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MIRA INFORM REPORT
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Report No. : |
491434 |
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Report Date : |
14.02.2018 |
IDENTIFICATION DETAILS
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Name : |
DARA AL BILAD TRADING & CONT EST |
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Registered Office : |
Al Qurm, Bousher , PO Box: 2, Muscat 618 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
07.07.2002 |
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Com. Reg. No.: |
5/12433/6 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the wholesale and retail of textiles, fabrics,
perfumes, cosmetics, footwear, readymade garments, water pumping equipment,
gifts, automobile tyres and accessories and electronics |
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No. of Employees : |
30 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
OMAN - ECONOMIC OVERVIEW
Oman is heavily dependent on its dwindling oil resources, which generate 84% of government revenue. In 2016, low global oil prices drove Oman’s budget deficit to $11.5 billion, or approximately 19% of GDP, but the budget deficit was reduced to 13% of GDP in 2017 as Oman reduced government subsidies. Oman has limited foreign assets and is issuing debt to cover its deficit.
Oman is using enhanced oil recovery techniques to boost production, but has simultaneously pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP from 46% at present to 9% by 2020 in accordance with Oman’s ninth five-year development plan. Tourism and gas-based industries are key components of the government's diversification strategy.
Muscat also has notably focused on creating more Omani jobs to employ the rising number of nationals entering the workforce. However, high social welfare benefits — that had increased in the wake of the 2011 Arab Spring — have challenged the government's ability to effectively balance its budget in light of low export oil prices. In response, Omani officials imposed austerity measures to its gasoline and diesel subsidies in 2016, with further subsidy cuts planned for electricity and liquid petroleum gas. The spending cuts have faced some public opposition, which could hinder their implementation.
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Source
: CIA |
SUMMARY
Company Name : DARA AL BILAD TRADING & CONT EST
Country of Origin : Oman
Legal Form : Sole Proprietorship
Registration Date : 7th July 2002
Commercial Registration Number : 5/12433/6
Invested Capital : RO 51,000
Total Workforce : 30
Activities : Wholesale and retail of textiles, fabrics, perfumes, cosmetics,
footwear, readymade garments, water pumping equipment,
gifts, automobile tyres and accessories and electronics
Financial Condition : Fair
Payments : No complaints
Operating Trend : Steady
COMPANY
NAME
DARA AL BILAD TRADING & CONT EST
ADDRESS
Registered & Physical
Address
Location : Al Qurm,
Bousher
PO Box : 2
Town : Muscat 618
Country : Oman
Telephone : (968) 95555313
Premises
Subject operates from a medium sized suite of offices and a showroom that
are rented and located in the Central Business Area of Muscat.
Branch Office (s)
Location Description
·
Adam, Al Dakhiliyah Retail
premises
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South Alkhuwair, Muscat Retail
premises
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Shatae Al Qurm Retail
premises
·
Salalah Retail
premises
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Sinaw, Al Mudhaibi Retail
premises
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South Alghubra Retail
premises
KEY
PRINCIPALS
Name Nationality
Position
· Mahmood Abdullah Ali Al Busaidi Omani Proprietor
· Salim Ali Hamood Al Busaidi Omani General Manager
·
Hilal Abdullah Ahmed Al Busaidi Omani Administration Manager
LEGAL
FORM & OWNERS
Date of
Establishment : 7th
July 2002
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 5/12433/6
Invested Capital : RO 51,000
Mr Mahmood Abdullah Ali Al Busaidi is the sole proprietor of the
business.
OPERATIONS
Activities: Engaged in the wholesale and retail of textiles, fabrics, perfumes,
cosmetics, footwear, readymade garments, water pumping equipment, gifts,
automobile tyres and accessories and electronics.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 30 employees.
FINANCIAL
DATA
Financial highlights provided by local sources are given below:
Currency: Riyal Omani (RO)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales RO
1,750,000 RO
1,900,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
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National Bank of Oman Limited
Ruwi Branch
PO Box: 3752
Muscat
Tel: (968)
24708898
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
The subject and its shareholders/owners have been searched in the following
databases; Office of Foreign Assets Control (OFAC), United Nations Security
Council Sanctions, Australian Sanctions List, US Consolidated Sanctions List,
EU Financial Sanctions List and UK Financial Sanctions List and nothing adverse
could be found on the exact names listed within the report.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the business is deemed 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 |
INR 64.28 |
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1 |
INR 89.02 |
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Euro |
1 |
INR 78.93 |
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OMR |
1 |
INR 166.58 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.