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Report Date : |
18.09.2013 |
IDENTIFICATION DETAILS
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Name : |
VOLTAMP ENERGY SAOG |
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Registered Office : |
Road No. 7, Rusayl
Industrial Area, P O Box 75, Rusayl 124 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.01.1987 |
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Com. Reg. No.: |
1/26294/7 |
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Legal Form : |
Omani Joint Stock Company |
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Line of Business : |
Manufacturers of power and distribution transformers and low voltage electrical panels |
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No. of Employees : |
380 |
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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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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.
|
Source : CIA |
Company Name : VOLTAMP ENERGY SAOG
Country of Origin : Oman
Legal Form : Omani Joint Stock Company
Registration Date : 1st January 1987
Commercial Registration Number : 1/26294/7
Issued Capital : RO 6,050,000
Paid up Capital : RO 6,050,000
Total Workforce : 380
Activities : Manufacturers of power and distribution transformers and low voltage
electrical panels.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
VOLTAMP ENERGY SAOG
Registered &
Physical Address
Street : Road No. 7
Area : Rusayl Industrial Area
PO Box : 75
Town : Rusayl 124
Country : Sultanate of Oman
Telephone : (968) 24446501
Facsimile : (968) 24446502
Mobile : (968) 99387474
Email : contact@voltampoman.com / ao@voltampoman.com
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of Rusayl.
Name Position
·
Qais
Bin Mohamed Al Yousef Chairman
·
Sayyid Aymen
Bin Hamad Al Busaidi Vice
Chairman
·
Abdulredha
Bin Mustafa Sultan Director
·
Ahmed
Hamed Saif Al Subhi Director
·
Hamad
Mohamed Hamood Al Wahaibi Director
·
Saibal
Sen Director
·
Sebastian
Manavalan Director
·
Satish
Gupta General
Manager
Date of Establishment : 1st
January 1987
Legal Form :
Omani Joint Stock Company
Commercial Reg. No. : 1/26294/7
Issued Capital : RO 6,050,000
Paid up Capital : RO 6,050,000
Name of Shareholder
(s) Percentage
·
Al
Anwar Holdings SAOG 28.08%
·
Sabco
LLC 7.82%
·
Ministry
of Defence Pension Fund 7.43%
·
Local
businessmen and private investors 56.67%
Activities: Engaged in the manufacture of power and
distribution transformers and low voltage electrical panels.
Subject manufactures a wide range of power and distribution transformers, LV Switchgear and packaged sub-stations through its three manufacturing units in Rusayl Industrial Area and the new factory in Sohar.
Subject’s new 220KV power transformers factory, upgradable to 400KV, is the first such facility to be commissioned in the GCC. This factory is now fully operational and several units have been delivered.
With the commissioning of this factory, Voltamp Energy SAOG is the only Company in the MENA region which can manufacture transformers from 50KVA to 315MVA, including several special designs for oil & gas and industrial applications.
It is the only company in the MENA region which can conduct field services and workshop repairs on transformers of any make up to 400kV Class.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of approximately 380 employees.
Financial highlights
provided by local sources are given below:
Currency: Riyal
Omani (RO)
Consolidated Balance Sheet 31/12/12 31/12/11
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Assets |
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Non-current assets |
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Property, plant
and equipment |
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9,747,995 |
9,447,920 |
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Technology
transfer fee |
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424,739 |
150,953 |
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Deferred tax asset
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70,216 |
80,872 |
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Total non-current assets |
10,242,950 |
9,679,745 |
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Current assets |
|||||
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Inventories |
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5,724,791 |
4,129,891 |
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Trade and other
receivables |
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5,569,284 |
4,507,070 |
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Investments at
fair value through profit and loss |
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2,481,785 |
2,384,041 |
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Amount due from
related parties |
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37,500 |
- |
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Deposit with
leasing and finance companies |
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1,000,000 |
1,000,000 |
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Bank deposits |
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200,000 |
1,700,000 |
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Cash in hand and
at banks |
|
154,486 |
570,440 |
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Total current assets |
15,167,846 |
14,291,442 |
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Total assets |
25,410,796 |
23,971,187 |
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Equity and liabilities |
|||||
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Equity |
|||||
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Share capital |
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6,050,000 |
5,500,000 |
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Share premium |
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5,236,345 |
5,786,345 |
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Legal reserve |
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1,763,819 |
1,571,141 |
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Retained earnings |
2,163,326 |
2,148,786 |
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Total equity |
15,213,490 |
15,006,272 |
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Liabilities |
|||||
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Non-current liabilities |
|||||
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Long term loans |
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4,499,679 |
4,555,830 |
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Deferred
government grant |
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52,787 |
101,676 |
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End of service
benefits |
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229,184 |
171,047 |
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Total non-current liabilities |
4,781,650 |
4,828,553 |
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Current liabilities |
|||||
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Trade and other
payables |
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4,142,737 |
3,289,826 |
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Bank borrowings |
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405,862 |
508,083 |
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Amount due to
related parties |
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25,934 |
73,087 |
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Current portion of
term loans |
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841,123 |
265,366 |
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Total current liabilities |
5,415,656 |
4,136,362 |
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Total liabilities |
10,197,306 |
8,964,915 |
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Total equity and liabilities |
25,410,796 |
23,971,187 |
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Consolidated Statement of Income
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Revenue |
17,282,950 |
14,701,477 |
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Cost of sales |
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(13,550,554) |
(11,078,212) |
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Gross profit |
3,732,396 |
3,623,265 |
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Other income |
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58,700 |
60,781 |
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Selling,
administrative and general expenses |
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(2,199,778) |
(1,964,708) |
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Profit from operations |
1,591,318 |
1,719,338 |
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Finance income |
104,763 |
142,775 |
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Gain/(loss) on
investments at fair value through profit or loss |
190,164 |
(67,574) |
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Finance cost |
(266,794) |
(123,598) |
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Profit for the year before taxation |
1,619,451 |
1,670,941 |
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Taxation |
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(312,233) |
(311,774) |
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Profit and total comprehensive income for the year |
1,307,218 |
1,359,167 |
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Local sources consider
subject’s financial condition to be Fair.
·
Bank of
Muscat
Al Burj Street
Greater Muttrah
PO Box: 6326, Ruwi
Muscat
Tel: (968) 24701769
Fax: (968) 24796488
No complaints regarding
subject’s payments have been reported.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.37 |
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UK Pound |
1 |
Rs.100.85 |
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Euro |
1 |
Rs.84.59 |
INFORMATION DETAILS
|
Report Prepared
by : |
NLM |
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.