MIRA
INFORM REPORT
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Report Date : |
11.05.2013 |
IDENTIFICATION DETAILS
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Name : |
KHIMJI RAMDAS AND CO LLC (KR) |
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Registered Office : |
Khimji House,
Muttrah High Street, Greater Muttrah, P O Box 19, Muscat 100 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
1870 |
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Com. Reg. No.: |
1/02085/4, Muscat |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject operates several
divisions includes : l Furniture Division (Operates as Khimji Furniture
Mart) l Consumer Products Division l Shipping Division l Automotive Division & Workshop l General Products Division l Commodity Division l Electrical Division l Watch Division l Computer & Communications Systems Division l Khimji Ramdas Building Materials Division l Khimji Ramdas General Stores (Operates as Khimji
MEGA Store) l Sports & Leisure Division l Cigarettes Division (MARLBORO) l Industrial Machinery & Tools Division l Khimji Pharmacy l Construction Division l Pizza Hut Division |
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No. of Employees : |
2500 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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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) |
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Oman |
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 |
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 RAMDAS AND CO LLC (KR)
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Start Date : 1870
Registration Date : 3rd December 1975
Commercial Registration Number : 1/02085/4, Muscat
Issued Capital : RO 2,000,000
Paid up Capital : RO 2,000,000
Total Workforce : 2,500
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
KHIMJI RAMDAS AND
CO LLC (KR)
Registered &
Physical Address
Building : Khimji House
Street : Muttrah High Street
Area : Greater Muttrah
PO Box : 19
Town : Muscat 100
Country : Sultanate of Oman
Telephone : (968) 24795901 / 24706893 / 24791988
/ 24765539
Facsimile : (968) 24795988 / 24705122 / 24708819
/ 24788460
Email : khimjis@gto.net.om / khimjis@omantel.net.om / krbmd@omantel.net.om
Premises
Subject operates from
a large suite of offices that are owned and located in the Central Business
Area of Muscat.
Branch Office (s)
Location Description
·
Salalah Office
premises
PO Box: 18035
Tel: (968) 23290736 / 23290865
Fax: (968) 23295293
·
Sur Office
premises
PO Box: 30163
Tel: (968) 25440214
Fax: (968) 25440218
·
Buraimi Office
premises
Tel: (968) 25653421
Fax: (968) 25653421
·
Sohar Office
premises
PO Box: 12519
Tel: (968) 26840235
Fax: (968) 26840232
·
Nizwa Office
premises
PO Box: 27075
Tel: (968) 25410145
Fax: (968) 25410094
·
Ibri
611 Office
premises
PO Box: 575
Tel: (968) 25489476
Fax: (968) 25489476
·
Ibra
411 Office
premises
PO Box: 163
Tel: (968) 25470490
Fax: (968) 25471636
Name Position
·
Kanaksi
Gokaldas Khimji Managing
Partner
·
Ajay
Mathradas Khimji Partner
·
Pankaj
Kanaksi Khimji Partner
·
Nailesh
Kanaksi Khimji Partner
·
Anil
Mathradas Khimji Partner
·
Pankaj
Kanaksi Khimji General
Manager
·
Pratap
Ashar Finance
Manager
·
S
Ananthakrishnan Manager
– Furniture Division
·
M C
Jose Manager
– Shipping Division
·
Mahesh
D Jesrani Manager
– Automotive Division
·
Bhupendra
D Jesrani Manager
– General Products Division
·
Vinod D
Soni Manager
– Commodity Division
·
M
Chengappa Manager
– Building Materials Division
·
Lazard
Rodrigues Manager
– Electrical Division
·
Madhursinh
Jesrani Manager
– Watch Division
·
Mohamed
Zameer Manager
– Computer Systems Division
·
Chandrasen
Shah Manager – MEGA Store Division
·
Vincent
Rodrigues Manager
– Sports & Leisure Division
·
Emil
Moukarzel Manager
– Cigarettes Division
·
Umesh
A. Khimji Manager
– Corporate Services
Profile
on Pankaj Kanaksi Khimji
Pankaj Kanaksi
Khimji acts General Manager, corporate operations, for the Khimji Ramdas Group.
