|
Report No. : |
347739 |
|
Report Date : |
03.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
DURALINE MIDDLE
EAST LLC |
|
|
|
|
Registered Office : |
Sohar Industrial Estate, Phase 5, Plot No. 5171, 5184 and 5216, P O Box: 3017, Ruwi 112, Sohar |
|
|
|
|
Country : |
Oman |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
03.01.2010 (Production began in January, 2011) |
|
|
|
|
Com. Reg. No.: |
1/08170/4 |
|
|
|
|
Legal Form : |
Limited Liability Company – LLC |
|
|
|
|
Line of Business : |
Manufacture of
Cables, Ducting, Waste Water and Gas Pipes. |
|
|
|
|
No. of Employees : |
45 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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) |
|
Oman |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source
: CIA |
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
1,566,666
Paid up Capital : RO
1,566,666
Total Workforce : 45
Activities :
Manufacturers of cables, ducting, waste water and gas pipes.
Financial Condition : Fair
Payments :
Slow but correct
Operating Trend : Steady
Person Interviewed : Sunil Singh, Finance Manager
DURALINE MIDDLE
EAST LLC
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 / 92860886
Email : constancio.barreto@duralineme.com
/ yogesh.vijay@duralineme.com
/ manoj@group-vts.com
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.
Name Nationality Position
·
V T
Saileswran Indian Managing
Director
·
Nasser
Ibn Sulaiman Bin Yahya Al Nabaie Omani Director
·
Kaushik Sinha -
General Manager
·
Constancio
Barreto - Factory
Manager
·
Sunil Singh - Finance
Manager
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 1,566,666
Paid up Capital : RO 1,566,666
·
Duraline
Pvt Ltd 60%
Delhi
India
·
Al
Jassar Group LLC 40%
Muscat
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.
International Suppliers:
·
SABIC Saudi
Arabia
·
National Petrochemical Co Saudi Arabia
·
Borouge Ltd United
Arab Emirates
Operating Trend: Steady
Subject has a
workforce of 45 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 5,042,000 RO
4,260,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Sunil Singh,
Finance Manager
·
National
Bank of Oman Limited (SAOG)
PO Box: 65
Sohar 311
Tel: (968) 24843780
Fax: (968) 24842344
Slow but correct
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.65.45 |
|
|
1 |
Rs.101.06 |
|
Euro |
1 |
Rs.72.22 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
NIT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.