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Report No. : |
333071 |
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Report Date : |
28.07.2015 |
IDENTIFICATION DETAILS
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Name : |
THE DUNES OMAN
LLC FZC |
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Registered Office : |
Salalah Free Zone, Raysuit, PO Box : 171, Salalah 217 |
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Country : |
Oman |
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Date of Incorporation : |
01.12.2006 |
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Com. Reg. No.: |
1010400, Salalah Free Zone |
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Legal Form : |
Free Zone Limited
Liability Company – FZ LLC |
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Line of Business : |
Subject is
engaged in the production of automotive castings, specialising in brake parts and truck components |
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No. of Employee : |
235 |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 |
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 heavily dependent on dwindling oil resources, which generates 77% of government revenue. It is using enhanced oil recovery techniques to boost production. 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 from 46% to 9% by 2020. Muscat also is focused on 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, have challenged the government's ability to effectively balance its budget as oil prices decline. Despite government acknowledgement that Oman’s expansive social welfare benefits are unsustainable, Oman authorities are comfortable with short-term budget deficits and have approved an expansionary 2015 budget. Concurrently, Oman has expanded efforts to support the development of small and medium-size enterprises and entrepreneurship. Government agencies and large oligarchic group companies have announced 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.
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Source
: CIA |
Company Name : THE DUNES OMAN LLC FZC
Country of Origin : Oman
Legal Form : Free Zone Limited Liability Company – FZ LLC
Registration Date : 1st December 2006
Commercial Registration Number : 1010400, Salalah Free Zone
Issued Capital : RO 5,250,000
Paid up Capital : RO 5,250,000
Total Workforce : 235
Activities : Production of automotive castings.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Person Interviewed : Mahes Vasu Devan, Finance Manager
THE DUNES OMAN LLC FZC
Location : Salalah Free Zone, Raysuit
PO Box : 171
Town : Salalah 217
Country : Oman
Telephone : (968) 23219287 / 23219258 / 23219286
Facsimile : (968) 23219259
Mobile : (968) 99606799
Email : dunesfdy@omantel.net.om
/ accounts@dunesoman.com / mahes.v@dunesoman.com
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of Salalah.
Name Position
·
Ragavachari Ramnujam Managing
Director
·
Gadde Sri Nivas Operations
Manager
·
R Dave Rajan Commercial
Manager
·
Mahes
Vasu Devan Finance
Manager
·
Subramanian Arun Khan Production
Manager
Date of Establishment : 1st
December 2006 (Production began in March 2008)
Legal Form :
Free
Zone Limited Liability
Company – FZ LLC
Commercial Reg. No. : 1010400, Salalah
Free Zone
Issued Capital : RO 5,250,000
Paid up Capital : RO 5,250,000
·
Brake India Ltd 58.31%
India
·
Sundraman Finance 41.69%
India
Activities: Engaged in the production of
automotive castings, specialising in brake parts and truck components.
Import
Countries: India
Export
Countries: Japan, Asia and
Europe
Subject has a
workforce of approximately 235 employees.
Financial
highlights provided by local sources are given below:
Currency: Riyal
Omani (RO)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales RO 6,300,000 RO 6,750,000
Local sources
consider subject’s financial condition to be Fair.
·
Habib
Bank
Mutrah
Business District
PO Box: 1326, Ruwi 112
Muscat
Tel: (968) 24795280
Fax: (968) 24795283
No complaints
regarding subject’s payments have been reported.
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 |
Rs.64.00 |
|
|
1 |
Rs.99.43 |
|
Euro |
1 |
Rs.70.61 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
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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.