MIRA INFORM REPORT

 

 

Report Date :

14th November, 2006

 

IDENTIFICATION DETAILS

 

Name :

VOLTAMP MANUFACTURING CO. LLC.

 

 

Registered Office :

Rusayl Industrial Area, Plot No. 17, PO Box : 75, Rusayl 124, Sultanate of Oman

 

 

Country :

Oman

 

 

Date of Incorporation :

03.08.1987

 

 

Com. Reg. No.:

26294

 

 

Legal Form :

Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company – LLC)

 

 

Line of Business :

Design, manufacture and marketing of LV Distribution Systems and Industrial Automation.

 

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

 

Maximum Credit Limit :

US$ 200,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

SUMMARY

 

 

Company Name

VOLTAMP MANUFACTURING CO LLC

Country of Origin

Sultanate of Oman

Legal Form

Limited Liability Company - LLC

Registration Date

3rd August 1987

Commercial Registration Number

26294

Issued Capital

RO 120,000

Paid up Capital

RO 120,000

Total Workforce

100

Line of Business

Design, manufacture and marketing of LV Distribution Systems and Industrial Automation.

Financial Condition

Fair

Payments

Nothing detrimental uncovered

Operating Trend

Steady

 

 

 

 

COMPANY NAME

 

VOLTAMP MANUFACTURING CO LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Rusayl Industrial Area, Plot No. 17

PO Box             : 75

Town                 : Rusayl 124

Country             : Sultanate of Oman

Telephone         : (968) 24446518 / 24626901 / 24629140

Facsimile          : (968) 24446584

Email                : vmcsw@omantel.net.om

 

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are owned and located in the Industrial Area of Rusayl.

 

 

KEY PRINCIPALS

 

·       H.E. Shihab Bin Tarik Al Said                                     Managing Director

 

·       Mohamed Jaffer                                                                     General Manager

 

·       B Srinivasan                                                                         Works Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 3rd August 1987

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company – LLC)

 

Commercial Reg. No.  : 26294

 

Issued Capital              : RO 120,000

 

Paid up Capital            : RO 120,000

 

 

Name of Shareholder (s)                   Percentage

 

·       H.E. Mohamed Bin Moosa Al Yousuf                               60%

 

·       Sabco LLC                                                                    20%

Moosa Abdul Rahman Building

Al Noor Street

PO Box 3779

Ruwi 112

Tel: (968) 24704186

 

·       H.E. Shihab Bin Tarik Al Said                              10%

 

·       Dr Mohamed Rob                                                           10%

 

Non Omani Participation

The participation of non-Omani nationals in a trade or business in Oman is governed by the Foreign Business Investment Law, which sets capital requirements and requires 35 % Omani participation in capital and profits.

 

Note to the Legal Form   The Limited Liability Company (LLC), or private company, is the form of business entity usually chosen by foreign investors. It may be formed by a minimum of 2 and a maximum of 30 natural or legal persons, whose liability is limited to their shares in the company’s capital. The minimum capital of a Limited Liability Company with foreign ownership should be RO 150,000, although this may be reduced to a minimum of RO 30,000 with the approval of the Minister of Commerce and Industry. For a company wholly owned by Omani nationals, the minimum capital is RO 10,000.

 

Contributions to capital may be made in cash of kind. Capital may not be increased by public subscription. The full amount of the share value must be paid in on subscription. Shares may not be assigned to a non-member, unless the other existing members are granted a pre-emptive right to purchase the shares.

 

 

LINE OF BUSINESS

 

Operations : Engaged in the design, manufacture and marketing of LV Distribution Systems and Industrial Automation.

 

Import Countries : France, Germany, Denmark and Spain.

 

International Suppliers :

 

·       Merlin Gerin              France

·       Telemecanique          France

·       Socomec                  France

·       Jean Muller GmbH     Germany

·       Logstrup                   Denmark

·       Himel                       Spain

 

Operating Trend : Steady

 

Subject has a workforce of approximately 100 employees.

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : Riyal Omani (RO)

 

                                                Year Ending 31/12/04                 Year Ending 31/12/05

 

Total Revenue                            RO 2,380,000                            RO 2,500,000

 

Local sources consider subject’s financial condition to be Fair.

 

Legal Reserve Requirement        

A Limited Liability Company (LLC) is required each year to set aside 10% of its net profits as a legal reserve until the reserve reaches one-third of the company’s capital. This legal reserve is not available for distribution.

 

 

BANKERS

 

·       Oman International Bank

Al Jaame Street

     P.O.Box : 4216

     Muscat

     Tel: (968) 24703614 / 24707328 / 24793450

 

·       Bank of Oman, Bahrain & Kuwait

     BOBK House

     Al Burj Street

     PO Box : 4708, Ruwi 112

     Muscat

     Tel: (968) 24701528

     Fax: (968) 24705607

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.

 

Maximum suggested credit figure: US$ 200,000

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

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