MIRA
INFORM REPORT
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Report Date : |
23rd
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
SOHAR
ALUMINIUM COMPANY LLC |
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Registered Office : |
Al Harthy Complex, PO Box: 60 & 111, Mina Al Fanal 118, Sultanate of Oman |
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Country : |
Oman |
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Date of Incorporation : |
September
2004 |
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Legal Form : |
Sharikat
Thet Massouliya Mahdoudeh (Limited Liability Company – LLC) |
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Line of Business : |
Subject will operate an aluminium smelter |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$
450,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
SOHAR ALUMINIUM COMPANY LLC |
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Country of Origin |
Sultanate of Oman |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
September 2004 |
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Issued Capital |
RO 10,000,000 |
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Paid up Capital |
RO 10,000,000 |
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Total Workforce |
40 |
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Line of Business |
Subject will operate an aluminium smelter |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
SOHAR
ALUMINIUM COMPANY LLC
ADDRESS
Registered & Physical Address
Location : Al
Harthy Complex
PO Box : 60 & 111
Town : Mina Al Fanal 118
Country : Sultanate of Oman
Telephone : (968) 24573800
Facsimile : (968) 24573801
Email : info@sohar-aluminium.com
Premises
Subject
operates from a medium sized suite of offices that are rented and located in
the Central Business Area of Mina Al Fanal.
KEY PRINCIPALS
·
Tony Kinsman Chief
Executive Officer
·
Michel Huot Operations
Manager
·
Jeremy Nottingham Commercial
Manager
·
Paul Snyman Finance
Manager
·
Jean Pierre Boucard Smelter Project Manager
·
Niall O'Byrne Power
Project Manager
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Mrs
Malak Al Shaibani Corporate
Affairs Manager
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Kalat Al
Bulooshi Human
Resources Manager
LEGAL FORM & OWNERS
Date of Establishment : September 2004
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company – LLC)
Issued
Capital : RO 10,000,000
Paid
up Capital : RO 10,000,000
Name of Shareholder (s) Percentage
·
Oman Oil Company SAOC 40%
PO Box 261
Muscat 118
Oman
Tel : (968) 24573100
Fax : (968) 24573101
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Abu Dhabi Water & Electricity Authority (ADWEA)
40%
PO Box 6120
Abu Dhabi
United Arab Emirates
Tel :
(971-2) 6943333
Fax :
(971-2) 6943192
·
Alcan Inc 20%
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 : Sohar Aluminium Company was formed in September 2004 to undertake a landmark US$ 2.4 billion Greenfield Aluminium Smelter project in the Sultanate of Oman. On 11th December 2005, Sohar Aluminium celebrated obtaining formal project and financial close and the signing of major agreements
The company now has the “green light” to build and operate its smelter and power plant in Sohar. The smelter will be located 11 km inland from the Port of Sohar while the power plant will be built in the Sohar industrial port area
The company, as a first phase development, will build a single AP35 potline, together with associated carbon, casting facilities and an 1000 MW gas fired power station, and will produce 350,000 tonnes per annum of primary aluminium.
Subject
has a workforce of approximately 40 employees but this will increase as the
company nears commencement of commercial production.
FINANCIAL HIGHLIGHTS
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
·
National
Bank of Oman Limited (SAOG)
Mutrah Business District
PO Box : 751, Ruwi 112
Muscat
Tel :
(968) 708894 708630 / 708684
Fax :
(968) 707781 / 703972
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The Commercial Bank of Oman SAOG
Muttrah
Business District
PO Box :
1696, Ruwi 112
Muscat
Tel : (968) 793225 / 793226 / 793228
Fax : (968) 793229
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000
Sohar Aluminium Company was formed in September 2004 to undertake
a landmark US$ 2.4 billion Greenfield Aluminium Smelter project in the
Sultanate of Oman. When completed the company will produce 350,000 tonnes per
annum of primary aluminium.
The
company is owned by very well known and financially strong international
organisations, including one of the leading companies in the aluminium industry
– Alcan Inc.
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$ 450,000
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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