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Report Date : |
31.05.2013 |
IDENTIFICATION DETAILS
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Name : |
VOLTAMP POWER LLC |
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Registered Office : |
Rusayl Industrial Area, PO Box 75, Rusayl 124 |
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Country : |
Oman |
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Date of Incorporation : |
07.05.2008 |
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Com. Reg. No.: |
1/04592/7 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Manufacturers of EHV Power Transformers |
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No. of Employees : |
130 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Oman |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
OMAN - ECONOMIC OVERVIEW
Oman is a middle-income economy that is heavily dependent on
dwindling oil resources. Because of declining reserves and a rapidly growing
labor force, Muscat has actively pursued a development plan that focuses on
diversification, industrialization, and privatization, with the objective of
reducing the oil sector's contribution to GDP to 9% by 2020 and creating more
jobs to employ the rising numbers of Omanis entering the workforce. Tourism and
gas-based industries are key components of the government's diversification
strategy. However, increases in social welfare benefits, particularly since the
Arab Spring, will challenge the government's ability to effectively balance its
budget if oil revenues decline. By using enhanced oil recovery techniques, Oman
succeeded in increasing oil production, giving the country more time to
diversify, and the increase in global oil prices through 2011 provided the
government greater financial resources to invest in non-oil sectors. In 2012,
continued surpluses resulting from sustained high oil prices and increased
enhanced oil recovery allowed the government to maintain growth in social
subsidies and public sector job creation. However, the Sultan made widely
reported statements indicating this would not be sustainable, and called for
expanded efforts to support SME development and entrepreneurship. Government
agencies and large oligarchic group companies heeded his call, announcing new
initiatives to spin off non-essential functions to entrepreneurs, incubate new
businesses, train and mentor up and coming business people, and provide
financing for start-ups. In response to fast growth in household indebtedness,
the Central Bank reduced the ceiling on personal interest loans from 8 to 7%,
lowered mortgage rates, capped the percentage of consumer loans at 50% of
borrower's salaries for personal loans and 60% for housing loans, and limited
maximum repayment terms to 10 and 25 years respectively. In 2012 the Central
Bank also issued final regulations governing Islamic banking and two
full-fledged Islamic banks held oversubscribed IPOs while four traditional
banks opened sharia-compliant Islamic windows.
Source
: CIA
Company Name :
VOLTAMP POWER LLC
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
7th May 2008
Commercial Registration Number :
1/04592/7
Issued Capital :
RO 6,000,000
Paid up Capital :
RO 6,000,000
Total Workforce :
130
Activities :
Manufacturers of EHV power transformers
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
VOLTAMP POWER LLC
Registered &
Physical Address
Location : Rusayl
Industrial Area
PO Box : 75
Town : Rusayl 124
Country : Oman
Telephone : (968) 24446501
/ 24446372
Email : ravi@voltampoman.com
Please note that subject’s previous address was PO Box 690, Sohar
Industrial Estate, Sohar 322.
Premises
Subject operates from a suite of offices and a factory covering 14,500
square metres that are rented and located in the Industrial Area of Rusayl.
Name Position
Sadhish Gupta General
Manager
Aasit Nair Marketing
Manager
Ravi Mahesvari Accounts
Manager
Date of Establishment : 7th
May 2008
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 1/04592/7
Issued Capital : RO 6,000,000
Paid up Capital : RO 6,000,000
Name of
Shareholder (s) Percentage
Voltamp Energy SAOG 99.99%
Oman
Voltamp Transformers LLC 0.01%
Oman
Activities: Engaged in the manufacture of EHV power transformers. Subject’s product
range of this unit extends up to 315 MVA
220 kV Class. Subject started production in 2011.
Clients:
Oman Electricity and Transmission Company
Subject has a workforce of 130 employees.
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.
Oman Arab Bank
Al Khuwair Branch
PO Box: 5010, Ruwi
Muscat
Tel: (968) 24603520
Fax: (968) 24602948
No complaints regarding subject’s payments have been reported.
According to local sources, subject enjoys a good reputation for the
quality of its products with nothing detrimental uncovered regarding the manner
in which operations are conducted. As such the company is considered to be a
fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.10 |
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|
1 |
Rs.85.13 |
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Euro |
1 |
Rs.72.80 |
INFORMATION DETAILS
|
Report
Prepared by : |
SMN |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.