MIRA INFORM
REPORT
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Report Date : |
18.01.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
REEM PHARMACY CO LLC |
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Formerly Known As : |
Reem Pharmacy |
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Registered Office : |
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Country : |
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Date of Incorporation : |
25.09.1985 |
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Com. Reg. No.: |
1238302 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Importers, wholesalers and distributors of pharmaceuticals, baby foods, cosmetic and FMCG products |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
RO 50,000 |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
COmpany NAME
Reem
Pharmacy Co LLC (Correct)
REEM PHARMACY (Requested)
company ADDRESS
Building :
Street :
Area : Darsait Area
P.O. Box : 66 Ruwi 113
Town :
Country :
Telephone : (968) 2470 9333
Fax : (968) 2470 3110
E-Mail : kothary@rbkhotary.com
Formerly known as : Reem Pharmacy
SENIOR COMPANY PERSONNEL
Name Position
1. Abdullah Ali Dawood Al Raisi Chairman
2. Pralhad Thakur Business Development Manager
3. Dahya Bhai Chief Financial Officer
Total Employees : 42 (subject)
350 (subject and affiliate)
PAYMENTS
No complaints have been heard regarding payments from local suppliers or banks.
We consider it is acceptable to deal with subject for MEDIUM amounts.
Opinion on maximum credit : RO 50,000
Trade risk assessment :
Opinion on the credit figure of US DLRS 150,000 :
The above figure is higher than normally seen in one amount, however
could prove admissible if split into two transactions provided the
total indebtedness is strictly monitored.
PRINCIPAL BANKERS
NAME : BANK
Branch : Main Branch
Street :
PO Box : 134
Town : Ruwi 112
Telephone: (968) 2470 3044 / 2478 8638 / 2470 8653
Fax : (968) 2478 9886 / 2478 8638
The company also has an account with the following banks :
1. Bank Dhofar
Ruwi 112
Telephone: (968) 2483 1090 / 2483 5854
Fax : (968) 2483 1892
2. HSBC Bank
Main branch
Telephone: (968) 2479 9920
Fax : (968) 2470 4241
FINANCIAL INFORMATION
Balance sheets are not available. However, the subject interviewed
offered the following information :
Sales Turnover : RO 1,900,000 – 2008 – exact
: RO 2,200,000 – 2009 – exact
Net Profit : RO 222,000 – 2008 – exact
: RO 300,000 – 2009 – exact
* 2010 results are not yet available.
Financial year ends 31 December.
The following information applies to subject’s parent company Ramniklal B. Kothary & Co. LLC (latest available) :
Sales Turnover : RO 2,400,000 - 1990 - exact
: RO 3,411,813 - 1991 - exact
: RO 4,020,000 - 1992 - exact
: RO 4,200,000 - 1993 - Exact
: RO 4,500,000 - 1994 - exact
: RO 5,000,000 - 1995 - exact
: RO 5,250,000 - 1996 - exact
: RO 5,400,000 - 1997 - approx
: RO 5,600,000 - 1998 - exact
: RO 6,000,000 - 1999 - exact
: RO 6,200,000 - 2000 - approx
: RO 10,000,000 - 2001 - approx
: RO 10,500,000 - 2002 - exact
: RO 9,500,000 - 2003 - exact
: RO 10,000,000 - 2004 - exact
: RO 10,000,000 - 2005 - exact
: RO 9,000,000 - 2006 - exact
: RO 10,000,000 - 2007 - exact
: RO 10,250,000 - 2008 - exact
Net Profit : RO 180,000 - 1990 - exact
: RO 247,583 - 1991 - exact
: RO 280,000 - 1992 - exact
: RO 300,000 - 1993 - exact
: RO 320,000 - 1994 - exact
: not given - 1995/2003
: RO 250,000 - 2004 - exact
: RO 275,000 - 2005 - exact
: RO 255,000 - 2006 - exact
: RO 300,000 - 2007 - exact
: RO 318,000 - 2008 - exact
Invested Capital : RO 1,500,000 - approx
Financial year ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 25 September 1985
History : Subject was established in
Proprietorship under the name Reem Pharmacy owned by Ali Dawood Al Raisi. In 2005 Ali Dawood Al Raisi passed away and at the same time subject was converted into a Limited Liability Company with the present name and shareholding structure.
C.R. No. : 1238302 (valid)
Chamber of Commerce Membership No. : 1386 (issued on 8 October 1985, expiry date : 31 December 2011)
Authorised Capital : Ro 1,350,000
Paid up Capital : RO 1,350,000
Limited Liability Company with the following sole shareholder :
Ramniklal B. Kothary & Co. LLC
Ruwi 113
Telephone: (968) 2470 9333
Fax : (968) 2470 3110
Est. : 1935
C.R. No. : 1/00799/8
Capital : RO 1,500,000
Shareholders :
- Abdullah Ali Dawood Al Raisi 51%
(Omani national, active shareholder)
- Madhukar Ramnikal B. Kothary 25%
(Indian nationa)
- Prabodh Ramnikal B. Kothary 24%
(brother of the above)
Former affiliated establishment of Reem Pharmacy Co LLC :
Reem Establishmen
ACTIVITIES
The Company is involved in the following activities :
Importers, wholesalers and distributors of pharmaceuticals, baby foods, cosmetic and FMCG products.
Owners and operators of pharmacies.
Imports from Europe, mainly from
The company does not export, all sales are domestic.
FACILITIES
The Company has the following facilities :
Owned premises comprising administrative offices with
storage facilities located at heading address as well as two pharmacies located
elsewhere in
Subject was previously located at :
Ruwi 113,
Telephone : (968) 2470 2127
Fax : (968) 2479 6698 / 2470 3110
SPECIAL NOTE
You enquired on : REEM PHARMACY. Please note that this is subject's former name. Subject's current registered name is as per heading.
The telephone and fax numbers which you provided : (968) 2470 2127 and (968) 2479 6698 respectively applies to subject's former telephone and fax numbers. Please note that subject's current administrative office telephone and fax numbers are as per heading.
Interviewed : Dahya Bhai (Chief Financial Officer).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.59 |
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1 |
Rs.72.31 |
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Euro |
1 |
Rs.60.73 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.