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MIRA
INFORM REPORT
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Report Date : |
07.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
KHIMJI PERMOGLAZE COMPANY (OMAN) LLC |
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Registered Office : |
Rusayl Industrial
Estate, Road No 10, Plot
No. 23-26, PO Box 3755, Ruwi 112 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
26.08.1985 |
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Com. Reg. No.: |
1/20742/3 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Manufacture of Paints |
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$ 400,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : KHIMJI PERMOGLAZE COMPANY (OMAN) LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 26th August 1985
Commercial Registration Number : 1/20742/3
Issued Capital : RO 600,000
Paid up Capital : RO 600,000
Total Workforce : 70
Activities : Manufacture of paints
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 400,000
COMPANY NAME
KHIMJI PERMOGLAZE
COMPANY (OMAN) LLC
ADDRESS
Registered & Physical Address
Location : Rusayl Industrial Estate, Road No
10, Plot No. 23-26
PO Box : 3755
Town : Ruwi 112
Country : Sultanate of Oman
Telephone : (968) 24446106
Facsimile : (968) 24446107
Email : kploman@omantel.net.om
Premises
Subject operates from
a medium sized suite of offices and a factory that are owned and located in the
Industrial Area of Ruwi.
Branch Office
(s)
Location Description
·
Honda
Road Rented
showroom
Muscat
Tel: (968) 24831394
·
Bait
Al Ahlam Rented
showroom
Muscat
Tel: (968) 24709898
·
Salalah Rented
showroom
Tel: (968) 23290422
KEY PRINCIPALS
Name Position
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Kanaksi
Gokaldas Khimji Managing
Director
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Ajay Mathradas
Khimji Director
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Pankaj Kanaksi
Khimji Director
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Nailesh
Kanaksi Khimji Director
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Anil Mathradas
Khimji Director
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Ravi Iyengar General
Manager
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M. R. Kamat Operations
Manager
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Kishore Kumar Marketing
Manager
LEGAL FORM & OWNERS
Date of Establishment : 26th
August 1985 (Production began in October 1985)
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/20742/3
Issued Capital : RO 600,000
Paid up Capital : RO 600,000
Name of Shareholder (s) Percentage
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Khimji Ramdas
And Co (KR) 100%
Khimji House
Muttrah High Street
Greater Muttrah
PO Box 19
Muscat 113
Tel: (968) 24795901 / 24706893
Fax: (968) 24795988 / 24705122
Email: khimjis@gto.net.om
AFFILIATED COMPANIES
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Khimji Ramdas
and Sons
PO Box : 3701
Dubai
United Arab Emirates
Tel : (971-4) 531484 / 436484
Fax : (971-4) 531564
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Asha
Advertising & Marketing Agency
Muscat
Oman
Tel : (968-24) 707104
Fax : (968-24) 706256
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Asha
Enterprises LLC
75, Central Business District
PO Box : 6275, Ruwi
Muscat
Oman
Tel : (968-24) 708049 / 707104 / 793822
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United Travel
LLC
Muscat
Oman
Tel : (968-24) 703303
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Universal
Freight Services Company
PO Box : 1093, Jibroo
Muscat 114
Oman
Tel : (968-24) 701757
Fax : (968-24) 702959
Email : krship@gto.net.om
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Heritage Hotel
LLC
Muscat
Oman
Tel : (968-24) 796404 / 791815
Fax : (968-24) 795988
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Blue Eagle
Shipping & Insurance Agencies LLC
Muscat
Oman
Tel : (968-24) 790841
Fax : (968-24) 702959
Email : krship@gto.net.om
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Shamal Sea
& Air Freight LLC
Dubai
United Arab Emirates
Tel : (971-4) 521616
Fax : (971-4) 522440
OPERATIONS
Activities: Engaged in the manufacture of paints. The company
is an accredited licensee of the world’s largest paint manufacturer, Akzo
Nobel.
Subject was ISO 9002 certified in 1997 and is currently ISO
9001:2000 QMS certified.
Import
Countries: United Kingdom
Brand Names: PERMOGLAZE, MICATEX, &
PANATIC
Operating Trend: Steady
Subject has a
workforce of 70 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 3,100,000 RO 4,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Ravi Iyengar, General Manager.
BANKERS
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Oman Arab Bank
Head Office
Muttrah Business District
PO Box : 2010, Ruwi 112
Muscat
Tel: (968) 24700161 / 24706265
/ 24706267
Fax: (968) 24797736
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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.
Date of
transaction October
2006
Credit amount 20,000
Amount overdue 0
Payment terms 180
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
Khimji Permoglaze
Company (Oman) LLC has been in business since 1985 and is a leading
manufacturer of paints in Oman under the well known brand name, “Permoglaze”.
The company is
owned by the very well known, Khimji Ramdas and Co, and as such is deemed trustworthy
for respecting its financial trade commitments. Nothing detrimental was
uncovered regarding subject’s operating history.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. |
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UK Pound |
1 |
Rs. |
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Euro |
1 |
Rs. |
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%)