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MIRA INFORM REPORT
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Report No. : |
506093 |
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Report Date : |
27.04.2018 |
IDENTIFICATION DETAILS
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Name : |
FEDERAL TRANSFORMERS AND SWITCHGEARS LLC |
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Registered Office : |
Plot No. 325-328, Rusayl Industrial Area PO Box 296 Rusayl 124 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
05.06.2016 |
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Com. Reg. No.: |
1/26034/5 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject is engaged in the manufacture of electricity and
communication cables, transformers and control panels. |
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No. of Employees : |
50 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
OMAN - ECONOMIC
OVERVIEW
Oman is heavily dependent on its dwindling oil resources, which generate 84% of government revenue. In 2016, low global oil prices drove Oman’s budget deficit to $11.5 billion, or approximately 19% of GDP, but the budget deficit was reduced to 13% of GDP in 2017 as Oman reduced government subsidies. Oman has limited foreign assets and is issuing debt to cover its deficit.
Oman is using enhanced oil recovery techniques to boost production, but has simultaneously 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% at present to 9% by 2020 in accordance with Oman’s ninth five-year development plan. Tourism and gas-based industries are key components of the government's diversification strategy.
Muscat also has notably focused on creating more Omani jobs to employ the rising number of nationals entering the workforce. However, high social welfare benefits — that had increased in the wake of the 2011 Arab Spring — have challenged the government's ability to effectively balance its budget in light of low export oil prices. In response, Omani officials imposed austerity measures to its gasoline and diesel subsidies in 2016, with further subsidy cuts planned for electricity and liquid petroleum gas. The spending cuts have faced some public opposition, which in 2017 prompted the Omani Government to announce a cap on fuel prices and a plan to provide 25,000 public-sector jobs for Omanis.
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Source
: CIA |
SUMMARY
Company Name : FEDERAL TRANSFORMERS AND SWITCHGEARS LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 5th June 2016
Commercial Registration Number : 1/26034/5
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
Total Workforce : 50
Activities : Manufacturers of electricity and communication cables, transformers
and control panels
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY
NAME
FEDERAL TRANSFORMERS AND SWITCHGEARS LLC
ADDRESS
Registered &
Physical Address
Location : Plot
No. 325-328, Rusayl Industrial Area
PO Box : 296
Town :
Rusayl 124
Country :
Oman
Mobile :
(968) 92175452 / 99315838
Email :
qasim.talib@zubairelectric.com
Premises
Subject operates from a medium sized suite of offices and a
factory that are rented and located in the Industrial Area of Rusayl.
KEY
PRINCIPALS
Name ID
Number Position
· Mohammad
Al Zubair Ali 4895 Managing Director
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Al Zubair Mohammad
Al Zubair Ali 1442729 Director
· Husam
Mohammad Al Zubair Ali 1550631 Director
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Khalid Mohammad Al
Zubair Ali 2168092 Director
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Rashad Mohammad Al
Zubair Ali 1292674 Director
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Ziyad Mohammad Al
Zubair Ali 3016472 Director
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Hani Mohammad Al
Zubair Ali 1442045 Director
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Suhailah Mohammad
Al Zubair Ali 9394065 Director
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Muhrah Juma Ali Al
Juma 3016561 Director
LEGAL
FORM & OWNERS
Date
of Establishment : 5th
June 2016
Legal
Form : Limited
Liability Company – LLC
Commercial
Reg. No. :
1/26034/5
Issued Capital : RO
250,000
Paid up Capital :
RO 250,000
Name of Shareholder (s) Percentage
· Mohammad
Al Zubair Ali 16%
·
Al Zubair Mohammad
Al Zubair Ali 12%
· Husam
Mohammad Al Zubair Ali 12%
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Khalid Mohammad Al
Zubair Ali 12%
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Rashad Mohammad Al
Zubair Ali 12%
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Ziyad Mohammad Al
Zubair Ali 12%
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Hani Mohammad Al
Zubair Ali 12%
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Suhailah Mohammad
Al Zubair Ali 6%
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Muhrah Juma Ali Al
Juma 6%
OPERATIONS
Activities: Engaged in the manufacture of electricity
and communication cables, transformers and control panels.
Subject has a workforce of 50 employees.
FINANCIAL
DATA
Financial highlights provided by local sources are given
below:
Currency: Riyal Omani (RO)
Year
Ending 31/12/17:
Total Sales RO
850,000
Local sources consider subject’s financial condition to be
Fair.
The above financial figures are based on estimations by our
local sources.
BANKERS
·
Bank Muscat
Rusayl
Tel:
(968) 24795555
PAYMENT
HISTORY
No complaints regarding subject’s payments have been
reported.
GENERAL
COMMENTS
The subject and its shareholders/owners have been searched
in the following databases; Office of Foreign Assets Control (OFAC), United
Nations Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
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 |
INR 66.83 |
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1 |
INR 93.17 |
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Euro |
1 |
INR 81.38 |
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OMR |
1 |
INR 173.33 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.