MIRA
INFORM REPORT
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Report Date : |
19.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
BUSHRA AL KHAIR LLC |
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Registered Office : |
Al
Khuwair Area, PO Box 772, Muttrah 114 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
10.10.1998 |
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Com. Reg. No.: |
1/60321/3 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Operators of a Chain of Department Stores, Specialising in
Ready Made Garments, Perfumes,
Cosmetics, Footwear and Toys |
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$ 500,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : BUSHRA AL KHAIR LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 10th October 1998
Commercial Registration Number : 1/60321/3
Chamber Membership Number : 3104
Issued Capital : RO 105,000
Paid up Capital : RO 105,000
Total Workforce : 150
Activities : Operators of a chain of department stores, specialising in ready made
garments, perfumes, cosmetics, footwear and toys
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 500,000
COMPANY NAME
BUSHRA AL KHAIR LLC
ADDRESS
Registered & Physical Address
Location : Al Khuwair Area
PO Box : 772
Town : Muttrah 114
Country : Sultanate of
Oman
Telephone : (968) 24595184
/ 24712841 / 24420805
Facsimile : (968) 24595183
/ 24712228
Email : bushral@omantel.net.om
Premises
Subject operates
from a medium sized suite of offices and a department store that are owned and
located in the Central Business Area of Muttrah.
Branch Office
(s)
Subject operates a network of 10 showrooms located
throughout Oman, including Nizwa, Soha, Salalah, Gobrah Rostaq, Seeb, and
Sultan Qaboos City.
KEY PRINCIPALS
Name Nationality Position
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Ramdan
Juma Ramdan Al Baluchi Omani Managing Director
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Ismail
Ramdan Juma Ramdan Al Baluchi Omani Director
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Ishfaq
Abdul Qader Indian Director
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Ijaz
Ishfaq Abdul Qader Indian Director
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Hozifa
Ishfaq Abdul Qader Indian Director
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Mustafa
Mohamed - General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 10th
October 1998
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/60321/3
Chamber Member No. : 3104
Issued Capital : RO 105,000
Paid up Capital : RO 105,000
Name of Shareholder (s)
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Ramdan
Juma Ramdan Al Baluchi
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Ismail
Ramdan Juma Ramdan Al Baluchi
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Ishfaq
Abdul Qader
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Ijaz
Ishfaq Abdul Qader
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Hozifa
Ishfaq Abdul Qader
OPERATIONS
Activities: Engaged as operators of a chain of department
store, specialising in ready made garments, perfumes,
cosmetics, footwear and
toys.
Import
Countries: Europe and GCC
countries
Operating Trend: Steady
Subject has a
workforce of approximately 150 employees.
FINANCIAL DATA
Financial highlights
provided by local sources are given below:
Currency: Riyal
Omani (RO)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales RO 5,900,000 RO 6,850,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Habib Bank
Muttrah
Business District
PO Box 1326, Ruwi 112
Muscat
Tel: (968) 24795280
Fax: (968) 24795283
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Established in
1998, subject is involved in the operation of a chain of department stores,
specialising in ready made garments, perfumes, cosmetics, footwear and toys.
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
deemed admissible.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.71 |
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UK Pound |
1 |
Rs.83.57 |
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Euro |
1 |
Rs.65.90 |
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%)