MIRA
INFORM REPORT
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Report Date : |
11.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
AL SALLAN FOOD INDUSTRIES CO SAOG |
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Registered Office : |
Sohar Industrial Area, Plot No. 151/152, P O Box – 970, Sohar
311, |
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Country : |
Oman |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1994 |
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Legal Form : |
Sharikat Al Mousahama Al Omania (Societe Anonyme Omani General - SAOG)
(Omani Public Joint Stock Company) |
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Line of Business : |
Engaged in the production of bakery products, specialising in
biscuits, cookies, fruit filled rolls and
chocolates. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
US$ 50,000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name :
AL SALLAN FOOD INDUSTRIES CO SAOG
Country of Origin :
Sultanate of Oman
Legal Form :
Omani Public Joint Stock Company
Registration Date :
1994
Authorised Capital :
RO 3,000,000
Issued Capital :
RO 2,000,000
Paid up Capital :
RO 2,000,000
Total Workforce :
130
Line of Business :
Production of bakery products
Financial Condition :
Poor
Payments :
Nothing detrimental uncovered
COMPANY NAME
AL SALLAN FOOD INDUSTRIES CO SAOG
ADDRESS
Registered & Physical Address
Location : Sohar Industrial Area, Plot No. 151/152
PO Box : 970
Town : Sohar 311
Country : Sultanate of
Oman
Telephone : (968) 26750623
Facsimile : (968) 26750940
Email : alsallan@omantel.net.om
Premises
Subject operates from a medium sized suite of offices and a factory that
are leased and located in the Industrial Area of Sohar.
KEY PRINCIPALS
Kanaksi G. Khimji Managing
Director
Nusli N. Wadia Director
Ms. Vinita Bali Director
Rajesh Kumar Lal Director
Durgesh Mehta Director
C. Taneja Director
M D Saxena General
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1994
Legal Form : Sharikat Al
Mousahama Al Omania (Societe Anonyme Omani General - SAOG) (Omani
Public Joint Stock Company)
Authorised Capital : RO 3,000,000
Issued Capital : RO 2,000,000
Paid up Capital : RO 2,000,000
Name of Shareholder
(s)
Kanaksi G. Khimji
Anil M. Khimji
Ajay M. Khimji
Pankaj K. Khimji
Nailesh K. Khimji
Al Brittannia & Associates, Dubai UAE
Members of the general public & private investors
Note to the Legal Form
Public Joint stock companies may not be incorporated without the prior
approval of the Ministry and the issuance of a license to that effect. Public
joint stock companies must have a minimum capital of RO 150,000.
LINE OF BUSINESS
Operations : Engaged in the
production of bakery products, specialising in biscuits, cookies, fruit
filled rolls and chocolates.
Production Capacity : 4,593,000 tonnes
per annum
Import Countries : Switzerland,
France and the United Kingdom
Export Countries : Subject exports to
over 50 countries, although its main markets are the GCC region and
India.
Brand Names : BAKERS PRIDE
Subject has a workforce of approximately 130 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below:
Currency: Riyal Omani (RO)
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BALANCE SHEET |
31/12/2006 |
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31/12/2005 |
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RO |
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RO |
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ASSETS |
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Non-current
assets |
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Property, plant and equipment |
3,467,667 |
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3,646,854 |
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Current assets |
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Inventories |
558,386 |
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494,134 |
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Trade and other receivable |
524,508 |
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556,667 |
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Cash and cash equivalents |
71,499 |
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87,558 |
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Total current assets |
1,154,393 |
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1,138,359 |
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Total assets |
4,622,060 |
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4,785,213 |
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SHAREHOLDER'S
FUNDS AND LIABILITIES |
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Equity |
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Share Capital |
2,000,000 |
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2,000,000 |
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Accumulated Losses |
(9,767,850) |
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(9,424,166) |
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Loan from shareholders |
6,122,645 |
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5,795,687 |
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Total Equity |
(1,645,205) |
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(1,628,479) |
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Liabilities |
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Non-current
liabilities |
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Non-current portion of government term loan
and deferred income |
1,250,000 |
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1,500,000 |
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Non-current portion of other term loans |
2,631,945 |
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2,831,945 |
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Employees' end of service benefits |
51,985 |
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48,064 |
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Total non-current liabilities |
3,933,930 |
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4,380,009 |
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Current liabilities |
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Current portion of government term loan and deferred
income |
1,250,000 |
|
1,000,000 |
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Current portion of other term loans |
211,256 |
|
147,497 |
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Bank Borrowings |
39,877 |
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11,570 |
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Trade and other payable |
832,202 |
|
874,616 |
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Total current liabilities |
2,333,335 |
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2,033,683 |
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Total liabilities |
6,267,265 |
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6,413,692 |
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Total equity and liabilities |
4,622,060 |
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4,785,213 |
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Net deficit per share |
(0.823) |
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(0.814) |
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STATEMENT OF
INCOME |
31/12/2006 |
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31/12/2005 |
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RO |
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RO |
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Sales |
3,182,724 |
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3,124,909 |
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Cost of sales – excluding depreciation |
(2,603,460) |
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(2,492,895) |
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|
579,264 |
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632,014 |
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Cost of sales – depreciation |
(179,570) |
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(213,651) |
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Gross profit |
399,694 |
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418,363 |
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Other income |
8,925 |
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19,835 |
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General and administration expenses |
(290,770) |
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(273,964) |
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Sales and distribution expenses |
(248,013) |
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(290,032) |
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Depreciation |
(19,676) |
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(37,681) |
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Loss from operations |
(149,840) |
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(163,479) |
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Finance charges |
(193,844) |
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(252,063) |
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Net loss for the
year |
(343,684) |
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(415,542) |
Local sources consider subject’s financial condition to be Poor.
BANKERS
National Bank of Oman Limited (SAOG)
PO Box : 497
Sohar 497
Tel : (968) 26850207
Fax : (968) 26850234
Oman International Bank
Al Jaame Street
P.O.Box : 4216
Muscat
Tel: (968) 24703614 / 24707328 / 24793450
Bank Muscat SAOG
PO Box: 13981
Sohar
Tel: (968) 26841785
Fax: (968) 26841786
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
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.
Maximum suggested credit figure: US$ 50,000
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)