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Report Date : |
31.12.2013 |
IDENTIFICATION DETAILS
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Name : |
AL HASSAN SWITCHGEAR MANUFACTURING CO LLC (AHSG) |
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Registered Office : |
Al |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
10.01.1992 |
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Com. Reg. No.: |
1/30058/0 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the manufacture and distribution of
switchgear, control panels and switchboards. |
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No. of Employees : |
220 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Oman |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
OMAN - ECONOMIC OVERVIEW
Oman is a middle-income economy that is heavily dependent on dwindling oil resources. Because of declining reserves and a rapidly growing labor force, 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 to 9% by 2020 and 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, will challenge the government's ability to effectively balance its budget if oil revenues decline. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production, giving the country more time to diversify, and the increase in global oil prices through 2011 provided the government greater financial resources to invest in non-oil sectors. In 2012, continued surpluses resulting from sustained high oil prices and increased enhanced oil recovery allowed the government to maintain growth in social subsidies and public sector job creation. However, the Sultan made widely reported statements indicating this would not be sustainable, and called for expanded efforts to support SME development and entrepreneurship. Government agencies and large oligarchic group companies heeded his call, announcing 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. In response to fast growth in household indebtedness, the Central Bank reduced the ceiling on personal interest loans from 8 to 7%, lowered mortgage rates, capped the percentage of consumer loans at 50% of borrower's salaries for personal loans and 60% for housing loans, and limited maximum repayment terms to 10 and 25 years respectively. In 2012 the Central Bank also issued final regulations governing Islamic banking and two full-fledged Islamic banks held oversubscribed IPOs while four traditional banks opened sharia-compliant Islamic windows.
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Source
: CIA |
Company Name :
AL HASSAN SWITCHGEAR MANUFACTURING CO LLC (AHSG)
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
10th January 1992
Commercial Registration Number :
1/30058/0
Issued Capital :
RO 500,000
Paid up Capital :
RO 500,000
Total Workforce :
220
Activities :
Manufacture and distribution of switchgear products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Mani Khadim, General Manager
AL HASSAN
SWITCHGEAR MANUFACTURING CO LLC (AHSG)
Registered &
Physical Address
Building : Al Hassan
Building
Area : Wadi Kabir
PO Box : 1948, Ruwi 112
Town : Muscat
Country : Sultanate of
Oman
Telephone : (968) 24591283 / 24591284
Facsimile : (968) 24596899
Email : ahsgoman@omantel.net.om
/ manufacturing@al-hassan.com / vinod.n@al-hassan.com
Premises
Subject operates from a medium sized suite of offices that are owned and
located in the Central Business Area of Muscat.
Branch Office (s)
Location Description
Ghala Industrial Area Owned
factory premises
Ghala covering
an area of 16,000
PO Box: 130 square
metres
Madinat Al Sultan Qaboos 115
Tel: (968) 24591283 / 24596899
Fax: (968) 24591284
Name Position
Hassan Ali Salman Managing
Director
Maqboul Ali Salman Director
Mani Khadim General
Manager
Amit Alora Production
Manager
Deepak Chandra Finance
Manager
Date of Establishment : 10th January 1992
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 1/30058/0
Issued Capital : RO 500,000
Paid up Capital : RO 500,000
Name of
Shareholder (s)
Hassan Ali Salman
Maqboul Ali Salman
