERPRISES LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 1st February 1976
Commercial Registration Number : 1043811
Chamber Membership Number : 305
Issued Capital : RO 100,000
Paid up Capital : RO 100,000
Total Workforce : 1,000
Activities : Subject operates several divisions (see below for details)
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 800,000
COMPANY NAME
AL TURKI
ENTERPRISES LLC
ADDRESS
Registered & Physical Address
Street : Azaiba
Street
Area : Ruwi
PO Box : 2803
& 5803
Town : Muscat 112
Country : Oman
Telephone : (968) 24590140
Facsimile : (968) 24590212
Email : alturki@omantel.net.om
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Muscat.
KEY PRINCIPALS
Name Nationality Position
·
Turki
Bin Mahmoud Al Saeed Omani Managing Director
·
Golabasi
T. Khimiji Indian Director
·
Shatina
G. Bhati American Director
LEGAL FORM & OWNERS
Date of Establishment : 1st
February 1976
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1043811
Chamber Member No. : 305
Issued Capital : RO 100,000
Paid up Capital : RO 100,000
Name of Shareholder (s)
·
Turki
Bin Mahmoud Al Saeed
·
Golabasi
T. Khimiji
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Shatina
G. Bhati
OPERATIONS
Activities: Subject’s operations are performed through
the following divisions:
·
Building Materials Division
Under this division subject is
engaged in the import and distribution of building materials and construction
equipment.
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General Contracting Division
This division
is engaged as general construction contractors.
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Gypsum Products Division
Engaged in the
import and distribution of gypsum products.
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Concrete Division
Engaged in the
manufacture and distribution of concrete blocks.
Import
Countries: Europe, India
and the United States of America
Subject has a
workforce of approximately 1,000 employees.
FINANCIAL DATA
Companies
registered in Oman are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
BANKERS
·
HSBC Bank
Middle East
Mutrah Business District
PO Box 240, Ruwi 112
Muscat
Tel: (968) 24700810 / 24799920 / 24799927
Fax: (968) 24704241
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 and the above credit figure is
within subject’s financial means.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.79 |
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UK Pound |
1 |
Rs.80.05 |
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Euro |
1 |
Rs.64.56 |
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%)