MIRA INFORM REPORT

 

 

Report No. :

349096

Report Date :

10.11.2015

 

IDENTIFICATION DETAILS

 

Name :

AL JIZZI TRANSFORMERS & SWITCHGEARS CO LLC

 

 

Registered Office :

Road No. 12, Mabella Industrial Area, Sanaiya, PO Box  455, Seeb 121, Sultanate of Oman

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

26.01.1997

 

 

Com. Reg. No.:

1/54589/2

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged in the manufacture of distribution and power transformers 25KVA up to 6,000 KVA and switchgear.

 

 

No. of Employees :

105

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Oman

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

OMAN - ECONOMIC OVERVIEW

 

Oman is heavily dependent on dwindling oil resources, which generates 77% of government revenue. It is using enhanced oil recovery techniques to boost production. 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 from 46% to 9% by 2020. Muscat also is focused on 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, have challenged the government's ability to effectively balance its budget as oil prices decline. Despite government acknowledgement that Oman’s expansive social welfare benefits are unsustainable, Oman authorities are comfortable with short-term budget deficits and have approved an expansionary 2015 budget. Concurrently, Oman has expanded efforts to support the development of small and medium-size enterprises and entrepreneurship. Government agencies and large oligarchic group companies have announced 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.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : AL JIZZI TRANSFORMERS & SWITCHGEARS CO LLC

Country of Origin                                   : Oman

Legal Form                                           : Limited Liability Company – LLC

Registration Date                                  : 26th January 1997

Commercial Registration Number           : 1/54589/2

Issued Capital                                       : RO 500,000

Paid up Capital                                     : RO 500,000

Total Workforce                                     : 105

Activities                                               : Manufacturers of transformers and switchgear

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : M Naido, Finance Manager

 

 

COMPANY NAME

 

AL JIZZI TRANSFORMERS & SWITCHGEARS CO LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Road No. 12

Area                 : Mabella Industrial Area, Sanaiya

PO Box            : 455

Town                : Seeb 121

Country             : Sultanate of Oman

Telephone         : (968) 24460259 / 24460269 / 24451213 / 24451427 / 24451213

Facsimile          : (968) 24460293 / 24456190

Mobile              : (968) 99475065

Email                : ajtsoman@omantel.net.om

 

Please note that subject’s previous address was, OHI Building, Mezzanine Floor, Dohat Al Adab Street, Al Khuwair, Muscat.

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Industrial Area of Seeb.

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Abdullah Nasser Ahmed Abdullah Huwaileel Al Mansoori             Chairman

 

R Ramanath                                                                              General Manager

 

M Naido                                                                                    Finance Manager

 

S Sree Ram                                                                              Sales Manager             

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 26th January 1997

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.   : 1/54589/2

 

Issued Capital              : RO 500,000

 

Paid up Capital            : RO 500,000

 

Name of Shareholder (s)                                                      Percentage

 

Al Nasser Industrial Est                                                              95%

 

Abdullah Nasser Ahmed Abdullah Huwaileel Al Mansoori             5%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of distribution and power transformers 25KVA up to 6,000 KVA and switchgear.

 

Subject is ISO 9001:2008 accredited.

 

Import Countries: France, India and the United Kingdom

 

International Suppliers:

 

Pioch                                                    France

Savita Oil                                              India

British Transformers Co                         United Kingdom

 

Operating Trend: Steady

 

Subject has a workforce of 105 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Riyal Omani (RO)

 

                                                Year Ending 31/12/13:              Year Ending 31/12/14:

 

Total Sales                                RO 5,495,000                            RO 6,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

Bank Dhofar Al Omani Al Fransi

Al Burj Street

PO Box: 4507, Ruwi

Muscat

Tel: (968) 24798012 / 24798013

Fax: (968) 24798015

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that the correct name of the subject is “Al Jizzi Transformers & Switchgears Co LLC” and not “Al Jizzi Transformers Co LLC”.

 

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.66.34

UK Pound

1

Rs.100.03

Euro

1

Rs.71.45

 

 

INFORMATION DETAILS

 

Analysis Done by :

HEE

 

 

Report Prepared by :

TPT

 

               

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

Capability to overcome financial difficulties seems comparatively below average.

 

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

 

--

NB

New Business

--

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.