MIRA INFORM REPORT

 

 

Report Date :

18.11.2011

 

IDENTIFICATION DETAILS

 

Name :

DURALINE MIDDLE EAST LLC

 

 

Registered Office :

Sohar Industrial Estate, Phase 5, Plot No. 5171, 5184 and 5216 PO Box 3017, Ruwi 112 Sohar

 

 

Country :

Oman

 

 

Date of Incorporation :

03.01.2010

 

 

Com. Reg. No.:

1/08170/4

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Manufacturers of cables, ducting, waste water and gas pipes.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

US$ 100,000

 

 

Status :

New Business

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

--

 

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Oman

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SUMMARY

 

Company Name                                     : DURALINE MIDDLE EAST LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 3rd January 2010

Commercial Registration Number            : 1/08170/4

Chamber Membership Number                : 2591

Issued Capital                                        : RO 250,000

Paid up Capital                                      : RO 250,000

Total Workforce                                     : 45

Activities                                               : Manufacturers of cables, ducting, waste water and gas pipes.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 100,000

 

COMPANY NAME

 

DURALINE MIDDLE EAST LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Sohar Industrial Estate, Phase 5, Plot No. 5171, 5184 and 5216

 

PO Box             : 3017, Ruwi 112

 

Town                 : Sohar

Country             : Oman

 

Telephone         : (968) 24785800

Facsimile          : (968) 24784300

Mobile               : (968) 99877943 / 96611164

Email                : constancio.barreto@duralineme.com / yogesh.vijay@duralineme.com / manoj@group-vts.com

 

Premises

 

Subject operates from a suite of offices and a factory covering 7,000 square metres that are rented and located in the Industrial Area of Sohar.

 

 

KEY PRINCIPALS

 

     Name                                                                       Nationality                     Position

 

·       V T Saileswran                                                          Indian                            Managing Director

 

·       Nasser Ibn Sulaiman Bin Yahya Al Nabaie                  Omani                           Director

 

·       Manoj Nair                                                                      -                            Marketing Manager

 

·       Constancio Barreto                                                          -                             Factory Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 3rd January 2010 (Production began in January 2011)

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/08170/4

 

Chamber Member No. : 2591

 

Issued Capital              : RO 250,000

 

Paid up Capital            : RO 250,000

 

Name of Shareholder (s)                               Percentage

 

·       Duraline Pvt Ltd                                                         60%

Delhi

     India

 

·       Al Jassar Group LLC                                                 40%

Muscat

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of cables, ducting, waste water and gas pipes.

 

                 Subject is ISO 9001:2008 accredited.

 

Production Capacity: 6,000 tonnes per year.

 

Import Countries: Europe and the Far East.

 

Subject has a workforce of 45 employees.

 

 

FINANCIAL DATA

 

Subject is a newly formed business and as a result financial information is not currently available.

 

 

BANKERS

 

·       National Bank of Oman Limited (SAOG)

PO Box: 65

Sohar 311

Tel: (968) 24843780

Fax: (968) 24842344

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

In view of subject’s infancy, extensive payment and financial are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.72

UK Pound

1

Rs.79.88

Euro

1

Rs.68.46

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

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.