MIRA INFORM REPORT

 

 

Report No. :

349086

Report Date :

16.11.2015

 

IDENTIFICATION DETAILS

 

Name :

VOLTAMP POWER LLC

 

 

Registered Office :

Rusayl Industrial Area, Road No. 7 75 Rusayl 124

 

 

Country :

Oman

 

 

Date of Incorporation :

07.05.2008

 

 

Com. Reg. No.:

1/04592/7

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Subject is 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.

 

 

No. of Employee :

130

 

 

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 :

No complaints

 

 

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

 

SUMMARY

 

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

 

 

COMPANY NAME

 

VOLTAMP POWER LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Rusayl Industrial Area, Road No. 7

 

PO Box            : 75

 

Town                : Rusayl 124

Country             : Oman

 

Telephone         : (968) 24446501 / 24446372 / 24441204 / 26701578

Facsimile          : (968) 24446371 / 26701606

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.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Alok Bhargava                                                                                  Chief Executive Officer

 

·       Sadhish Gupta                                                                                 General Manager

 

·       Aasit Nair                                                                                         Marketing Manager

 

·       Ravi Mahesvari                                                                                 Accounts Manager

 

 

LEGAL FORM & OWNERS

 

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

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of EHV power transformers. Subject’s product range of this unit extends up to315 MVA 220 kV Class. Subject started production in 2011.

 

The plant has the capacity to produce total 6,500 MVA per year. It is equipped to conduct routine, type and

special tests in accordance with IEC 60076/ANSI (C-57-12-90) standard's requirement. The power transformers manufactured by Voltamp are made under stringent quality control in compliance with ISO 9001 standards.

 

Clients:

 

·       Oman Electricity and Transmission Company

 

Subject has a workforce of 130 employees.

 

 

FINANCIAL DATA

 

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.

 

 

BANKERS

 

·       Oman Arab Bank

     Al Khuwair Branch

     PO Box: 5010, Ruwi

     Muscat

     Tel: (968) 24603520

     Fax: (968) 24602948

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that the correct name of the subject is “Voltamp Power LLC” and not “Voltmap Power LLC”.

 

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.66.14

UK Pound

1

Rs.100.55

Euro

1

Rs.71.26

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

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.