MIRA
INFORM REPORT
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Report Date : |
22.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
DHOFAR
FISHERIES INDUSTRIES COMPANY SAOG |
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Registered Office : |
Raysut
Industrial Area, 2438 Salalah 211 |
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Country : |
Sultanate of Oman |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
01.01.1997 |
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Com. Reg. No.: |
2/11512/3 |
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Legal Form : |
Omani Public Joint Stock Company |
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Line of Business : |
Engaged
in fishing, processing, canning and marketing of fish related products |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 50,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
SUMMARY
Company Name :
DHOFAR FISHERIES INDUSTRIES COMPANY SAOG
Country of Origin : Sultanate of Oman
Legal Form : Omani Public Joint Stock Company
Registration Date : 1st January 1997
Commercial Registration Number : 2/11512/3
Issued Capital : RO 2,540,000
Paid up Capital : RO 2,540,000
Total Workforce : 100
Line of Business :
Fishing, processing, canning and marketing of fish
related products
Financial Condition : Poor
Payments : Nothing detrimental uncovered
COMPANY NAME
DHOFAR FISHERIES
INDUSTRIES COMPANY SAOG
ADDRESS
Registered & Physical Address
Location : Raysut
Industrial Area
PO Box : 2438
Town : Salalah
211
Country : Sultanate of Oman
Telephone : (968) 23219140 / 23219141
Facsimile : (968) 23219217
Email : dhofarfisheries@dhofarfisheries.com
Premises
Subject operates from
a medium sized suite of offices, processing facilities and warehousing that are
owned and located in the Industrial Area of Salalah.
KEY PRINCIPALS
·
Awadh Mohamed Bmkhalef Chairman
·
Azzan Ahmed Al Shanfari Deputy
Chairman
·
Mohamed Ahmed Al Abadi Director
·
Hussain Malalaha Director
·
Mohamed Jubara Hassan Al Marar Director
·
Raffy Kozajian Director
·
Abdulrahman Al Shaye Director
·
Salem Tamaan Al Mashaani General Manager
·
Hamid
Dahman Bin Salman Al Nahdi Commercial
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1st
January 1997
Legal Form :
Sharikat Al Mousahama Al
Omania (Societe Anonyme Omani General - SAOG) (Omani
Public Joint Stock Company)
Commercial Reg. No. : 2/11512/3
Issued Capital : RO 2,540,000
Paid up Capital : RO 2,540,000
Name of Shareholder
(s) Percentage
·
Oman
and Emirates Investment Holding Company SAOG 99.13%
·
Omani
businessmen & private investors 0.87%
Note to the Legal Form Public
Joint stock companies may not be incorporated without the prior approval of the
inistry 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
fishing, processing, canning and marketing of fish related products.
The
factory, which is situated in Raysut Industrial Area, Dhofar Region, is one of
the most modern factories worldwide facilitated with latest European technology
and standards "HACCP". The plant has an annual production capacity of
22 million tuna cans per year on a single shift operation basis, 27 million
sardine cans, 1800 metric tone of a whole tuna loins Fresh/ Frozen, 1800 metric
tone of fish meal and 250 metric tone of fish oil. The factory has storage
capacity for 3000 metric tonnes, increasing the export volume of frozen fish
for more than 14000 tonnes of Tuna and Sardine per year. To comply with this
vast production capacity, the company has obtained its own fishing vessels.
Import Countries
: Spain
Brand Names : BLUE OCEAN
Subject has a
workforce of approximately 100 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below:
Currency : Riyal
Omani (RO)
Balance Sheet
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31/12/06 |
31/12/05 |
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ASSETS |
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Non-current assets |
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Property, plant and equipment |
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8,401,510 |
8,974,837 |
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Investments available for sale |
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6,671 |
7,890 |
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---------------- |
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Total non-current assets |
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8,408,181 |
8,982,727 |
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---------------- |
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Current assets |
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435,748 |
183,599 |
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Accounts and
other receivables |
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599,809 |
382,930 |
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Bank balances and
cash |
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424,698 |
276,566 |
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---------------- |
---------------- |
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Total current assets |
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1,460,255 |
843,095 |
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---------------- |
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Total assets |
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9,868,436 |
9,825,822 |
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========= |
========= |
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EQUITY AND
LIABILITIES |
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Equity |
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Share capital |
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2,540,000 |
5,000,000 |
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Accumulated
losses |
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(2,538,452) |
(9,354,337) |
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Fair value
reserve |
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4,315 |
5,534 |
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---------------- |
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5,863 |
(4,348,803) |
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Liabilities |
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Non-current
liabilities |
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4,951,459 |
5,988,679 |
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491,540 |
545,978 |
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17,512 |
15,540 |
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5,460,511 |
6,550,197 |
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Current
liabilities |
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1,183,017 |
923,980 |
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Accounts and
other payables |
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471,527 |
324,877 |
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Amounts due to
the Parent company |
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535,018 |
4,783,071 |
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Current portion
of term loans |
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2,212,500 |
1,592,500 |
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4,402,062 |
7,624,428 |
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Total
liabilities |
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9,862,573 |
14,174,625 |
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Total equity and
liabilities |
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9,868,436 |
9,825,822 |
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Statement of
Income |
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31/12/06 |
31/12/05 |
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INCOME |
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Sales |
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2,254,004 |
1,511,710 |
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Cost of sales – excluding depreciation |
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(2,230,560) |
(1,443,347) |
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23,444 |
68,363 |
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Cost of sales – depreciation |
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(572,762) |
(571,928) |
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Gross loss |
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(549,318) |
(503,565) |
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Other income |
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6,661 |
4,971 |
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---------------- |
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(542,657) |
(498,594) |
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EXPENSES |
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General and
administration |
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(354,533) |
(319,406) |
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Selling and
distribution |
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(126,253) |
(24,706) |
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Net financing costs |
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(620,672) |
(589,357) |
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---------------- |
---------------- |
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(1,101,458) |
(933,469) |
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Net loss for the
year |
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(1,644,115) |
(1,432,063) |
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========= |
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Local sources
consider subject’s financial condition to be Poor.
BANKERS
·
Bank Dhofar Al
Omani Al Fransi
Mutrah Business District
PO Box: 1507
Muscat 112
Tel: (968) 24790466
Fax: (968) 24797246
PAYMENT HISTORY
Subject has a loan from
a commercial bank for RO 2,260,499 repayable in monthly instalments of RO
30,000 commencing June 2004, RO 35,000 from January 2006 and RO 40,000 from
January 2008. The Company has defaulted on the loan repayment of RO 60,000
during the year. The loan is secured by a corporate guarantee of the Parent
Company, pledge of the shares of certain founder promoters and a second charge
over the property, plant and equipment of the Company.
No further
information was available on this matter.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
Dhofar
Fisheries Industries Company SAOG was established in 1997 and is engaged in
fishing, processing, canning and marketing of fish related products.
The
company has conducted a number of restructuring plans during the year to
improve its financial situation however it made a loss of RO 1,644,115 for
2006. As such a measure of
caution is advisable and a close monitoring of subject’s business development
is recommended.
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/normal. |
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%)