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MIRA INFORM REPORT
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Report No. : |
487998 |
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Report Date : |
29.01.2018 |
IDENTIFICATION DETAILS
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Name : |
DOLPHIN TRADING
& INVESTMENT LLC |
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Registered Office : |
Way No. 6621, Plot
No. 906, Al Tameer Street, Ghala, 1845, Azaiba 130, Muscat |
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Country : |
Oman |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
15.02.2006 |
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Com. Reg. No.: |
1/82141/5 |
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Legal Form : |
Limited Liability
Company – LLC |
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Line of Business : |
· Subject is engaged as civil and electro-mechanical contractors. ·
Subject also provides electro-mechanical
services such as installation of complete internal and external cold water systems,
installation of HVAC system, installation of electrical services like LV
panels and switchgear systems and fire alarms, public address systems and
lighting & small power and cabling works. |
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No. of Employees : |
350 |
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 : DOLPHIN
TRADING & INVESTMENT LLC
Country of Origin : Oman
Legal Form :
Limited Liability Company – LLC
Registration Date : 15th
February 2006
Commercial
Registration Number : 1/82141/5
Issued Capital : RO
1,500,000
Paid up Capital : RO
1,500,000
Total Workforce :
350
Activities :
Civil and electro-mechanical contractors
Financial Condition : Fair
Payments :
No Complaints
Operating Trend : Steady
COMPANY
NAME
DOLPHIN TRADING
& INVESTMENT LLC
ADDRESS
Registered & Physical
Address
Location : Way No. 6621, Plot No. 906, Al
Tameer Street, Ghala
PO Box : 1845, Azaiba 130
Town : Muscat
Country : Oman
Telephone : (968) 24502179 / 24503896 / 24592591
/ 24592596
Facsimile : (968) 24503273
Email : dolphin@omantel.net.om / mohamed@teejan.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Azaiba.
KEY
PRINCIPALS
Name Nationality Position
· Hamed Salim
Issa Al Harrasi Omani Chairman
·
Mohamed
Hameed Salim Issa Al Harrasi Omani Director
·
Fawzi
Hamed Salim Al Harrasi Omani Director
·
Aflah
Hamed Salim Al Harrasi Omani Director
·
K
Chinna Durai - Technical
Manager
·
Biju
Narayan - Finance
Manager
·
Tina
Meri Thomas - Administration
Executive
LEGAL
FORM & OWNERS
Date of Establishment : 15th
February 2006
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/82141/5
Issued Capital : RO 1,500,000
Paid up Capital : RO 1,500,000
Name of Shareholder (s) Percentage
·
Hamed
Salim Issa Al Harrasi 65%
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Fawzi
Hamed Salim Al Harrasi 15%
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Mohamed
Hameed Salim Issa Al Harrasi 10%
·
Aflah
Hamed Salim Al Harrasi 10%
AFFILIATED
COMPANIES
·
Dolphin
Trading Co
Oman
OPERATIONS
Activities: Engaged as civil and electro-mechanical
contractors. Subject is an Excellent Grade Company and is also registered with
the PDO.
Subject also
provides electro-mechanical services such as installation of complete internal
and external cold water systems, installation of HVAC system, installation of electrical services like LV
panels an switchgear systems and fire alarms, public address systems and
lighting & small power and cabling works.
Subject’s services
include:
- Industrial Construction
involving Civil, Mechanical, Electrical Instrumentation operations related
to Oil & Gas, Power Industry
- Multi-storied
commercial & residential buildings
- Pre-cast
concrete fabrication
- Fabrication
& erection of carbon steel & SS pipe lines, pipe shoes and guides
- Concrete
cable route markers
- Cellar boxes
- Cable tray
supports
- Concrete
sleepers
- Prefab
cabins & electromechanical systems
- Maintenance
& rectification of heat exchangers
- Prefabrication
& erection of structural steel & workshop/warehouse/factories
Subject is
Integrated Management System Certified [ISO 9001:2008,ISO 14001:2004 &
OHSAS 18001:2007]
Current
Projects: Subject
is currently executing a civil project for the Ministry of Commerce &
Industry in Ghala Industrial Area, the project is estimated at 1 Million Riyal
Omani. Subject is also engaged in a civil
project for the Ministry of Education. “Dhiri Regional Office” work involves
the construction of a fourstorey building, the total value of the contract is
estimated at 1.2 Million Riyal Omani.
Operating Trend: Steady
Subject has a
workforce of approximately 350 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 4,875,000 RO 5,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
HSBC
Bank Middle East
Muttrah Business District
PO Box: 240, Ruwi 112
Muscat
Tel: (968) 24700810 / 24799920 / 24799927
Fax: (968) 24704241
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.
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 |
INR 63.50 |
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1 |
INR 90.92 |
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Euro |
1 |
INR 79.07 |
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OMR |
1 |
INR 165.12 |
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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NIS |
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Report Prepared
by : |
NIT |
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
·
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
·
Industry
scenario / competitor analysis
·
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.