He was born in 1961 and was educated at the exclusive Institut Le Rosey in
Switzerland and then in the UK. He is a keen sportsman and especially enjoys
cricket and horse riding. He is a major shareholder and board member of
Dubai-based company Strategic Food International - engaged in the manufacture
of biscuits and wafers - and Roto Packaging Materials Industry. He is also
president of Al Arkan Fisheries, a unit engaged in the export of fish products,
and is a board member of Oryx Joint Investment Account, a financial investment
company listed in both London and Muscat.
Date of Establishment : Subject’s
operations date back to 1870, however it was registered under the current style
on 3rd December 1975
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/02085/4,
Muscat
Issued Capital : RO 2,000,000
Paid up Capital : RO 2,000,000
Name of Shareholder (s)
·
Kanaksi
Gokaldas Khimji
·
Pankaj Kanaksi
Khimji
·
Nailesh
Kanaksi Khimji
·
Ajay
Mathradas Khimji
·
Anil
Mathradas Khimji
·
Khimji
Permoglaze (Oman) LLC
Rusayl Industrial Estate, Plot 23-26
PO Box: 3755, Ruwi
Muscat 112
Oman
Tel: (968) 24626106
Fax: (968) 24626107
·
Khimji
Ramdas and Sons
PO Box: 3701
Dubai
United Arab Emirates
Tel: (971-4) 531484 / 436484
Fax: (971-4) 531564
·
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) 521616
Fax: (971-4) 522440
Activities: Subject’s activities are performed by the
following divisions :
Address : Rex Road
Greater
Muttrah
PO Box: 19
Muscat
Tel: (968)
24703429 / 24706863
Fax: (968)
24701764 / 24795988
Activities : Engaged
in the distribution and retail of home and office furniture such as dining and
bedroom furniture, sofas, sofa beds and desks, as well as security and storage
systems.
Suppliers : Godrej
Storwel Business Group India
Address: PO Box : 19
Muscat 100
Tel: (968)
24502526
Fax: (968)
24596782
Activities: Engaged in the import and distribution of general foodstuff
products, FMCG’s and
commodities.
Brand Names : PROCTER & GAMBLE, TIDE, PAMPERS, LA VACHE, REGAL PICON, HERSHEY’S,
GYMA, HERO JAMS, FOSTER CLARK, QUAKER OATS, 3M HOME CARE, DEVON, PARACHUTE,
RASNA, AMUL, MAJAN, HUMA and KHIMJI RICE.
Address : Muttrah Business
District
Greater
Muttrah
PO Box: 19
Muscat
Tel: (968)
24707236 / 24798903
Fax: (968)
24702959
Activities : Engaged
as shipping agents offering a complete shipping service, specialising in cargo
movements, sea-air cargo handling, liner agency, tramp vessel agency, tanker
Operations, passenger vessel handling, naval vessel handling, common carrier
feeder vessel agency, chartering brokers, P&I club agency, shipchandling,
stevedoring, freight forwarding, packaging & removals, customs services,
transportation, project handling, survey and inspection services, calibration
and non destructive test,
Address : Bait Al Falaj
Street
Al Wadi Al
Kabir
PO Box: 19
Muscat
Tel: (968)
247717822 / 24504306
Fax: (968)
247714637
Activities : As
well as operating a fully equipped repair workshop, this division distributes
automotive spare parts (such engine and transmission equipment) and purpose
built vehicles for desert transportation and military use.
Suppliers : Hummer United States of America
Oshkosh United States of America
Address : Building No.
831, Ground Floor
88, Al Noor
Street
Greater
Muttrah
PO Box: 19
Muscat
Tel: (968)
24706353 / 24795231
Fax: (968)
24786238
Activities : Under
this division, subject specialises in the distribution of electronic equipment
and devices, including aerials and antennas, telecommunication reception
equipment, air-conditioning systems, as well as currency and coins electronic
counting machines.
