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MIRA INFORM REPORT
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Report No. : |
496422 |
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Report Date : |
09.03.2018 |
IDENTIFICATION DETAILS
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Name : |
BIPIN DHARAMSEY LLC |
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Registered Office : |
Building No. 280 Way No. 95 Al Saidiya Area PO Box 670 Muscat 100 |
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Country : |
Oman |
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Date of Incorporation : |
25.02.2013 |
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Com. Reg. No.: |
1/16690/4 |
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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
foodstuffs. |
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No. of Employees : |
10 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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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 (30.09.2017) |
Current Rating (31.12.2017) |
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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 in 2017 prompted the Omani Government to announce a cap on fuel prices and a plan to provide 25,000 public-sector jobs for Omanis.
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Source
: CIA |
SUMMARY
Company Name : BIPIN DHARAMSEY LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 25th February 2013
Commercial Registration Number : 1/16690/4
Issued Capital : RO 1,500,000
Paid up Capital : RO 1,500,000
Total Workforce : 10
Activities : Distributors of general foodstuffs
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Kanaylal C Badyani, General Manager
COMPANY
NAME
BIPIN DHARAMSEY LLC
ADDRESS
Registered &
Physical Address
Building :
Building No. 280
Street :
Way No. 95
Area :
Al Saidiya Area
PO Box :
670
Town :
Muscat 100
Country : Oman
Telephone :
(968) 24736237 / 24736849 / 24738004
Facsimile :
(968) 24736231
Email : import@dharamsey.com
/ dharamsy@omantel.net.om
/ shikhar@dharamsey.com
Premises
Subject operates from a small suite of offices that are
rented and located in the Central Business Area of Muscat.
KEY
PRINCIPALS
Name Nationality Position
· Shikar
Bipin Dharamsey Nensey Omani Managing Director
· Bipin
Dharamsey Nensey Omani Director
· Jishnu
Bipin Dharamsey Omani Director
· Kanaylal
C Badyani - General
Manager
· Lewis
Rayan - Financial
Controller
· M Wasu - Administration
Executive
LEGAL
FORM & OWNERS
Date
of Establishment : 25th
February 2013
Legal
Form : Limited
Liability Company – LLC
Commercial
Reg. No. :
1/16690/4
Issued Capital : RO
1,500,000
Paid up Capital :
RO 1,500,000
Name of Shareholder (s) Percentage
· Bipin
Dharamsey Nensey 76%
· Shikar
Bipin Dharamsey Nensey 12%
· Jishnu
Bipin Dharamsey 12%
AFFILIATED
COMPANIES
· Dharamsey
Nansey Co
PO
Box: 136
Muscat
100
Tel: (968) 24736237
Fax: (968) 24736231
CR No.
1/01358/0
OPERATIONS
Activities: Engaged in the import and distribution
of general foodstuffs.
Import Countries: Europe and the Far East.
Subject has a workforce of 10 employees.
FINANCIAL
DATA
Companies registered in Oman are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
BANKERS
· Commercial Bank of Oman SAOG
Muttrah Business District
PO Box: 1696, Ruwi 112
Muscat
Tel: (968) 24793225 / 24793226 / 24793228
Fax: (968) 24793229
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 64.92 |
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1 |
INR 90.23 |
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Euro |
1 |
INR 80.54 |
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OMR |
1 |
INR 169.25 |
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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PRA |
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Report Prepared
by : |
TRU |
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
·
Promoters
/ Management background
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Payment
record
·
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.