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MIRA INFORM REPORT
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Report No. : |
512157 |
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Report Date : |
31.05.2018 |
IDENTIFICATION DETAILS
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Name : |
DANAT AZAMAN COMPANY LLC |
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Registered Office : |
Al Seeb 109 Muscat 122 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
07.08.1991 |
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Com. Reg. No.: |
1/32665/1 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject is engaged in the manufacture of instant drink powder, milk
powder and butter ghee. |
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No. of Employees : |
40 |
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 (30.09.2017) |
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 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.
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Source
: CIA |
SUMMARY
Company Name :
DANAT AZAMAN COMPANY LLC
Country of Origin : Oman
Legal Form :
Limited Liability Company – LLC
Registration Date : 7th August 1991
Commercial Registration Number : 1/32665/1
Issued Capital : RO 90,500
Paid up Capital : RO 90,500
Total Workforce : 40
Activities :
Manufacturers of instant drink powder, milk powder and butter ghee
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
COMPANY
NAME
DANAT AZAMAN COMPANY LLC
ADDRESS
Registered & Physical Address
Location :
Al Seeb
PO Box :
109
Town :
Muscat 122
Country :
Oman
Telephone :
(968) 24451707 / 24451708
Facsimile :
(968) 24451708 / 24450908
Mobile :
(968) 99327317
Email :
aliasabri@danat-azaman.com
/ sales@danat-azaman.com
/ accounts@danat-azaman.com
Premises
Subject operates from a small suite of
offices and a showroom that are rented and located in the Central Business Area
of Muscat.
Branch Office (s)
Location Description
Al Ambilah Al Snaiya Factory
premises
KEY
PRINCIPALS
Name Nationality Position
Saleh Hilal Hamood Al Sabri Omani Managing Director
Ali Hilal Hamood Al
Sabri Omani Director
LEGAL
FORM & OWNERS
Date of Establishment : 7th August 1991
Legal Form :
Limited
Liability Company – LLC
Commercial Reg. No. : 1/32665/1
Issued Capital : RO 90,500
Paid up Capital : RO 90,500
Name of Shareholder (s) Percentage
Saleh Hilal Hamood Al Sabri 50%
Ali Hilal Hamood Al
Sabri 50%
OPERATIONS
Activities: Engaged in
the manufacture of instant drink powder, milk powder and butter ghee.
Import Countries: Europe and
the Far East
Brand Names: GOOD COW,
AL MAKSHOOD and AL DEYAFA
Operating Trend: Steady
Subject has a workforce of 40 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
1,830,000 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
HSBC Middle East
PO Box: 234
Muscat 113
Tel: (968) 24736041 / 24736042
Fax: (968) 24736043
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.
According to
local sources, subject meets its payment obligations in a timely manner and 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 67.63 |
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1 |
INR 89.70 |
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Euro |
1 |
INR 78.20 |
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OMR |
1 |
INR 175.37 |
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 : |
POJ |
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
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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.