Address : Al Hasag
Building, Ground Floor
Muttrah
High Street
PO Box: 19
Muscat
Tel: (968)
24712126 / 24713225 / 24712125/24713226
Fax: (968)
24795988 / 24713127 / 24712127
Email: commodity@kr.om
Activities : This
was the first division of Khimji Ramdas to be established. It deals mainly in
foodstuff and other consumable items, including rice, sugar, milk powder,
coffee, pulses, spices, ghee oil, canned food, biscuits, confectionery and
dairy products.
Brand Names
: AMUL, PARACHUTE, RASNA, SINNARA, SUNWHITE, PRIYA, SYREN, PONS, DEL
MONTE, TIARA, ROBINSONS and
PASEO
Address : Ruwi High Street
PO Box: 19
Muscat
Tel: (968)
24852700/24852600/24852625/24852664
Fax: (968)
24852667
Mob: (968)
99448952
Email: info.electrical@kr.om
Activities : Distributors
of lighting equipment, cables, cable trays, fans and aircirculators, PVC Pipes
& trunking, G.I. Pipe, Bulbs and Tubes, switches and accessories.
Established in 1975, the KR Electrical Division offers leading brands and established products in Light Fittings, Low
Voltage Switchgear, Cables and Cable Support Systems, Cable Trunking &
Cable Trays, Cable ladders, Conduits & Accessories, Wiring Accessories, Air
Circulators, Fans, Lamps and Tubes.
KR represents
leading lighting brands such as Majelite
of Oman, Fitzgerald from U.K., Bajaj Engineering and Projects of
India and has an excellent track record in installing several important
lighting projects in Oman.
The division has executed lighting projects
for the recently opened Lulu Hypermarket in Muscat, The Chedi Hotel, Oman Oil
and Al Maha fuel stations and shops, Al Khoud Stadium and Ministry of Heritage.
Address : Samayil Street
Ruwi
PO Box: 19
Muscat
Tel: (968)
24703142 / 24798689
Fax: (968)
24796045
Activities : Retailers
of watches and clocks, jewellery, fashion items and gift ware.
Brand Names : CARTIER, CHANEL, CHOPARD, DELANEAU, I.W.C., ORIS, PIAGET, TUDOR,
and GERALD GENTA
Address : Muttrah Business
District
PO Box: 19
Muscat 113
Tel: (968)
24790925
Fax: (968)
24701127
Activities : Wholesalers
and retailers of personal computers, fibre optics network, structured cabling,
computer peripherals, mobile communication equipment and pagers.
This
division was awarded a US$1.1 million contract to provide equipment and
technical support to upgrade Oman's 11 domestic satellite telephone and video
stations from analogue to digital transmission.
Brand Names : MOTOROLA, COMPAQ, ELITE, CASIO, SAGEM and TEKLOGIX
Address : Al Noor Street
Ruwi
PO Box: 19
Muscat
Tel: (968)
24705133 / 24703213 / 24799680
Fax: (968)
24706893
Management : M. Chengappa Division Manager
Sounda
Rajan Commercial Manager
Mahesh
Thaker Sales Manager
Activities : The
Building Materials Division started operations in 1970 and specialises in the
distribution of a wide range of building materials, construction chemicals,
waterproofing, scaffolding, timber plywood, ceramic tiles, paints,
sanitary-ware, kitchen cabinets and power tools.
It
also provides a waterproofing service which includes a fully incorporated
supply and fixing system. The division has also undertaken numerous works
involving the supply and fixing of scaffolding.