Subject is a member of the Al Hassan Group of companies, which comprises
of the following concerns:
Al Hassan Building Materials Co
PO Box: 4948
Muscat
Oman
Tel: (968) 24700575
Fax: (968) 24704233
Al Hassan Electricals Co
PO Box: 4948
Muscat
Oman
Tel: (968) 24707054
Email: electricals@al-hassan.com
Asian Paints Middle East LLC
PO Box: 462
Al Khuwair
Muscat 133
Oman
Tel: (968) 247710575
Fax: (968) 247714233
Email: apmeoman@omantel.net.ae
Al Hassan Trading & Contracting Co LLC
Wadi Kabir
PO Box: 4948
Muscat
Oman
Tel: (968) 24700575 / 24793365 / 24793425
Fax: (968) 24705953
Nassam Industries LLC
PO Box: 89, Rusayl 124
Muscat
Oman
Tel: (968) 24626517
Fax: (968) 24626516
Email: ahs6mct@gto.net.om
Galaxy Textile Industry LLC
PO Box: 50130
Muscat
Oman
Al Hassan Equipment Co
PO Box: 4948
Muscat
Oman
Al Hassan Engineering
Oman
Email: ahengg@omantel.net.om
Al Hassan Information & Communication Technology LLC
Oman
Hi Tech Services & Supplies LLC
Oman
Al Hamas Trading Company
PO Box: 19546
Dubai
United Arab Emirates
Tel: (971-4) 2218696
Fax: (971-4) 2273549
Email: alhamas@emirates.net.ae
Nour Al Khaleej LLC
PO Box: 45261
Abu Dhabi
United Arab Emirates
Email: nakad786@emirates.net.ae
Al Hassan Power Industries LLC
Muscat
Oman
Al Hassan Lighting & Fan Industries
Muscat
Oman
Al Hassan Electrical Co LLC
Dubai
United Arab Emirates
Al Hassan Electrical Co LLC
Abu Dhabi
United Arab Emirates
Activities: Subject is engaged in the
manufacture and distribution of switchgear, control panels and switchboards.
AHSG is a manufacturer of complete range of
Low Voltage switchgear fully type tested upto 6400 A rating, 120kA / 1sec fault
level and Internal arc tested for 50 kA / 1sec. AHSG serves all segments of the
market starting from critical oil and gas projects to building projects with
optimal tailor made solutions.
AHSG has won orders and product approvals
from a large number of client Ministries, Municipalities, Industries,
Electricity and Water Authorities in the Middle East and Europe, in addition to
leading EPC Contractors and Engineering consultants besides end users. AHSG is
by far the leader in its field with 65% market share in Oman with 60% of its
production getting exported to Dubai, Abu Dhabi, Northern Emirates, Qatar,
Jordan, Bahrain, Saudi Arabia and some European countries
In August 2010, Al Hassan Switchgear
Manufacturing Co LLC (AHSG), announced it had recently been awarded a multimillion
dollar order to design and supply 6.6 kV HV Switchboard and 415 V LV
Switchboards with Intelligent Motor Control System for PDO Amal Steam Surface
Facilities Project. AHSG will also supervise the installation, testing and
commissioning of the switchgear panels for this project.
Recently, AHSG had announced that it will
provide its switchgear for several projects, including the PDO Amal Power
Plant, Qatar Power Transmission System Expansion Phase 9 and A’Seeb Sewage
Treatment Plant for Haya Water.
Import Countries: Sweden
and Germany
Export Countries: United
Arab Emirates, Qatar, Jordan and Bahrain.
Brand Names: AL
HASSAN
Operating Trend: Steady
Subject has a workforce of approximately 220 employees.
Financial highlights provided by local sources are given below:
Currency: Riyal Omani (RO)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales RO
9,480,000 RO
9,925,000
Local sources consider subject’s financial condition to be Fair.
Bank of Oman, Bahrain & Kuwait
BOBK House
Al Burj Street
PO Box: 4708, Ruwi
Muscat
Tel: (968) 24701528
Fax: (968) 24705607
The Commercial Bank of Oman SAOG
Rami Plaza
PO Box: 4696
Muscat
Tel: (968) 24793220
Fax: (968) 24793229
Habib Bank AG Zurich
Main Branch
PO Box: 2717
Muscat
Tel: (968) 24799865 / 24799876
Fax: (968) 24703613
Acc No. 3112031161810150009
No complaints regarding subject’s payments have been reported.
The company is the largest switchgear manufacturer in Oman.
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.00 |
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1 |
Rs.102.17 |
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Euro |
1 |
Rs.85.19 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.