MIRA INFORM REPORT

 

 

Report Date :

23rd February, 2007

 

IDENTIFICATION DETAILS

 

Name :

AL JIZZI TRANSFORMERS & SWITCHGEARS CO LLC

 

 

Registered Office :

OHI Building, Mezzanine Floor, Dohat Al Adab Street, Al Khuwair, P O Box: 889, Muscat 113, Sultanate of Oman.

 

 

Country :

Sultanate of Oman

 

 

Date of Incorporation :

26.01.1997

 

 

Com. Reg. No.:

1/54589/2

 

 

Legal Form :

Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)

 

 

Line of Business :

Engaged in the manufacture of transformers and switchgear.

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 300,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

 

SUMMARY

 

 

Company Name

AL JIZZI TRANSFORMERS & SWITCHGEARS CO LLC

Country of Origin

Sultanate of Oman

Legal Form

Limited Liability Company - LLC

Registration Date

26th January 1997

Commercial Registration Number

1/54589/2

Issued Capital

RO 1,200,000

Paid up Capital

RO 1,200,000

Total Workforce

120

Line of Business

Manufacturers of transformers and switchgear.

Financial Condition

Fair

Payments

Nothing detrimental uncovered

Operating Trend

Steady

 

 

COMPANY NAME

 

AL JIZZI TRANSFORMERS & SWITCHGEARS CO LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : OHI Building, Mezzanine Floor

Street               : Dohat Al Adab Street

Area                 : Al Khuwair

PO Box            : 889

Town                : Muscat 113

Country             : Sultanate of Oman

Telephone         : (968-24) 451427 / 451213 / 602052 / 602053

Facsimile          : (968-24) 456190

Email                : ajtsoman@omantel.net.om

 

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Muscat.

 

 

KEY PRINCIPALS

 

·       Abdullah Nasser                                                      Chairman

 

·       Sulaiman Ahmed Saeed                                           Managing Director

 

·       Alil Hassan Ali                                                         Director

 

·       Mortda Mohamed Hassan                                         Director

 

·       Ram Naz                                                                 General Manager

 

·       Anand Krishnan                                                       Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment : 26th January 1997

 

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

 

Commercial Reg. No.  : 1/54589/2

 

Issued Capital             : RO 1,200,000

 

Paid up Capital           : RO 1,200,000

 

 

Name of Shareholder (s)

 

·       Abdullah Nasser

 

·       Sulaiman Ahmed Saeed

 

·       Alil Hassan Ali

 

·       Mortda Mohamed Hassan

 

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 manufacture of transformers and switchgear.

 

Import Countries : Europe and GCC countries.

 

International Suppliers :

 

·       Pioch             France

 

Operating Trend : Steady

 

Subject has a workforce of 120 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 4,300,000                                     RO 4,450,000

 

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

 

·       Bank Dhofar Al Omani Al Fransi

Al Burj Street

PO Box : 4507, Ruwi

Muscat

Tel   : (968-24) 798012 / 798013

Fax : (968-24) 798015

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000:

 

Established in 1997, subject is involved in the manufacture of transformers and switchgear.

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

Maximum suggested credit figure: US$ 300,000

 

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

 

 

 

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