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Report Date : |
27.08.2013 |
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 & 24 Ruwi 112 Sultanate of Oman |
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Country : |
Oman |
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Financials (as on) : |
31.12.2012 |
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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 . |
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No. of Employees : |
27 |
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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Status : |
Satisfactory |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
OMAN |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
OMAN - ECONOMIC OVERVIEW
Oman is a middle-income economy that is heavily dependent on dwindling oil resources. Because of declining reserves and a rapidly growing labor force, Muscat has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP to 9% by 2020 and creating more jobs to employ the rising numbers of Omanis entering the workforce. Tourism and gas-based industries are key components of the government's diversification strategy. However, increases in social welfare benefits, particularly since the Arab Spring, will challenge the government's ability to effectively balance its budget if oil revenues decline. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production, giving the country more time to diversify, and the increase in global oil prices through 2011 provided the government greater financial resources to invest in non-oil sectors. In 2012, continued surpluses resulting from sustained high oil prices and increased enhanced oil recovery allowed the government to maintain growth in social subsidies and public sector job creation. However, the Sultan made widely reported statements indicating this would not be sustainable, and called for expanded efforts to support SME development and entrepreneurship. Government agencies and large oligarchic group companies heeded his call, announcing new initiatives to spin off non-essential functions to entrepreneurs, incubate new businesses, train and mentor up and coming business people, and provide financing for start-ups. In response to fast growth in household indebtedness, the Central Bank reduced the ceiling on personal interest loans from 8 to 7%, lowered mortgage rates, capped the percentage of consumer loans at 50% of borrower's salaries for personal loans and 60% for housing loans, and limited maximum repayment terms to 10 and 25 years respectively. In 2012 the Central Bank also issued final regulations governing Islamic banking and two full-fledged Islamic banks held oversubscribed IPOs while four traditional banks opened sharia-compliant Islamic windows.
Source
: CIA
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
Chamber Membership Number : 500
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
Total Workforce : 72
Activities : Manufacture of paints
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Abdul Manaf, Warehouse Manager
KHIMJI PERMOGLAZE COMPANY (OMAN) LLC
Location : Rusayl
Industrial Estate, Road No 10, Plot No. 23-26
PO Box : 3755 & 24
Town : Ruwi 112
Country : Sultanate of
Oman
Telephone : (968) 24446106 / 24446108 / 24730500
Facsimile : (968) 24446107
Mobile :
(968) 99874567
Email : kploman@omantel.net.om
/ kpl.infa@kr.om
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 / 24852698
· Salalah Rented showroom
Tel: (968) 23290422
Name Position
· Kanaksi Gokaldas
Khimji Managing
Director
· Ajay Mathradas
Khimji Director
· Pankaj Kanaksi
Khimji Director
· Nailesh Kanaksi
Khimji Director
· Anil Mathradas Khimji Director
· Mangal Daz Kamat General
Manager
· Prabhu Dando Finance
Manager
· A. Suresh Marketing
Manager
· Manoj Patakar Purchasing
Manager
· Abdul Manaf Warehouse
Manager
Date of
Establishment : 26th August 1985 (Production began in October 1985)
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/20742/3
Chamber Member No. : 500
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
· Kanaksi Gokaldas
Khimji
· Ajay Mathradas
Khimji
· Pankaj Kanaksi
Khimji
· Nailesh Kanaksi
Khimji
· Anil Mathradas
Khimji
· Khimji Ramdas And
Co (KR)
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
· Khimji Ramdas and
Sons
PO Box: 3701
Dubai
United Arab
Emirates
Tel: (971-4)
3531484 / 3436484
Fax: (971-4)
3531564
· Asha Advertising
& Marketing Agency
Muscat
Oman
Tel:
(968) 24707104
Fax:
(968) 24706256
· Asha Enterprises
LLC
75, Central
Business District
PO Box: 6275, Ruwi
Muscat
Oman
Tel: (968)
24708049 / 24707104 / 24793822
· United Travel LLC
Muscat
Oman
Tel:
(968) 24703303
· Universal Freight
Services Company
PO Box: 1093, Jibroo
Muscat 114
Oman
Tel:
(968) 24701757
Fax:
(968) 24702959
Email: krship@gto.net.om
· Heritage Hotel LLC
Muscat
Oman
Tel:
(968) 24796404 / 24791815
Fax: (968)
24795988
· Blue Eagle
Shipping & Insurance Agencies LLC
Muscat
Oman
Tel:
(968) 24790841
Fax:
(968) 24702959
Email: krship@gto.net.om
· Shamal Sea &
Air Freight LLC
Dubai
United
Arab Emirates
Tel: (971-4)
3521616
Fax:
(971-4) 3522440
Activities: Engaged in the manufacture of decorative paints, varnishes and wood
care products, adhesives &
industrial coating. 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, United States of America, United
Arab Emirates, Singapore, and South Korea
International Suppliers:
· Sherwin-Williams United
States of America
· NoFire
Technologies Inc United
States of America
· Wellcoat Paints United
Arab Emirates
· Haruna Paints Singapore
· Korean Chemical
Corporation (KCC) South Korea
Brand Names: PERMOGLAZE, MICATEX,
& PANATIC
Operating Trend: Steady
Subject has a workforce of 72 employees.
Financial highlights provided by local sources are given below:
Currency: Riyal Omani (RO)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales RO
4,260,000 RO
4,400,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Oman Arab Bank
Head
Office
Muttrah
Business District
PO Box:
2010, Ruwi 112
Muscat
Tel:
(968) 24700161 / 24706265 / 24706267
Fax:
(968) 24797736
·
HSBC Bank Middle East
Mutrah Business
District
PO Box: 240, Ruwi
112
Muscat
Tel: (968)
24700810 / 24799920 / 24799927
Fax: (968)
24704241
No complaints regarding subject’s payments have been reported.
Credit amount GBP
20,000 EUR
30,000
Amount overdue 0 0
Payment terms 180
days 180
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
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 family, and as such
is deemed trustworthy for respecting its financial trade commitments. Nothing
detrimental was uncovered regarding subject’s operating history.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 64.23 |
|
|
1 |
Rs. 100.01 |
|
Euro |
1 |
Rs. 85.93 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
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.