MIRA INFORM REPORT

 

 

Report No. :

507603

Report Date :

10.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

POPAT ASHOK BHAGWANDAS & PARTNERS LLC

 

 

Registered Office :

Muttrah Business District, P O Box: 260, Muscat 114

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2017

 

 

Date of Incorporation :

06.02.1977

 

 

Com. Reg. No.:

1/04688/8

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Wholesale and retail of footwear, textiles, fabrics, gifts, silverware, readymade garments,  toys, perfumes and cosmetics

 

 

No. of Employees :

15

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

 

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Oman

A2

A2

 

Risk Category

ECGC

Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

 

OMAN - ECONOMIC OVERVIEW

 

Oman is heavily dependent on oil and gas resources, which can generate between and 68% and 85% of government revenue, depending on fluctuations in commodity prices. In 2016, low global oil prices drove Oman’s budget deficit to $13.8 billion, or approximately 20% of GDP, but the budget deficit is estimated to have reduced to 12% of GDP in 2017 as Oman reduced government subsidies. As of January 2018, Oman has sufficient foreign assets to support its currency’s fixed exchange rates. It is issuing debt to cover its deficit.

Oman is using enhanced oil recovery techniques to boost production, but it 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. The key components of the government's diversification strategy are tourism, shipping and logistics, mining, manufacturing, and aquaculture.

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 made it impossible for the government to balance its budget in light of current oil prices. In response, Omani officials imposed austerity measures on its gasoline and diesel subsidies in 2016. These spending cuts have had only a moderate effect on the government’s budget, which is projected to again face a deficit of $7.8 billion in 2018.

 

Source : CIA

 

 

SUMMARY

 

Company Name                                    : POPAT ASHOK BHAGWANDAS & PARTNERS LLC

Country of Origin                                   : Oman

Legal Form                                           : Limited Liability Company – LLC

Registration Date                                  : 6th February 1977

Commercial Registration Number           : 1/04688/8

Chamber Membership Number               : 6529

Issued Capital                                       : RO 150,000

Paid up Capital                                     : RO 150,000

Total Workforce                                                : 15

Activities                                               : Wholesalers and retailers of footwear, textiles, fabrics, gifts, silverware,

                                                  readymade garments, toys, perfumes and cosmetics

Financial Condition                                : Fair

Payments                                             : No Complaints

Operating Trend                                    : Steady

 

COMPANY NAME

 

POPAT ASHOK BHAGWANDAS & PARTNERS LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Muttrah Business District

 

PO Box                        : 260

 

Town                : Muscat 114

Country             : Oman

 

Telephone         : (968) 24714166 / 24712969

Facsimile          : (968) 24715017

Mobile              : (968) 92106401 / 99414230 / 99355732 / 99019848 / 91353534

Email                : albadisaid@gmail.com

 

Premises

 

Subject operates from a small suite of offices, a warehouse and a showroom that are rented and located in the Central Business Area of Muscat.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Souq Al Noor                                                                                   Rented showroom premises

Muttrah

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                    Position

 

·       Popat Ashok Bhagwandas                            Indian                           Managing Director

 

·       Ahmed Pasand Ali Al Balushi                                    Omani                           Director

 

·       Jay Vijay Kumar Popat                                 Indian                           Director

 

·       Hitesh Kumar Popat                                      Indian                           Director

 

·       Kishorchandra Bhagwandas                          Indian                           Director

 

·       Keshore Popat Ashok Bhaghwandas             Indian                           General Manager

 

·       Nailesh Butt                                                      -                               Sales Manager

 

·       Monoj Mehta                                                    -                               Financial Controller

 

·       Surrab Shashla                                                 -                               Accountant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 6th February 1977

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.   : 1/04688/8

 

Chamber Member No.  : 6529

 

Issued Capital              : RO 150,000

 

Paid up Capital            : RO 150,000

 

Name of Shareholder (s)                                           Percentage

 

·       Ahmed Pasand Ali Al Balushi                                                30.0%

 

·       Jay Vijay Kumar Popat                                             23.4%

 

·        Kishorchandra Bhagwandas                                     20.0%

 

·       Popat Ashok Bhagwandas                                        13.3%

 

·       Hitesh Kumar Popat                                                  13.3%

 

 

AFFILIATED COMPANIES

 

·       Saeed Bin Mubarak Bahwan LLC

Muscat

Tel: (968) 24712420

Fax: (968) 24715017

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of footwear, textiles, fabrics, gifts, silverware, readymade garments,

     toys, perfumes and cosmetics

 

Import Countries: Thailand, Singapore and India

 

International Suppliers:

 

·       D G Enterprises                    India

·       General Exporter                  India

·       Uttam Chand                        India

·       B S Enterprises                    India

·       M R Export                          India

·       3D Trading                           India

·       Atouqi Enterprises                Oman

 

Operating Trend: Steady

 

Subject has a workforce of 15 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 560,000                               RO 600,000

 

Local sources consider subject’s financial condition to be Fair.  

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Bank Muscat SAOG

     PO Box: 8881

     Jibroo

     Tel: (968) 24711353

       Fax: (968) 24713239

 

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.38

UK Pound

1

INR 91.09

Euro

1

INR 79.75

OMR

1

INR 174.66

Note: Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.