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Report Date : |
23.08.2014 |
IDENTIFICATION DETAILS
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Name : |
DHARAMSEY NANSEY CO |
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Registered Office : |
Building No. 280 Way No. 95, Al Saidiya Street PO Box 136 |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
07.08.1975 |
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Com. Reg. No.: |
1/01358/0 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject is engaged in the import and distribution of general foodstuff |
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No. of Employees |
95 |
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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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
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Source
: CIA |
Company Name : DHARAMSEY NANSEY CO
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 7th August 1975
Commercial Registration Number : 1/01358/0
Chamber Membership Number : 84
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 95
Activities : Import and distribution of general foodstuff.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Kanaiylal C Badyani, General Manager
DHARAMSEY NANSEY CO
Building : Building No.
280
Street : Way No. 95,
Al Saidiya Street
PO Box : 136
Town : Muscat 100
Country : Oman
Telephone : (968) 24736237
Facsimile : (968) 24736231
Email : dharamsy@omantel.net.om
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Muscat.
Branch Office (s)
Location Description
· Salalah Office
premises
Tel: (968) 23290047
· Sohar Office
premises
Tel: (968) 26841616
· Nizwa Office
premises
Tel: (968) 25410073
· Barqa Office
premises
Tel: (968) 26883567
Name Position
· Bipin
Dharamsey Managing
Director
· Ashwin
Dharamsey Director
· Kanaiylal C Badyani General
Manager
· M Wasu Administration
Executive
Date of
Establishment : 7th
August 1975
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/01358/0
Chamber Member No. : 84
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
· Bipin
Dharamsey
· Ashwin
Dharamsey
Activities: Engaged in the import and distribution of
general foodstuff. Subject supplies to HM Palace in Oman.
Import Countries: South East Asia, Thailand and Europe.
Operating Trend: Steady
Subject has a workforce of 95 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
8,580,000 RO
8,950,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
· Commercial Bank of Oman SAOG
Muttrah
Business District
PO Box:
1696, Ruwi 112
Muscat
Tel:
(968) 24793225 / 24793226 / 24793228
Fax:
(968) 24793229
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.43 |
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1 |
Rs.100.23 |
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Euro |
1 |
Rs.80.35 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIS |
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.