Suppliers : Roca Spain
Polyflor United
Kingdom
Shire United Kingdom
General
Ceramics United Arab Emirates
Muthoot India
Franke South
Africa
Wave Oman
H & R Johnson United
Kingdom
James Halstead United
Kingdom
Grace Services United
Kingdom
Ruberiod United
Kingdom
Access International United
Kingdom
Yale United
Kingdom
Al Shams Oman
Krishna Vinyl India
Formica Spain
Schock Germany
Dermabit Saudi
Arabia
D’Line Denmark
Godrej India
Address : Ruwi Street
PO Box: 19
Muscat
Tel: (968)
24796161 / 24708075
Fax: (968)
24709942
Activities : Retailers
of general merchandise and consumer products, including photographic equipment,
cosmetics, crystal-ware, garments, household appliances, kids wear, linen,
perfumes and toiletries, sunglasses, tableware, travel accessories and writing
instruments.
Suppliers : Nikon Japan
Slik Japan
Address : Shati
Al Qurum
PO
Box: 19
Muscat
Tel: (968)
24793725
Fax: (968)
24793852
Activities : This
division specialises in the retail of boats, boat equipment and supplies,
diving equipment, flags and banners, marine craft, special marine shoes as well
as a wide range of sportswear and accessories.
Address : Muttrah
Business Area
PO
Box: 19
Muscat
Tel: (968)
24798590
Fax: (968)
24701489
Activities : Tobacconist
and cigarette manufacturing and packaging under the brand name of Marlboro from
Philip Morris.
Address : PO Box: 19
Muscat
Tel: (968)
24714793 / 24715576
Fax: (968)
24717845
Activities : Distributors
of automotive and industrial hand tools, pneumatic tools, measuring
instruments, garage equipment, machine tools, cleaning equipment, lubrication equipment,
air compressors and industrial chemicals.
Brand Names : SNAP ON, KARCHER, USAG
Address : PO Box: 19
Muscat
Tel: (968)
24795901
Fax: (968)
24795988
Activities : Operators
of a pharmacy and distributors of pharmaceuticals, healthcare products,
medicines and cosmetics.
Address : PO Box: 19
Muscat
Tel: (968)
24713333
Fax: (968)
24715322
Activities : This division
undertakes all types of civil construction work.
Address : Muttrah Business
District
PO Box: 19
Muscat 113
Tel: (968)
24715310
Fax: (968)
24798488
Activities : This division
operates 14 restaurants under licence from Pizza Hut
and specialises in fast food to take away
and eat in.
Khimji Ramdas has
been awarded the ISO9002 certificate for its corporate headquarters operations
as well as those of the Computer & Communications Systems Division.
Import
Countries: Europe, the
United States of America and the Far East.
International
Suppliers:
·
AKZO
Coating Plc United
Kingdom
·
H &
R Johnson Tiles Ltd United
Kingdom
·
Beaver
Construction Supplies Ltd United
Kingdom
·
Proctor
& Gamble AG Switzerland
·
Rolex Switzerland
·
Alfred
Karcher GmbH and Co Germany
·
Kymmene
Schauman Wood Germany
·
Samsonite
Corp United
States of America
Operating Trend: Steady
Subject has a
workforce of approximately 2,500 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 24,100,000 RO 25,550,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
Bank of
Baroda
Greater Muttrah Branch
PO Box: 7231
Muscat
Tel: (968) 24712636
·
HSBC
Middle East
Greater
Muttrah Branch
PO Box: 3239, Ruwi
Muscat
Tel: (968) 24799920
No complaints
regarding subject’s payments have been reported.
Amount overdue 0 0 0
Payment terms 60
days 30 days 30 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record Prompt Prompt Prompt
Currency Euros Canadian Dollars Canadian Dollars
Khimji Ramdas and
Co LLC (KR) is an old and well-established business, trading since 1870 with
nothing detrimental heard regarding the manner in which payment obligations are
conducted. Our local trading sources express favourable comments and are of the
opinion that the subject will not enter into any financial trade commitment in
which they would not see their way clear to fulfil. As such the company is
deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.54 |
|
UK Pound |
1 |
Rs.84.19 |
|
Euro |
1 |
Rs.71.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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 |
|
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.