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MIRA INFORM REPORT
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Report No. : |
491113 |
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Report Date : |
12.02.2018 |
IDENTIFICATION DETAILS
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Name : |
VOLTAMP
TRANSFORMERS OMAN SAOC |
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Formerly Known As : |
VOLTAMP
TRANSFORMERS OMAN LLC |
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Registered Office : |
Plot No. 17, 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) : |
31.12.2017 |
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Date of Incorporation : |
26.03.1991 |
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Com. Reg. No.: |
1/31736/9 |
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Legal Form : |
Omani Closed
Joint Stock Company |
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Line of Business : |
· Subject offers Distribution Transformers up to 2500KVA and 33 kV class. It also manufactures Medium Power Transformers up to 10 MVA 33 kV class. It has expertise in providing special duty transformers such as Multi Tap and Phase Shift Transformers for VFD Drives having application in the oil & gas sector catering to reputed clients including PDO, KOC, JO and KNPC, etc. In addition, it provides Earthing Transformers for the substations, Hermetically Sealed Transformers for desert applications and Motor Duty, Step Up and Generator Duty Transformers. · The company offers its customers a complete package of services including erection, testing, commissioning, servicing, repairing, maintenance, overhauling of all types and makes of transformers and associated equipment |
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No. of Employees : |
250 |
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 : |
Good |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 could hinder their implementation.
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Source
: CIA |
SUMMARY
Company Name : VOLTAMP
TRANSFORMERS OMAN SAOC
Country of Origin : Oman
Legal Form :
Omani Closed Joint Stock Company
Registration Date : 26th
March 1991
Commercial
Registration Number : 1/31736/9
Chamber Membership
Number : 696
Issued Capital : RO
1,000,000
Paid up Capital : RO
1,000,000
Total Workforce :
250
Activities :
Manufacturers of transformers
Financial Condition : Fair
Payments :
Regular
Operating Trend : Steady
COMPANY
NAME
VOLTAMP
TRANSFORMERS OMAN SAOC
ADDRESS
Registered & Physical
Address
Location : Plot No. 17
Street : Road No. 7
Area : Rusayl Industrial Area
PO Box : 75
Town : Rusayl 124
Country : Oman
Telephone : (968) 24441200 / 24441239 / 24441203
Facsimile : (968) 24441201
Mobile : (968) 99021824 / 99634083 /
95293758
Email : contact@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.
KEY
PRINCIPALS
Name Position
·
Mohamed
Abdul Rasoul Ali Al Gamali Managing
Director
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Mohamed Jaffer Director
· Abdullah Ahmed
Al Zagali General
Manager
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Rajesh
Kana Financial
Controller
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Paul
Desouz Technical
Manager
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Arun
Kumar Singh Accounts
Manager
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Jason Mathew Accountant
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C G
Varghese Public
Relations Manager
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Assif
Naik Marketing
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 26th
March 1991
History
: Subject changed legal form from a Limited
Liability Company to an Omani Closed Joint
Stock Company during 2016.
Legal Form :
Omani Closed Joint Stock
Company
Commercial Reg. No. : 1/31736/9
Chamber Member No. : 696
Issued Capital : RO 1,000,000
Paid up Capital : RO 1,000,000
Name of
Shareholder (s) Percentage
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Voltamp
Energy SAOG 100%
Rusayl Industrial Area, Plot
No. 17
PO Box: 75
Rusayl 124
Tel: (968) 24446518 / 24626901 /
24629140
Fax: (968) 24446584
Email: vmcsw@omantel.net.om
AFFILIATED
COMPANIES
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Voltamp
Power Oman LLC
PO Box: 75
Rusayl 124
OPERATIONS
Activities: Subject offers Distribution Transformers up
to 2500KVA and 33 kV class. It also manufactures Medium Power Transformers up to 10 MVA 33 kV class. It
has expertise in providing special duty transformers
such as Multi Tap
and Phase Shift Transformers for VFD Drives having application in the oil &
gas sector catering to reputed clients including PDO, KOC, JO and KNPC, etc. In
addition, it provides Earthing Transformers for the substations, Hermetically
Sealed Transformers for desert applications and Motor Duty, Step Up and
Generator Duty Transformers.
The company offers
its customers a complete package of services including erection, testing,
commissioning, servicing, repairing, maintenance, overhauling of all types and
makes of transformers and associated equipment
Subject is ISO
9001:2008 accredited.
Import
Countries: India and the
Netherlands
Operating Trend: Steady
Subject has a
workforce of approximately 250 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: Riyal
Omani (RO)
Year Ending
31/12/16: Year Ending
31/12/17:
Total Sales RO 6,650,000 RO 7,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Oman
Arab Bank
Head Office
Muttrah Business District
PO Box: 2010, Ruwi 112
Muscat
Tel: (968) 24700161 / 24706265
/ 24706267
Fax: (968) 24797736
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Bank
Muscat SAOG
Ruwi Main Branch
PO Box: 6326
Muscat
Tel: (968) 24561399 / 24708543
Fax: (968) 24561036
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 64.37 |
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1 |
INR 89.71 |
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Euro |
1 |
INR 78.89 |
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OMR |
1 |
INR 167.12 |
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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VIV |
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Report Prepared
by : |
NIT |
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
·
Industry
scenario / competitor analysis
·
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.