MIRA
INFORM REPORT
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Report Date : |
13.06.2007 |
IDENTIFICATION DETAILS
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Name : |
HARIDAS NENSEY & PARTNERS CO LLC |
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Registered Office : |
Building No. 2274, 1st Floor, Way No. 3729, P O Box - 152,
Ruwi, |
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Country : |
Sultanate of |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1971 |
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Com. Reg. No.: |
1/1375, |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Engaged as operators of two supermarkets, one in |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
HARIDAS NENSEY & PARTNERS CO LLC
Country of Origin :
Sultanate of
Legal Form :
Limited Liability Company - LLC
Registration Date :
1971
Commercial Registration Number :
1/1375,
Issued Capital :
RO 150,000
Paid up Capital :
RO 150,000
Total Workforce :
25
Line of Business :
Operators of two supermarkets.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
HARIDAS NENSEY & PARTNERS CO LLC
ADDRESS
Registered & Physical Address
Location : Building No.
2274, 1st Floor
Street : Way No. 3729
PO Box : 152, Ruwi
Town :
Country : Sultanate of
Telephone : (968-24) 750784
Facsimile : (968-24) 703642
Email : nensey@omantel.net.om
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Muscat.
KEY PRINCIPALS
Name Nationality Position
Mahesh Haridas
Nensey Indian Managing Director
Kirti Haridas
Nensey Indian Director
Saud Bin Hamd
Issa Al Tai Omani Director
LEGAL FORM &
OWNERS
Date of Establishment : 1971
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 1/1375
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of Shareholder
(s)
Percentage
Saud Bin Hamd
Issa Al Tai 51%
Mahesh Haridas
Nensey 25%
Kirti Haridas
Nensey 24%
Non Omani Participation The participation of non-Omani nationals in a
trade or business in
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 as
operators of two supermarkets, one in
Import Countries : Europe and the
Operating Trend : Steady
Subject has a workforce of 25 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
1,575,000 RO
1,720,000
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
National Bank of Oman Limited
Ruwi Branch
PO Box : 3752
Tel : (968-24) 708898
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 1971, subject acts as operators of two supermarkets, one
in
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 to be within subject’s financial means.
Maximum suggested credit figure: US$ 200,000
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/normal. |
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%)