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Report Date : |
30.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
PURSHOTAM DAMODAR
& CO LLC |
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|
|
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Registered Office : |
Building No. 356, Way No. 805, Lane No. 816, Muttrah Souq Way,
Muttrah, 88, Muscat 100 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
28.04.1976 |
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Com. Reg. No.: |
1/03036/1 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the wholesale and retail of general foodstuff products,
including rice, spices, ghee, butter, and coffee beans. |
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No of Employees : |
18 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Oman |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source
: CIA |
Company Name :
PURSHOTAM DAMODAR & CO LLC
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
28th April 1976
Commercial Registration Number :
1/03036/1
Membership Number :
2651
Issued Capital :
RO 150,000
Paid up Capital :
RO 150,000
Total Workforce :
18
Activities : Wholesalers and retailers of
general foodstuff products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Tushar Lilani, Finance and Sales Manager
PURSHOTAM DAMODAR
& CO LLC
Building : Building No.
356
Street : Way No. 805,
Lane No. 816, Muttrah Souq Way
Area : Muttrah
PO Box : 88
Town : Muscat 100
Country : Oman
Telephone : (968) 24712517
/ 24713282
Facsimile : (968) 24713242
Mobile : (968)
99459402 / 99333282 / 93460365
Email : umersi@omantel.net.om
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Muscat.
Name Nationality Position
· Kapil Hareesh Indian Managing
Director
· Salem Abdullah Al
Ishaqi Omani Director
· Tushar Lilani - Finance
and Sales Manager
Date of Establishment : 28th April 1976
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/03036/1
Membership No. : 2651
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
· Salem Abdullah Al Ishaqi 51%
· Kapil Hareesh 49%
Activities: Engaged in the wholesale and
retail of general foodstuff products, including rice, spices, ghee, butter, and
coffee beans.
Import Countries: Belgium,
India, Pakistan and Sri Lanka.
International
Suppliers:
·
Al Sadiq Rice Pakistan
·
Alana Sons India
·
Corman Belgium
Brand Names: SINDABAD
Operating Trend: Steady
Subject has a workforce of 18 employees.
Financial highlights provided by local sources are given below:
Currency: Riyal Omani (RO)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Sales RO
6,500,000 RO
6,935,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Tushar Lilani, Finance Manager
·
HSBC Middle East
PO Box: 234
Muscat 113
Tel: (968)
24736041 / 24736042
Fax: (968)
24736043
No complaints regarding subject’s payments have been reported.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.32 |
|
|
1 |
Rs.99.00 |
|
Euro |
1 |
Rs.78.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
|
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.