MIRA
INFORM REPORT
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Report Date : |
18.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
MAJAN SWITCHGEAR CO LLC |
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Registered Office : |
Sohar Industrial Estate, PO Box
19 & 598, Ghobra 131, Sohar 327 |
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Country : |
Oman |
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Date of Incorporation : |
14.10.2006 |
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Com. Reg. No.: |
3/21785/0 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Manufacture of Switchgears and Control Panels. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
US$ 75,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : MAJAN SWITCHGEAR CO LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 14th October 2006
Commercial Registration Number : 3/21785/0
Chamber Membership Number : 6262
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 30
Activities : Manufacture of switchgears and control panels.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 75,000
COMPANY NAME
MAJAN SWITCHGEAR CO LLC
ADDRESS
Registered & Physical Address
Location : Sohar
Industrial Estate
PO Box : 19 & 598, Ghobra 131
Town : Sohar 327
Country : Oman
Telephone : (968) 26751453 / 24504235 / 24502549
Facsimile : (968) 26750966
Email : majansgc@omantel.net.om
Premises
Subject operates from a medium sized suite of offices and a workshop
that are rented and located in the Industrial Area of Sohar.
KEY PRINCIPALS
Name Nationality Position
· Radha
Krishnan Indian Managing Director
· Subar
Rao Indian Director
· Mohamed
Reda Hassan Ali Abdwani Omani Director
LEGAL FORM & OWNERS
Date of
Establishment : 14th
October 2006
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 3/21785/0
Chamber Member No. : 6262
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of Shareholder (s)
· Radha
Krishnan
· Subar
Rao
· Mohamed
Reda Hassan Ali Abdwani
OPERATIONS
Activities: Engaged in the manufacture of switchgears and control panels.
Import Countries: India and China
Brand Names: BILL & HAVEN
Subject has a workforce of 30 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
· The Commercial Bank of Oman SAOG
Muttrah
Business District
PO Box:
1696, Ruwi 112
Muscat
Tel:
(968) 24793225 / 24793226 / 24793228
Fax:
(968) 24793229
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Majan Switchgear Co LLC is a relatively new business with
operations commencing in October 2006. It is engaged
in the manufacture of switchgears and control panels.
According to local sources subject is making steady progress in the
local business market and nothing detrimental has been reported regarding the
manner in which payments are fulfilled. As such the company is considered to be
a fair trade risk.
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. |
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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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%)